US Stocks Alert: POSCO plunges nearly 7% pre-market as completion of large electric furnace intensifies profitability concerns during industry downturn

Glonghui, June 22 — A certain exchange fell nearly 7% before market open to $56.54. According to reports, POSCO today announced the official completion of its large electric arc furnace at the Gwangyang Steelworks, with an annual capacity of 2.5 million tons. However, such a massive investment (about 600 billion Korean won) during an industry downturn may also raise market concerns about its short-term capital expenditure and profitability.