April 25, 2024

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[THE INVESTOR] Korean steel maker POSCO said on Oct. 26 its third-quarter profit almost doubled from a year earlier.

Net profit for the July-September quarter soared to 907 billion won (US$806 million), up 91 percent from 476 billion won a year earlier, the company said in a statement.

Operating profit climbed 8.8 percent on-year to 1.13 trillion won in the third quarter and sales shot up 18 percent to 15.04 trillion won over the cited period, it said.

Helped by the ongoing restructuring in the Chinese steel industry, steady steel demand from developing countries, companywide cost reductions and increased sales of high-end steel products, POSCO expects to report solid earnings results for the whole of 2017.

By Alex Lee and newswires (alexlee @heraldcorp.com)