POSCO Q2 Profit Down 29%
South Korea's POSCO (NYSE: PKX) reported a 29% drop in its second-quarter operating profit.
POSCO's quarterly profit fell to 1.06 trillion won ($924.4 million) on a parent basis, versus analysts' estimates of 1.0 trillion won.
Its sales declined 8% to 9.2 trillion won.
POSCO lowered its 2012 sales forecast to 37.5 trillion won, versus 37.7 trillion won.
POSCO shares closed at $77.89 yesterday.
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