South Korea ’ s POSCO expects its Q 3 operating profit to surpass 1 trillion won ( $ 855 . 14 million ) . The steelmaker ’ s robust performance in the third quarter is said to have come from the rebounding global steel industry and recovering commodity prices . This would be the first occasion for POSCO to mark more than 1 trillion won in operating profit since the fourth quarter a year earlier . Securities firms also believe that POSCO will post an operating profit of more than 1 trillion won . Hanwha Securities projected POSCO ’ s operating profit at 1 . 11 trillion won , a 551 percent quarter - on - quarter increase on October 6 . Such bullish performance is analyzed to have come from reduced commodity prices . POSCO agreed to purchase iron ore from its suppliers at $ 58 . 2 per ton in May - end last year , a 32 . 95 percent decline compared with the previous year , to be provided from April 2009 to March 2010 . POSCO had previously decided to import semi - anthracite coal from Australia at a price that is 63 percent lower compared with the previous year in March . Improving demand for steel products , mainly in consumer electronics and automobile companies , after the third quarter also helped the company to post an earnings surprise . Accordingly , POSCO which continued to reduce production since December 2008 has raised plant production volume to nearly 100 percent . POSCO ’ s crude steel production is to stand at 7 . 4 million to 7 . 7 million tons in Q 3 and Q 4 2009 , respectively . POSCO is to officially announce the Q 3 sales performance on October 14 , 2009 . [ written by Jong - wook Park , translated by Yen - mi Hong , edited by JYJ ] [ ⓒ Maeil Business Newspaper & mk . co . kr , All rights reserved ]