CORRECTED-POSCO to cut 2014 group investments amid mkt downturn

Thu Jul 25, 2013 4:52am EDT

(Corrects to clarify investment cut, dollar conversion in the first paragraph)

SEOUL, July 25 (Reuters) - POSCO, the world's fifth-biggest steelmaker, said on Thursday it expects to slash its group investments by 1-2 trillion won ($899 million-$1.8 billion) next year from a projected 7-8 trillion won this year.

Chief Financial Officer Park Ki-hong also said he expects second-half operating profit to be at a similar level to the 1.28 trillion won achieved in the first half of this year. ($1 = 1112.8500 Korean won) (Reporting by Hyunjoo Jin; Editing by Miral Fahmy)