South Korean steelmaker POSCO said Monday its steel plant in Indonesia turned a profit after four years of operation, with accumulated sales exceeding 10 million tons.
PT Krakatau POSCO, an integrated steel mill jointly set up by POSCO and Indonesia's state-run steel firm Krakatau Steel, shifted to an operating profit of US$12 million last year after posting losses in the previous three years, POSCO said in a statement.
POSCO, the world's fifth-biggest steelmaker by output, invested a 70 percent stake in the joint venture, with the remaining 30 percent held by the Indonesian steelmaker, it said.
PT Krakatau POSCO produces 3 million tons of steel per year and is the first steel mill built by POSCO outside the country. It is also the first integrated steel mill in Southeast Asia.
|This photo provided by POSCO shows the PT Krakatau POSCO steel mill in Indonesia. (Yonhap)|
In the January-September period, POSCO reported a net profit of 2.41 trillion won ($2.28 billion), jumping from 1.03 trillion won a year earlier. Operating profits soared 46 percent on-year to 3.47 trillion won on sales of 45.06 trillion won, an 18 percent on-year increase.
For all of 2017, the company forecasts estimated sales of 59.5 trillion won on 34.9 million tons of product sales. It is expected to announce full-year results later this month or early next month. (Yonhap)
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