POSCO profit rises 17%

POSCO profit rises 17%

SEOUL (AFP): South Korea's giant Pohang Iron and Steel Co.
(POSCO) said Wednesday its net profit jumped 17 percent to 729
billion won (US$461 million) last year.

Sales also grew 15 percent to 9.72 trillion won ($6.1 billion)
in calendar 1997, a POSCO spokesman said.

It is expected to be the second consecutive year that the
world's second largest steel maker posted the biggest net profit
by a South Korean firm.

POSCO attributed the increase in net profit to enhanced
productivity, cost savings and reduced depreciation costs.
POSCO has set this year's sales target at 11.25 trillion won
($7.12 billion) and its net profit target at 62 billion won
($39.2 million), the spokesman said.