South Korea's steel giant Pohang Iron and Steel or POSCO ... has reported one hundred-97 billion won or one hundred-53 million U.S. dollars in its third-quarter net profit. The figure is a 37 percent fall from the same period last year.
The company said the decline in net profit is the result of foreign exchange losses, decreasing sales and higher marketing costs.
POSCO, the world's second largest steelmaker, posted three hundred-12 billion won in net profit in the third quarter of last year.
But analysts say POSCO would be able to meet this year's earnings target of eight hundred-11 billion won, as the won is expected to appreciate against the dollar in the fourth quarter.
POSCO said it expects recovery in the global steel industry to be delayed in the wake of the September eleventh terrorist attacks on the United States and its retaliation on Afghanistan.