SEOUL, Oct 20 (Reuters) - South Korean steelmaker POSCO said its third-quarter operating profit crept up 0.5 percent from a year earlier, beating estimates, as more stable iron ore input costs helped it absorb weak steel product prices and a continuing supply glut.
POSCO, the world’s sixth-biggest steelmaker, said on Tuesday operating profit for July-September was 638 billion won ($566 million) on a parent-only basis, above a consensus forecast of 608 billion won compiled by Thomson Reuters I/B/E/S. The closely watched parent-only measure refers to earnings from steel business, and excludes profit from affiliates.
The third-quarter profit was up from 635 billion won in the same period a year earlier, and ahead of 608 billion won in the April-to-June quarter. ($1 = 1,127.2200 won) (Reporting by Joyce Lee; Editing by Kenneth Maxwell)