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| The year 2003 was the most profitable yet in POSCO¡¯s 35-year history thanks to our successful efforts to expand production and sales of our four strategic product categories: automotive steel, linepipe steel, ferritic stainless steel, and high-grade electrical steel. While higher raw materials and logistics costs pushed our cost of goods sold up 14.1% for the year, these expenses were far outpaced by increased sales of higher margin products and substantial organizational efficiencies gained from our ongoing Process Innovation initiative now entering its fifth year, propelling our financial performance to record highs. |
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