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POSCO's net profit dips 36 pct in 2012

POSCO, South Korea's leading steelmaker, said Tuesday that its earnings sank 36 percent last year from a year earlier on weak demand and increased costs.

Net profit reached 2.39 trillion won (US$2.17 billion) on a consolidated basis last year, compared with a profit of 3.71 billion won a year earlier, the company said.

Sales slipped 7.7 percent on-year to 63.6 trillion won, and operating income also dropped 33.2 percent to 3.65 trillion won over the cited period, it said.

Shares of POSCO closed at 355,500 won on the Seoul bourse, down 0.14 percent. The 2012 business results were released after the market closed. (Yonhap News)