By In-Soo Nam
SEOUL--South Korean steelmaker Posco (005490.SE) said Thursday its third-quarter net profit fell 22% from a year earlier, reflecting weaker world-wide demand and a protracted slump in steel prices.
Consolidated net profit was 564 billion won ($532 million) in the July-September period, compared with a profit of 723 billion won a year earlier, the world's fifth-largest steelmaker by output said in a statement.
Operating profit fell 38% to 633 billion won from 1.02 trillion won, and sales declined 3.7% to 15.15 trillion won from 15.74 trillion won.
Posco's poor third-quarter performance was caused by higher raw material input costs and weaker-than-expected sales after a plant fire, officials and analysts said.
Posco said it expects its earnings to improve in the fourth quarter on a global economic recovery and eased concerns about excessive inventory in China, the world's top steel user.
Shares of Posco finished 0.5% higher at 321,500 won Thursday. The company announced results after the market closed.
Write to In-Soo Nam at firstname.lastname@example.org
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(END) Dow Jones Newswires
October 24, 2013 03:13 ET (07:13 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
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