Posco’s 3Q Results in Line with Expectations; Raised FVE to KRW 328,000 per Share ($73 per ADR)
Posco’s third-quarter 2017 EBIT increased by 9% year over year to KRW 1.13 trillion, in line with our expectations. This is contributed by the continued strong performance in the steel, trading, engineering, and construction and energy divisions. The bottom line, which jumped 59% year over year to KRW 869 billion, was helped by lower other nonoperating expenses, reduced finance expenses following refinancing of higher cost debt, a gain from the disposal of investment securities and higher profit...POSCO is engaged in the manufacture and distribution of steel rolled products and plates in the domestic and overseas markets. Co. manufactures and sells a diversified line of steel products, including cold rolled and hot rolled products, stainless steel products, plates, wire rods and silicon steel sheets. Also, Co. is able to meet a broad range of customer needs from manufacturing industries that consume steel, including automotive, shipbuilding, home appliance, engineering and machinery industries. Co. operates two steel plants, Pohang Works and Gwangyang Works in the Republic of Korea.
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