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Posco warns of rising costs & slowing steel demand

Steel News - Published on Thu, 25 Apr 2019

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South Korean steel giant POSCO, world’s fifth-biggest steelmaker, said that its operating profit in January-March quarter fell by 19% YoY to KRW 1.2 trillion (USD 1.05 billion) amid higher costs for raw materials even thouh revenue inched up by 1% to KRW 16 trillion and net profit fell 28%t to KRW 778 billion. POSCO said that iron ore prices rose more than 20% in the quarter following Vale's deadly dam collapse in Brazil in late January.

POSCO said it expects higher costs for materials and slowing demand for steel to crimp profitability this year, even as steel prices are expected to inch up.

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Posted By : Sanju Moirangthem on Thu, 25 Apr 2019
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