S. Korea’s Posco posts highest quarterly profit in a decade

The world’s fifth-biggest steelmaker said first-quarter operating profit surged 120% as “profit from all sectors, such as steel, global and infrastructure, and new growth, improved”, including a 12% sequential jump in its carbon steel sales price.

SEOUL: South Korean steelmaker Posco posted its highest quarterly profit since the second quarter of 2011, as steel prices rose sharply due to demand outpacing supply.

The world’s fifth-biggest steelmaker said first-quarter operating profit surged 120% as “profit from all sectors, such as steel, global and infrastructure, and new growth, improved”, including a 12% sequential jump in its carbon steel sales price.