Posco's operating profit increased 0.5 percent

South Korean steel company POSCO said its third-quarter operating profit increased 0.5 percent to 638 billion won (approximately $ 566 million).

Analysts had expected Posco's profits to fall to 608 billion won.

According to the company, it was able to increase profits thanks to the consistently low prices for iron ore.

Cheap raw materials allowed Posco to solve the problem of low steel prices, the company noted.

However, Posco posted its largest net loss in the last 5 years in the third quarter.

Posco's consolidated third-quarter net loss reached 658 billion won (approximately USD 583.7 million), compared with a net income of 224 billion won a year earlier. At the same time, in the second quarter of this year, the company's profit amounted to 117 billion won.