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[Ferro-Alloys.Com]POSCO, Korea's leading steelmaker, said that its third quarter earnings more than tripled from a year earlier on cost cutting efforts and reduced financial costs.

POSCO said that net profit reached KRW 723 billion on a consolidated basis in the July to September 2012 period as compared with a profit of KRW 229 billion a year earlier. Sales, however, slipped 7.2% YoY to KRW 15.74 trillion and operating income also dropped 17.6% YoY to KRW 1.06 trillion over the cited period.

Shares of POSCO closed at KRW 348,000 on the Seoul bourse, down by 2.11%. The third quarter business results were released after the market closed. POSCO said sales of steel edged up in the third quarter, but its operating margin dropped as weak demand led to a drop in steel prices.

• [Editor:editor]