South Korean steel company POSCO posted a 9 percent increase in operating profit in the third quarter as a robust rebound in steel prices boosted profits from overseas operations, including China.
The steelmaker expects further growth in steel demand driven by restructuring at its largest producer, China, and revised its consolidated sales forecasts for 2017 to 59.5 trillion won ($ 52.9 billion) from the July forecast of 59.3 trillion won. ...
POSCO, the world's fifth-largest steel mill, said it had consolidated operating income of 1.13 trillion won ($ 1.01 billion) in the third quarter, up from 1.03 trillion won in the same period a year earlier and in line with with an average estimate of 1.12 trillion won. Revenue in the third quarter was up 18 percent from a year ago to 15 trillion won.
Slowing productivity at factories in China amid skyrocketing infrastructure spending pushed steel prices up sharply as rebar futures rose 13 percent in the third quarter.
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