POSCO profit up 6 percent, meets forecast

Markets Reuters

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The South Korean company, which trails ArcelorMittal <ISPA.AS> and Baosteel <600019.SS>, said on Friday its July-September operating profit was 1.09 trillion won ($951.8 million), compared with an average 1.15 trillion won forecast from analysts, according to Thomson Reuters I/B/E/S.

The profit compared with 1.03 trillion won a year ago, but was down from 1.5 trillion won in the previous quarter because of higher raw materials costs, POSCO said.

Shares in POSCO, in which Buffett's Berkshire Hathaway <BRKa.N> <BRKb.N> owns an around 5 percent stake, have fallen 26 percent this year, compared with a 10 percent drop in the broader market <.KS11>. ($1 = 1145.200 Korean Won)

(Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman and Jonathan Hopfner)