South Korean stainless steel manufacturer Posco indicated that it was benefited from the global strong demand and upward Chinese steel prices, so its profit increased by one third in the second quarter. Therefore, Posco were looking forward to the outlook in the next half this year, and it also raised the annual revenue target.
Posco, the fifth steel enterprise in the world, raised its annual revenue from 63 trillion won to 64.1 trillion won as their new mission of this year.
On the other hand, Chinese steel mills were now facing reorganization and production limitation, so it will lead to supply shortage in China domestic market and kept the steel price in the high level.
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