Posco profit rebounds as steel prices soar on China stimulus

SEOUL: Posco, South Korea’s largest steelmaker, posted a jump in annual profits as the global industry bounced back after China boosted its economy and prices soared.

Consolidated net income, excluding minority interests, was 1.36 trillion won (US$1.17bil) in 2016, up from 181 billion won a year earlier, the Pohang-based company said. Analysts expected a profit of 1.58 trillion won, according to the average of 24 estimates compiled by Bloomberg.