Posco, the world’s fourth-largest steelmaker, on Thursday made a record cut in domestic product prices by up to 20 per cent to compete more effectively with cheaper imports as the local currency appreciates against the dollar.
It is the first price cut in more than three years, but the South Korean steelmaker has lagged its Asian rivals such as Nippon Steel and Baosteel, which have already slashed prices due to slumping demand.
