Posco Sinks to 9-Year Low as Revival Plan Fails to Convince
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A turnaround plan from Posco failed to earn early approval from investors as shares in South Korea’s biggest steelmaker sank to a nine-year low after the company reported a slump in profit and vowed to focus anew on its main business.
The stock declined as much as 3.8 percent to 201,000 won on Thursday, the lowest intraday level since January 2006, and ended at 203,500 won in Seoul as the benchmark Kospi index settled 0.7 percent higher. The shares have dropped for the past five years and retreated a further 26 percent in 2015.