SEOUL, July 13 (Reuters) - POSCO, the world's No.6 steelmaker, reported its lowest quarterly profit in at least nine years on Monday, hit by price cuts and lower demand from struggling automakers and manufacturers.
The South Korean firm, which competes with Japan's Nippon Steel and JFE and China's Baosteel, said April-June operating profit tumbled 91 percent to 170 billion won ($131.7 million), the lowest since it began releasing quarterly results in 2000.
The result was broadly in line with an average forecast for 172 billion won by 12 analysts.
Revenue dropped 15 percent to 6.34 trillion won as it made record steel price cuts in May and reduced output due to faltering demand. ($1=1290.9 Won) (Reporting by Miyoung Kim; Editing by Jonathan Hopfner)