POSCO Steel Hold Profits to Increase Coal and Iron Ore Prices

Posco the biggest steel companies, sold 24% more of its product into Asia?s steel-hungry factories last quarter, but its profits still sank 8% as costs climbed faster. As a result, POSCO Steel Company net slid $88 million even though its overall sales in the quarter increased dramatically effectively, there was a lower incentive for it to process each ton of ore into finished steel.

POSCO did manage to raise its prices at the start of the second quarter, but this news indicates that the iron miners still have the upper hand which is great news for the giants VALE, BHP and RIO and that the new system of pricing iron ore supply contracts on a quarterly basis is still generating plenty of short-term volatility in the industry.

Korea-based giant confessed that its operating margins sank 4 full percentage points between July and September because strong global competition made it impossible to pass on rising iron ore and coal prices to its customers.

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