POSCO to cut steel output in Feb. for 3rd month

SEOUL, Feb. 2 (Yonhap) -- POSCO, the world's fourth-largest steelmaker, will cut
its steel output in February for the third consecutive month amid the global
economic slump, company officials said Monday.

The steelmaker is likely to slash its output of crude steel by around 200,000
tons this month, following a reduction of 570,000 tons during the two previous
months.
In December, the company cut its steel production for the first time in its
40-year history as the global recession reduces demand.
Last month, POSCO said that it may have to extend its first-ever output cut
through the current quarter due to reduced demand from automakers and
shipbuilders.
POSCO estimated its crude steel output for the year would reach up to 32 million
tons, down 12 percent from last year.
The steelmaker reported weaker than expected fourth-quarter earnings of 721
billion won (US$521 million) due to the global economic crisis.
sam@yna.co.kr
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