POSCO International Incheon Songdo headquarters. (Photo= provided by POSCO International)

 

[Alpha Biz=(Chicago) Reporter Kim Jisun] POSCO International misrepresented the financial status of its subsidiaries in last year's business report. The company is about to issue a correction.

According to the Financial Supervisory Service's electronic disclosure system and POSCO International on the 19th, the company recorded the deficit and surplus in a data explaining the performance of its overseas subsidiaries among the business reports posted on the 15th. It was misrepresented that the corporations that made surpluses made deficits.

POSCO International announced that POSCO International's U.S. subsidiary, which owns a 100% stake, posted a deficit of KRW 29.4 billion last year.

In addition, POSCO International's Japanese subsidiary posted a deficit of 27 billion won, POSCO International's Australian subsidiary 12.4 billion won and AGPA (Singapore Farm Corporation) 30 billion won. Subsidiaries such as the Mexican corporation and Cenex Holdings also recorded losses.

A POSCO International official said, "The financial status of subsidiaries recorded in the business report was mixed up with the surplus and deficit," adding, "We are preparing for a correction disclosure."

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