POSCO Co, South Korea’s largest steelmaker, said Tuesday that it swung to a net loss in the third quarter amid tough market conditions at home and abroad.
Its consolidated net loss amounted to 658.24 billion won ($582.5 million) during the July-September period, compared with a 224 billion profit a year earlier, the company said in a regulatory filing.
Operating profit slipped 5 percent on-year to 651.91 billion won in the three-month period, and sales also retreated 7.9 percent to 13.99 trillion won.
Shares of POSCO fell 1.64 percent to 179,500 won on the Seoul bourse Tuesday, versus the broader market’s 0.45 percent surge. The earnings were disclosed after the stock market closed. (Yonhap)
