Posco steel manufacturing giant reported a loss of half of the decade's biggest

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Posco steel manufacturing giant reported a loss of half of the decade's biggest

(Stock) Posco, the largest steel maker Korea, has announced the biggest loss in the third quarter / 2015 of at least 5 years.

 

 

In the third quarter / 2015, Posco losses 534.2 billion won (474 ​​million dollars), compared with 237.8 billion won profit in the same period of 2014. Earlier, the economic experts forecast a loss of 156 billion Posco won.
Currently, shares of POSCO are at their lowest for 11 years. The company has announced its withdrawal from the sector investment field left and focuses on key areas as manufacturing, steel trading.
Not only Posco, all steel producers in the world are struggling by flooding the market with steel products from China, while domestic consumption needs of the second largest economy in the world decreased Shot. 9/2015 In January, China's steel exports rose to 83.1 million tonnes; close to the 98.1 million tonnes that ArcelorMittal, the largest steel manufacturer in the world, produced in 2014, according to data from the International Steel Association.
 
Steel prices in China have fallen 29% since the beginning of this year and approaching the lowest level since 2003.
 "With the decline in domestic demand, China is continuing to" flood "the market by exporting steel, making countries such as South Korea suffered by steel prices fell sharply," Baek Seung Jae, specialized analyst at Samsung Securities Co. said.
Demand for steel will drop by 1.7% globally this year, according to data from the International Steel Association. In particular, consumption in China will decline 3.5% in 2015 and continue to decline by 2% in 2016. Domestic demand fell promote Chinese exports, causing steel prices strong from Asia to America and the downtrend is still no sign of ending.
Lam Phong (Bloomberg)

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