POSCO cuts price of stainless steel

SEOUL, Feb. 7 (Yonhap) -- POSCO, the world's fourth-largest steelmaker, said
Saturday that it will cut the price of stainless steel beginning this month,
reflecting a fall in nickel prices.

The price of hot-rolled stainless steel 300 series, which is used to make kitchen
utensils, will be lowered to 31.5 million won (US$2,288) per ton, while that of
cold-rolled stainless steel 300 series will be reduced to 34.2 million won per
ton, it said.
The price cut resulted from a drop in the price of nickel used in making
stainless steel, POSCO said.
ksnam@yna.co.kr
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