POSCO to nearly double spending next year

SEOUL, Dec. 11 (Yonhap) -- POSCO, the world's fourth-largest steelmaker, said
Thursday it plans to invest a record 6 trillion won (US$$4.46 billion) in 2009 on
expectations of a pickup in demand.
The figure is nearly double the 3.4 trillion won allotted for this year,
according to the steelmaker. The final decision on capital spending and other
management plans will be made in early January, it said.
POSCO is the only steelmaker in the world that has not slashed production amid
the current economic crisis. The Korean mill posted an almost 40 percent gain
on-year in third-quarter profit, raking in 1.21 trillion won.
Shares of POSCO were trading at 394,000 won on the Seoul bourse as of 2:40 p.m.,
up 0.13 percent.
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