Posco, the largest steelmaker in South Korea, posted the largest quarterly profit since 2013, as a boom in China's real estate and infrastructure sectors drives global prices higher, driving margins at Asian factories. Moody 's Investors Service revised the company's rating outlook from negative to stable.
Net income was 539.3 billion won ($ 476 million) in the three months to end September, after a loss of 550 billion won a year earlier. Analysts had expected a profit of 587.4 billion, based on estimates collected earlier. Operating profit exceeded expectations and was the highest since 2012.
Steel prices surged more than 40 percent in 2016, liquidating a five-year loss for Baoshan Iron & Steel Co., China's second largest supplier with its best quarterly profit since 2012. While JSW Steel Ltd. India may report higher earnings this week. POSCO's margins have improved due to increased sales of higher value products and restructuring efforts.
Posco Reaches Most Profit Since 2013 Amid Rising Steel Prices
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Azovpromstal® 27 October 2016 г. 09:42 |
