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South Korean steelmaker POSCO reported its highest-ever quarterly operating profit in the third quarter, as a surge in steel prices was fanned by reduced supply from China.
POSCO, the world’s sixth-largest steelmaker, said on Monday its consolidated operating profit for the July-September quarter was 3.1 trillion won ($2.63 billion), matching its forecast earlier this month.
It reported 667 billion won in operating profit a year earlier.
Source: Reuters