SEOUL May 19 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
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
($1 = 1024.0500 Korean Won)
(Reporting by Hyunjoo Jin and Kahyun Yang; Editing by Miral