Posco lost 36 percent of profit due to weakening demand for steel in China

The largest South Korean steel company Posco reported on the losses of 36 percent of profit in the second quarter of 2013 due to weakening demand from Chinese consumers. However, these figures are higher than the consensus of the forecast of analysts, which suggested even more gloomy prospects.

The fifth largest metallurgical company in the world in terms of production steel reported that its operating profit amounted to 631 million 700 thousand dollars against 983 million 400 thousand dollars in the APPG-2012. Analysts suggested that Posco would be able to earn $ 600 million at best.

Meanwhile, the company's sales were reduced in the second quarter by 16 percent - to 6 billion 920 million dollars, against the consensus -prognosis of 7 billion.

Posco left invariable plans for the revenue from the sale of its products for 2013 in the amount of $ 28 billion $ 600 million.

Posco (Poohang Iron and Steel Company) The largest steel company of South Korea and the third manufacturer in the world became a headquarters of an apartment in the city of Phohan. The company includes assets around the world - from Korea itself to the USA.