Posco Q4 Net Profit Drops 60%

South Korea's Posco

reported a 60% drop in its fourth-quarter net profit. Posco's quarterly net profit fell to 203 billion won ($187 million), versus a year-ago profit of 512 billion won. Its sales dropped 4.5% to 7.71 trillion won, while operating profit climbed 29% to 488 billion won. Posco shares closed at $68.30 yesterday.