20000127

Posco's sales drop but profit up

SEOUL: South Korea's steel giant Pohang Iron and Steel Co., buoyed by rising profits, on Wednesday unveiled an ambitious new millennium expansion plan to double the firm's value by 2004. Posco Chairman Yoo Sang-Boo said he would reform the company's management, production and marketing to focus on high-quality steel products.ÑAFP

Major joint venture

SEOUL: South Korea's leading Hyundai Motor Co. on Wednesday announced a major joint venture agreement in China to produce some 300,000 compact cars per year. Hyundai said the agreement with China's Jiangsu Yueda Group, signed in Beijing, was part of its long-term plan to become the largest car manufacturer in the fast-growing Chinese market.ÑAFP