POSCO aims to boost operating profit by 67 pct in 2016

SEOUL Mon May 19, 2014 2:52am EDT

SEOUL May 19 (Reuters) - POSCO, the world's fifth-biggest steelmaker, said on Monday it would sell non-core businesses and scale back stakes in affiliates, aiming to boost its operating profit by 67 percent in 2016 from year-ago levels.

The South Korean steelmaker did not give further details about its restructuring plan in a statement. POSCO has more than 40 affiliates.

It said it aimed to raise its 2016 operating profit to 5 trillion Korean won ($4.88 billion) on a consolidated basis from 3 trillion last year.

POSCO saw its total debt more than double to 37.7 trillion Korean won ($36.81 billion) over the past four years, hit by an industry downturn and higher investments under its former chairman. ($1 = 1024.0500 Korean Won) (Reporting by Hyunjoo Jin and Kahyun Yang; Editing by Miral Fahmy)