POSCO Q2 Profit Down 29%

South Korea's POSCO

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.