POSCO Q2 net rises 13 pct on higher steel prices

SEOUL, July 22 (Yonhap) -- POSCO, South Korea's leading steelmaker, said Friday that its second-quarter earnings climbed 13 percent from a year earlier on increased prices and demand. Net profit reached 1.25 trillion won (US$1.19 billion) in the April-June period, compared with a profit of 1.19 trillion won a year earlier, the company said in a regulatory filing. Sales jumped 27 percent to 10.03 trillion won over the cited period, while operating income dropped 16.8 percent to 1.49 trillion won. Shares of POSCO closed at 474,000 won on the Seoul bourse, up 0.85 percent. The second-quarter business results were released after the market closed.