Posco's profit beats estimates

Better than expected: A file picture shows an employee of Posco walking next to a sculpture with the company’s logo in Seoul. Posco is reorganising its operations by focusing on higher-valued products and diversifying into trading, construction and new materials. – Reuters

SEOUL: Posco, South Korea’s largest steelmaker, posted profit that beat estimates in the first quarter as prices surged, adding to signs Asian producers are recovering while European mills struggle with oversupply.

Net income, excluding minority interests, was 367.1 billion won (US$324mil) in the three months through March, from 338.6 billion won a year earlier, the Pohang-based company said.