Stahlunternehmen POSCO - Chance auf Turnaround

Würde gerne diesem Wertpapier neues Leben einhauchen.

http://www.koreaittimes.com/story/29720/...competitive-steel-makerwsd

Heute im Depot zugekauft, da die Bewertung nach meiner Meinung sehr günstig ist. Kurse sind im Bereich der Allzeittiefs der Finanzkrise und die Konjunktur hat sich annähernd so schlecht entwickelt.  

muß im Text natürlich heißen:

..die Konjunktur hat sich NICHT annähernd so schlecht entwickelt....  

Written on Mon, 06/24/2013 - 10:48am
By James Quinn
Shares of POSCO (NYSE:PKX) traded at a new 52-week low today of $62.30. So far today approximately 127,000 shares have been exchanged, as compared to an average 30-day volume of 214,000 shares.

POSCO manufactures various types of steel products. The Company produces hot rolled steel, cold rolled steel, stainless steel, and other forms of steel. The products are mainly used for automobile, construction, and shipbuilding industries.

In the past 52 weeks, shares of POSCO have traded between the current low of $62.30 and a high of $87.04 and are now at $62.40. The 200-day and 50-day moving averages have moved 0.47% lower and 0.33% lower over the past week, respectively.

POSCO has overhead space with shares priced $62.40, or 38.4% below the average consensus analyst price target of $101.25. The stock should find initial resistance at its 50-day moving average (MA) of $71.12 and further resistance at its 200-day MA of $77.23.

SmarTrend is monitoring the recent change of momentum in POSCO. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of POSCO in search of a potential trend change.  

On June 17, 2013, POSCO presented its plan to reduce electric power consumption in response to 2013 summer's electric power emergency state. The Company is partially lowering operation rates of electric furnaces, reducing the amount of electric power usage. With the adjustment in operating rates, the shortfall of melted iron will be provided by the recently completed Gwangyang Steelworks Furnace 1 to minimize loss. With this energy reduction plan, POSCO expects to secure a monthly maximum of 380,000 kilowatts (KWs) which is equivalent to a month of usage of 1 million homes, and approximately half of the electric power generation ability of the Shinwolseong 1 nuclear power plant which recently stopped operation. Also, the amount of electric power received from KEPCO will be reduced by more than 50%, which is much higher than the industry maximum goal of 15%. The Full Research Report on POSCO - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/519a_PKX]

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http://www.koreatimes.co.kr/www/news/biz/2013/06/123_138257.html  

It is reported that POSCO Assan TST, the first stainless steel cold rolling mill in Turkey has started its commercial production on July 1st.

The company targeted to produce 200,000 tonne per year in the first phase.

Meanwhile, it will produce stainless CRC with thickness of 0.3 millimeter to 3 millimeter and width up to 1,600 millimeter.

Furthermore, the mill’s capacity will be increased to 400,000 tonne and 600,000 tonne per year in future expansions.

Source (www.yieh.com)

(www.steelguru.com)  

Chinese Steelmakers suffering from overcapacity: CISA


BEIJING (Scrap Register): Chinese steelmakers are dealing with a substantial oversupply problem that will likely force them to transform the way they do business, said China Iron and Steel Association (CISA).

According to CISA, a weak economic recovery, low demand, high prices for raw materials and high steel output have caused an oversupply of steel products.

The National Bureau of Statistics has already showed that steel output increased by 11.3 percent year on year to 91.19 million tonnes in May. In the first five months of the year, steel product output rose 10.8 percent year on year to reach 426.16 million tonnes.

Meanwhile, the Complex Steel Price Index (CSPI) released by CISA dropped by 13.35 percent year on year to hit 101.83 by the end of May, down 3.71 percent from that of April.  

http://www.reuters.com/article/2013/07/16/...;feedName=innovationNews
 

http://www.koreaherald.com/view.php?ud=20130716000737

POSCO Energy, the energy affiliate of POSCO, completed construction on a 5-megawatt expansion to its solar power plant in Sinan County, South Jeolla Province, Tuesday.

The Sinan Solar Power Plant, now with a total capacity of 7 megawatts, was built on salt ponds that had been abandoned for years. It is expected to produce 9,300 megawatt-hours of electricity a year, which is enough to power 3,000 homes annually for the next 20 years, according to company officials. By 2014, the plant will reach a total capacity of 12 megawatts.

“We expect the worst power shortage this summer, so we look forward to contributing to improving the energy supply with our plant, and we will actively pursue overseas businesses with our know-how,” CEO Oh Chang-kwan said.
 

http://www.reuters.com/article/2013/07/23/...p;feedName=hotStocksNews  

http://www.koreaherald.com/view.php?ud=20130723000841  

http://www.boerse-express.com/pages/1369248/fullstory/?page=all

Der südkoreanische Stahlkonzern Posco hat im zweiten Quartal einen herben Gewinneinbruch hinnehmen müssen. Angesichts der schwachen Nachfrage und der niedrigen Preise sackte der operative Gewinn im Vergleich zum Vorjahreszeitraum um knapp ein Drittel auf 903 Milliarden Won (612 Mio Euro) ab, wie das Unternehmen am Donnerstag in Seoul mitteilte. Analysten hatten mit einem Einbruch in dieser Höhe gerechnet. Unter dem Strich blieben beim weltweit fünftgrößte Stahlhersteller nur noch 250,6 Milliarden Won übrig, das ist nicht einmal die Hälfte des Vorjahreswertes.

Der Umsatz ging um 5 Prozent auf 15,6 Billionen Won zurück. Um das Jahresziel von 64 Billionen noch zu erreichen, kündigte Posco an, den Absatz höherpreisiger Produkte wie etwa Autobleche forcieren zu wollen. Die Stahlbranche kämpft weltweit seit langem mit sinkenden Preisen und einer zu hohen Produktion. Posco litt nun vor allem unter der schwächeren Nachfrage in China. Hinzu kommt die Wirtschaftskrise in weiten Teilen Europas. Im dritten Quartal rechnet Posco damit, dass die Preise in China ihren Boden finden und dann allmählich wieder ansteigen.  

Change in Ownership of the Largest Shareholder

We hereby inform you of the change in the number of common shares outstanding of POSCO (the “Company”) held by Korean National Pension Service, the largest shareholder of the Company.

As of June 30, 2013, Korean National Pension Service has increased its holding of the common shares outstanding of the Company from 5,225,654 shares (5.99% of the common shares outstanding ) to 5,357,142 shares (6.14% of the common shares outstanding). This change is based on the Company’s closed registry of shareholders as of June 30, 2013.  

http://www.koreatimes.co.kr/www/news/biz/2013/07/602_65349.html

....POSOCO raised the price of its hot-rolled steel by 25 percent to 850,000 won ($760) per ton from this month, which marks the first price increase by the steelmaker since it abruptly cut it prices by 20 percent in May last year. Hyundai Steel, the country's No.2 steelmaker, also raised prices of its major steel products by up to 23 percent to match POSCO's hot-rolled steel and plate prices. The companies have cited higher cost of raw materials such as iron ore and coking coal for the more expensive price tags.
 

Da Asien heute schläft und Stahl haussiert, eine kleine Position wieder im Depot. Ist nach wie vor absolut ein günstiges Investment.  

http://www.euroinvestor.com/news/2013/10/24/...n-weak-demand/12546817

SEOUL--South Korean steelmaker Posco (005490.SE) said Thursday its third-quarter net profit fell 22% from a year earlier, reflecting weaker world-wide demand and a protracted slump in steel prices.

Consolidated net profit was 564 billion won ($532 million) in the July-September period, compared with a profit of 723 billion won a year earlier, the world's fifth-largest steelmaker by output said in a statement.

Operating profit fell 38% to 633 billion won from 1.02 trillion won, and sales declined 3.7% to 15.15 trillion won from 15.74 trillion won.

Posco's poor third-quarter performance was caused by higher raw material input costs and weaker-than-expected sales after a plant fire, officials and analysts said.

Posco said it expects its earnings to improve in the fourth quarter on a global economic recovery and eased concerns about excessive inventory in China, the world's top steel user.

Shares of Posco finished 0.5% higher at 321,500 won Thursday. The company announced results after the market closed.  

http://www.bloomberg.com/news//2013-10-24/...ly-profit-drops-22-.html

“I don’t see a turnaround any time soon,” Lee Jin Woo, who helps manage $3.5 billion at Seoul-based KTB Asset Management Co., said before the announcement. “It will take about one or two years for the global steel market to recover. China holds the key, but its growth falls short of our expectations.”
Net income excluding minority interest was 567 billion won in the three months ended Sept. 30, from 730.8 billion won a year ago, the company said. That missed the 650.3 billion won average of 13 analysts’ estimates compiled by Bloomberg.
Sales declined to 15.2 trillion won in the quarter, compared with 15.7 trillion won a year earlier.  

http://www.streetinsider.com/Corporate+News/...ith+POSCO/8807831.html

 

https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_285992

Hong Kong, November 05, 2013 -- Moody's Investors Service says that China's push to reduce steel capacity is credit positive for Asian steelmakers, although the timing and scope of the capacity cuts are uncertain.

"The oversupply of steel in China is the dominant driver of the weak industry fundamentals in Asia's steel industry. The government's initiative will therefore be credit positive for most large steelmakers in the region. However, it is unclear as to the timing and scale of the capacity cuts," says Jiming Zou, a Moody's Assistant Vice President and Analyst.

Moody's conclusions are contained in its just-released report titled "China's Push to Reduce Steel Capacity Is Credit Positive for Asian Steelmakers."

Moody's report says large Chinese producers such as Baosteel Group Corp (A3 negative) will benefit the most, because while other inefficient mills are required to close, Baosteel, for instance, can increase its market share as it has received government approval to build new steel facilities in southern China. The company will also see its profits rise, as it raises capacity utilization.

Other steelmakers in the region such as POSCO (Baa1 negative) and Nippon Steel & Sumitomo Metal Corp (A3 negative) should also benefit from China's capacity reduction, but to a lesser degree.  

http://www.wiwo.de/unternehmen/industrie/...indien-bauen/9315758.html

Bin mir noch nicht sicher, ob dies positiv oder negativ ist, nach dem Thyssen-Desaster in Südamerika.  

http://www.koreatimes.co.kr/www/news/biz/2014/01/123_149928.html  

http://www.koreaherald.com/view.php?ud=20140116000746


NEW DELHI (Yonhap News) ― South Korean steel giant POSCO is expected to see its long-delayed project to build an integrated plant in India move speedily forward in the wake of President Park Geun-hye’s state visit to the country, the presidential office said Thursday.

In 2005, POSCO signed a memorandum of understanding with the eastern Indian state of Odisha to construct a $12 billion steel plant with an annual production capacity of up to 12 million tons.

But the project has been stalled due to a series of regulatory and other delays.

In the run-up to Park’s state visit to New Delhi, however, India’s government has granted the project an environmental permit, allowing POSCO to secure 2,700 acres of land for the project. The state government has also made a commitment with regard to iron ore exploration rights, the office said.

India’s central government is also expected to express its commitment to provide the project with active administrative support, the office said, adding that if the project goes smoothly forward, steel production could begin as early as eight years later in 2022.

The project will mark the biggest-ever foreign direct investment in India. It will directly hire 18,000 people and help create a total of 870,000 jobs, and annual sales of the plant are expected to amount to $3 billion, the office said.  

http://www.koreaherald.com/view.php?ud=20140117000702

POSCO’s board of directors said they nominated Kwon to combine technology and marketing to enhance the company’s core competence. Kwon will also be pushed to develop new technologies that can be later on nurtured into next-generation growth engines.

“I will study these issues to share with you in the near future,” Kwon told reporters.

Meanwhile, market watchers are hoping the new tech-savvy chief will bring vitality to POSCO stocks that have lost up to 60 percent of their value compared to their peak several years ago. POSCO stocks rose to 316,000 won a share on Friday morning, up 1.44 percent from the previous day. They ultimately closed nearly unchanged at 311,500 won.
 

https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_291605

Hong Kong, January 29, 2014 -- Moody's Investors Service says that POSCO's moderate operating results for 2013 were credit negative, but will not impact the steel-maker's Baa2 rating and stable outlook.

"Although POSCO's adjusted debt/EBITDA deteriorated to about 4.7x in 2013 from 4.2x in 2012 because of decreased earnings, we expect its financial leverage to improve to about 4x in 2014, a level consistent with its Baa2 rating," says Chris Park, a Moody's Vice President and Senior Credit Officer.

According to POSCO, its consolidated and unadjusted operating income fell 18% year-on-year to KRW3.0 trillion in 2013 due to moderate steel demand in Korea and China, and the strong won. Its reported debt is also estimated to have grown by 5% year-on-year owing to sizeable investments, which were partly mitigated by its deleveraging measures. These factors, which resulted in its increased financial leverage, have been incorporated in the rating downgrade of POSCO to Baa2 from Baa1 in November 2013.

The persistent weakness in the regional steel industry means that any meaningful recovery in POSCO's core steel margins -- EBITDA per ton -- is unlikely in 2014.

Nonetheless, Moody's expects POSCO's earnings to grow gradually over the next two years, driven by its large expansion in steel capacity, completed in 2013, and by its non-steel businesses. This should allow the company to improve its financial leverage, although its planned sizeable investments (KRW6.5 trillion in 2014) should necessitate an increase in debt.

Moody's also expects POSCO to continue pursuing measures to lower its debt level.

The principal methodology used in this rating was Moody's Rating Methodology for Global Steel Industry, published in October 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

POSCO is one of the world's largest steel producers, with a dominant market position in Korea in terms of sales. It manufactures a broad range of steel products, including hot-rolled products, plates, wire rods, cold-rolled products, silicon steel sheets and stainless steel products.  

zeigt sehr schön, dass man über dieses Investment nicht nur ein Stahlunternehmen kauft sondern einen Konzern der in den Bereichen

Steel
Engineering & Construction
Energy
IT
Chemical Products
New Material

stark aufgestellt ist und sehr offen kommuniziert.

Hier ist der aktuelle Q/A Bericht zu den 2013 Zahlen:

http://www.posco.com/homepage/docs/eng3/dn/invest/...tion_Q&A.pdf