Posco Posts Biggest Profit Since ‘13 as Steel Prices Rebound
- Prices have jumped over 40% this year on China property boom
- Operating income beat estimates and was highest since 2012
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Posco, South Korea’s largest steelmaker, posted the largest quarterly profit since 2013 as a property and infrastructure boom in China boosts global prices, lifting earnings at Asian mills. Moody’s Investors Service revised the company’s ratings outlook to stable from negative.
Net income, excluding minority interests, was 539.3 billion won ($476 million) in the three months through September, after a 550 billion won loss a year earlier, the Pohang-based company said in a statement Wednesday. Analysts expected profit of 587.4 billion, based on estimates compiled by Bloomberg. Operating income beat expectations and was the highest since 2012.