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Apr 20, 2012, 01.10 PM IST
South Korean steelmaker POSCO, backed by billionaire investor Warren Buffett, posted a 54% drop in first-quarter profit because of slack demand, lower product prices and higher raw-material costs.
Operating profit fell to 422 billion won on a parent basis in January to March from 921 billion won a year earlier, the world's No. 3 steelmaker after ArcelorMittal and China's Baosteel said on Friday. The earnings were below a consensus forecast of 439 billion won from Thomson Reuters I/B/E/S. Prior to the earnings announcement, shares in POSCO, in which Buffett's Berkshire Hathaway owns around 5%, ended down 0.4%. The benchmark Kospi fell 1.3%.
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