SEOUL, April 24South Korean steelmaker POSCO
reported an 11 percent drop in quarterly operating
profit on Thursday, missing estimates, as China's slowing
economy curbed demand for steel.
POSCO, the world's fifth-biggest steelmaker, posted an
operating profit of 518 billion Korean won ($498.29 million) in
the January to March quarter, below a consensus forecast of 531
billion won from Thomson Reuters I/B/E/S.
This compared with 581 billion won in operating profit a
year earlier and 488 billion won the preceding quarter.
Global steel producers are weighed down by an oversupply of
steel and reduced customer demand, especially from China, the
world's biggest consumer and producer of steel.
Before the earnings announcement, shares in POSCO, in which
Warren Buffett's Berkshire Hathaway owns around 5
percent, ended flat versus the market's 0.1 percent fall.
($1 = 1039.5500 Korean won)
(Reporting by Hyunjoo Jin; Editing by Miral Fahmy)