POSCO to Raise Stainless Steel Prices for September

SEOUL, Aug. 30 -- South Korea's POSCO (005490.KS) , the world's No.3 steelmaker, said on Friday it will raise prices of major stainless steel products by 5.9 percent for September to reflect rising raw material costs.

Prices of POSCO's hot-rolled stainless steel products would rise by 200,000 won, or 5.9 percent, a tonne to 3.55 million won ($2,983) from September and cold-rolled products would increase by 5.5 percent to 3.82 million won, the company said.

The company said earlier this week that it planned to keep stainless steel production at full capacity next month as demand remains strong despite concerns of a potential slowdown on a weak global economy.

The price adjustment comes after POSCO kept its August stainless steel prices unchanged to encourage local market demand.

Shares in POSCO finished down 0.41 percent versus the flat broader market .KS11. ($1=1190.1 Won)