Source:
http://article.wn.com/view/2011/01/14/FallDown_Friday_A_Little_Reality_Into_the_Weekend/
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Monday, January 17, 2011
Fall-Down Friday: A Little Reality Into the Weekend
"The sluggish Global recovery" - That’s the reason Posco (PKX) gave for a 59% decline in 4th Quarter profits. That’s 59% LOWER than last year, which also sucked! Posco is the world’s 3rd largest steelmaker and they had issues with rising raw materials costs (duh!) that offset a 26% increase in sales because those sales are coming in at last year’s prices as the CEO says the company is unable to pass on higher costs to its customers (primarily car makers, train/rail and shipbuilders). This is the REAL economy, folks – it’s still very rough out there. Posco, like many others, does believe 2011 will be better, but PKX is already trading back at...
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