POSCO, the world's No.5 steelmaker by output, 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.The South Korean steelmaker on Tuesday forecast its 2013 sales may drop 10 percent to 32 trillion won ($29.3 billion), but said it would raise investment 11 percent to 4 trillion won this year to stay competitive.POSCO, backed by billionaire investor Warren Buffett, said that its operating profit for October to December fell 51 percent to 379 billion won ($346.7 million) on a parent basis that does not reflect earnings of affiliates from a year earlier, below a consensus forecast of 490 billion won in a Reuters' poll of 25 analysts.The fourth-quarter result compared with a 771 billion won operating profit a year earlier. Fourth-quarter sales fell 20 percent to 8.07 trillion won, compared with a consensus forecast of 8.35 trillion won.
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.
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