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Prosecutors raid unit of steel giant POSCO

SEOUL, April 16 (Yonhap) -- Prosecutors on Wednesday raided a subsidiary of top steelmaker POSCO over suspicions of corruption involving some company officials. A team of prosecutors and investigators swooped on the headquarters of POSCO Processing and Service Co., a steel products-processing subsidiary of POSCO, in southern Seoul to seize computer hard discs, account books and other materials related to its transactions of steel products. Prosecutors denied any link between the probe and POSCO, saying the investigation is about POSCO P

New POSCO chairman takes office

By Nam Kwang-sik SEOUL, March 14 (Yonhap) -- An engineer savvy in technological development took office Friday as chairman of the world's fifth-largest steelmaker, POSCO, with a four-point reform plan to enhance competitiveness and weather an industry slump. POSCO's shareholders and board of directors formally approved Kwon Oh-joon, 64, as the company's eighth chairman. He will serve through March 2017, leading the country's sixth-largest conglomerate by assets.

Builders to face massive maturing debts in March, April: data

SEOUL, Feb. 12 (Yonhap) -- Financially troubled South Korean construction firms are expected to refinance a large sum of debts due in March and April, industry data showed on Wednesday, raising concerns that their already shaky footing could further worsen. According to the data, a total of 5.23 trillion won (US$4.9 billion) in debts sold by 24 local construction companies are due this year, around 2.04 trillion won, or 39 percent, of which are scheduled to mature in March and April.

Posco profit drops on slow demand, China competition

South Korea's Posco, the world's fifth-largest steelmaker, said Tuesday its net profit for last year plunged 43.2 percent due to the global slowdown and intensifying competition with Chinese rivals. Net profit for 2013 amounted to 1.35 trillion won ($1.25 billion) compared to 2.38 trillion won a year earlier, the country's top steel group said in a statement. Operating profit was down 18 percent to 2.99 trillion won, while sales shrank 2.7 percent to 61.8 trillion won.

POSCO's net profit plunges 43.2 pct in 2013

By Nam Kwang-sik SEOUL, Jan. 28 (Yonhap) -- POSCO, the world's fifth-largest steelmaker, said Tuesday its net income tumbled 43.2 percent last year from a year earlier due to sluggish performance of the global steel industry. Net profit totaled 1.36 trillion won (US$1.3 billion) in 2013 compared with 2.39 trillion won the previous year, the company said in a regulatory filing. Sales fell 2.7 percent to 61.86 trillion won in the period, while operating profit was down 18 percent to 2.99 trillion won.

POSCO's net profit plunges 43.2 pct in 2013

By Nam Kwang-sik SEOUL, Jan. 28 (Yonhap) -- POSCO, the world's fifth-largest steelmaker, said Tuesday its net income tumbled 43.2 percent last year from a year earlier due to sluggish performance of the global steel industry. Net profit totaled 1.36 trillion won (US$1.3 billion) in 2013 compared with 2.39 trillion won the previous year, the company said in a regulatory filing. Sales fell 2.7 percent to 61.86 trillion won in the period, while operating profit was down 18 percent to 2.99 trillion won.

POSCO completes 2nd galvanized steel sheet plant in Mexico

SEOUL, Jan. 28 (Yonhap) -- POSCO, the world's fifth-largest steelmaker, said Tuesday it has completed the construction of its second plant in eastern Mexico for producing galvanized steel sheets used in auto bodies. The plant was built in Altamira, a city in the state of Tamaulipas, and will produce 500,000 tons of galvanized steel sheets a year, the company said. The completion of the second plant will raise POSCO's annual production in Mexico to 900,000 tons, it said. POSCO constructed its first plant in the North American country in 2009.

POSCO picks candidate for next CEO

By Nam Kwang-sik SEOUL, Jan. 16 (Yonhap) -- POSCO, the world's fifth-largest steelmaker, on Thursday nominated current President Kwon Oh-joon as the candidate to succeed its outgoing chief executive. POSCO's CEO recommendation council picked Kwon, 64, from the shortlist of five candidates to be the next CEO, the company said in an e-mailed statement.

Park's visit expected to resolve POSCO troubles in India: Cheong Wa Dae

NEW DELHI, Jan. 16 (Yonhap) -- South Korean steel giant POSCO is expected to see its long-delayed project to build an integrated plant in India move speedily forward in the wake of President Park Geun-hye's state visit to the country, the presidential office said Thursday. In 2005, POSCO signed a memorandum of understanding with the eastern Indian state of Odisha to construct a US$12 billion steel plant with an annual production capacity of up to 12 million tons. But the project has been stalled due to a series of regulatory and other delays.

India clears Posco steel plant ahead of S. Korean visit

India's environment ministry has approved South Korean multinational Posco's plans to build a long-delayed $12 billion steel plant, the company said Friday, days ahead of a visit by South Korea's president. But protest groups vowed to keep up their fight against the plant, which represents the largest ever foreign direct investment in India. The delays faced by the project have become emblematic of the woes faced by foreign firms putting money into India.
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