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Posco Forecasts Higher Sales This Year After 2013 Profit Slumps

Posco, South Korea’s biggest steelmaker, forecast a global economic revival will help boost sales this year after profit slumped in 2013 because of waning demand from builders of ships, cars and houses.

Sales may reach 65.3 trillion won ($60 billion) in 2014, compared with 61.9 trillion won a year earlier, Pohang, South Korea-based Posco said yesterday in a statement. Net income, excluding minority interests, fell 44 percent to 1.38 trillion won in the 12 months ended Dec. 31, 2013, missing the 1.74 trillion won average of 20 estimates compiled by Bloomberg.