Posco's profit rises 38 percent, slowest pace in 6 quarters

摘要

Posco, the world's fifth largest steelmaker, said second-quarter profit gained 38 percent, the slowest pace in six quarters, as raw material costs rose and it cut prices because of competition from cheaper Chinese exports. Net income rose to 1,26 trillion won (1.19 billion dollars) in the three months ended June 30, from 914.5 billion won a year ago, the Pohang, South Korea-.based company said in a statement-Sales rose 12 percent to 5.38 trillion won. Chief executive Lee Ku Taek is lowering output and prices of some products, joining Mittal Steel Co and Arcelor SA, the world's two biggest steelmakers, in making cuts. Profit growth may slow further as China, the world's biggest producer, boosts production at a record pace and pays a third less for imports, investor Kim Yung Min said.