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Poscoi

Formerly known as Pohang Iron and Steel Company, POSCO is a South Korean steel group that was the world’s fifth largest steel maker in terms of out put in 2010. 

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  • Estimated daily losses of US$224 million as supplies of cement and fuel run short
  • It is likely that the government will legally force the strikers to return to work
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The storm made landfall in the country’s southern regions on Tuesday, unleashing heavy rains and winds of up to 155km/h, and leaving 10 people dead.

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Petrochemical firms joined automobile and steelmakers in cutting operations due to inventory issues from transport disruptions from the truckers strike. The 22,000-strong union is protesting soaring fuel prices and demanding minimum pay guarantees.

Posco, South Korea's biggest steelmaker, has cut its sales forecast for this year for a second time after reporting a 22 per cent slump in third-quarter profit.