Global Growth Bulls Take Note as Posco Keeps Raising Steel Price
- Steelmaker’s move may signal that economy is on the mend
- ‘Global economy can’t crash further’: Macquarie’s Park
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It was a “very special event” that convinced Hongsik Park that global growth has seen the worst.
Posco, South Korea’s biggest steelmaker and a bellwether for global manufacturing, raised prices every month in 2016. Those are the first increases in about five years, which is very special for markets, said Seoul-based Park, whose Macquarie New Growth Securities Feeder Investment Trust 1 fund beat 99 percent of peers over the past five years with an 11 percent annual return.