SEOUL: South Korean steelmaker POSCO posted its smallest quarterly operating profit in at least three years, as steel prices fell faster than raw materials costs, pressured by record exports of Chinese steel.
POSCO, the world's sixth-biggest steelmaker, saw its operating profit in the October-December period slump 55 percent to 341 billion won ($282.22 million) on a consolidated basis, which includes earnings of its affiliates, according to Reuters' calculations. POSCO only provided full-year earnings.
That was below a consensus forecast of 503 billion won compiled by Thomson Reuters I/B/E/S.
On an annual basis, the steelmaker swung to a net loss of 96 billion won, its first since at least 2010. The loss was smaller than the 300 billion won loss forecast by POSCO in October.
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