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Asia300

South Korea's Posco rides wave of higher steel prices

China's production cuts help boost Asian makers' profits

Posco Chairman and CEO Kwon Oh-joon puts fire into the steelmaker's new furnace in Pohang last year. (Photo provided by Posco)

SEOUL -- Posco posted the best earnings in five years for 2017, thanks to a rising steel price driven by China's move to cut steel production as part of its environment policy, the company and analysts said on Wednesday.

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