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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.

South Korea's largest steelmaker said revenue reached 60.6 trillion won ($57 billion) last year, up from 53 trillion won a year ago. Operating profit jumped 63% to 4.6 trillion won during the same period, while net profit attributable to shareholders doubled to 2.79 trillion won.

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