In the first quarter, POSCO increases operating profit by 9%

South Korean steel company POSCO said its operating profit for the first quarter of 2018 increased 9 percent year-over-year on strong steel demand and favorable market conditions, ahead of analysts' estimates.

The world's fifth-largest steelmaker said in his report that he expects demand for rolled steel to grow, driven by "sustained restructuring in China's steel industry and expectations for a rebound in emerging markets."

POSCO posted a consolidated operating profit of 1.49 trillion won ($ 1.38 billion) for the January-March period, up from 1.37 trillion won a year earlier. His first-quarter revenue rose 5% to 15.9 trillion won, while his net income rose 10.9% to 1.1 trillion won. The steelmaker also raised consolidated sales in 2018 to 63 trillion won from 61.9 trillion won.