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Tuesday, January 29, 2013

POSCO CEO says sees Q1 earnings to improve sharply from Q4, (NYSE: PKX)

The chief executive of South Korean steelmaker POSCO, Chung Joon-yang, said the steelmaker expected its earnings to improve "significantly" in the January to March period from the preceding quarter, driven by lower costs of raw materials and recovery in steel prices in China. The CEO made the remarks after POSCO reported a 51 percent slump in quarterly operating profit as tepid demand and falling prices offset lower raw material costs helped by a firmer local currency.

POSCO is a Korea-based company engaged in the manufacture of steel products. Shares of PKX fell by 3.16% or $-2.68/share to $82.08. In the past year, the shares have traded as low as $71.32 and as high as $95.27. On average, 205320 shares of PKX exchange hands on a given day and today's volume is recorded at 250781.