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Jan 15, 2009, 11:49 GMT

South Korean steel concern POSCO posts 2008 gains as CEO quits

Seoul - The chief executive of leading South Korean steel company POSCO tendered his resignation Thursday, amid a darkening outlook for the world's fourth-largest steelmaker, a statement said. Despite an earnings increase in 2008 of 38 per cent due to higher global sales prices, the company warned of production cuts and earnings decreases this year. Chief executive Lee Ku Taek is to leave the firm in February, saying that he wished to make room for a new leadership at the firm. Lee said that the business environment has become erratic due unstable currency and raw material prices. In 2008, POSCO posted earnings of 30.6 trillion won (22 billion dollars). In the fourth quarter of 2008, net profit rose 1.1 per cent over the previous year to 721 billion won, despite shrinking 41 per cent since the previous quarter. Industry experts had expected a quarterly profit of around 1 trillion won. POSCO has said that it expects steel production this year to fall by around 12 per cent, to 32 million tons. The firm said earlier this week that it would probably extend its production cut that was introduced in December.

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