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Posco says H2 profit may fall

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South Korea's Posco has posted its second-best ever quarterly profit for the second quarter because of the increasing demand from automobile and home appliance industries and the decreasing production cost.

Posco's sales increased by 25 percent to 7.93 trillion won. Since the beginning of 2010 until now, Posco has already increased its steel price by 32 percent.

Posco also raises 2010's annual sales revenue target from 31.9 trillion to 33.5 trillion won. However, the slow demand from China may cause Posco's H2 sales to drop by 30 percent compared to H1.
News Date 14 Jul 2010 15:35:36 reported by Johnny Lin

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