POSCO's profit fell 59 percent in 2014

South Korean steel company POSCO said its 2014 net income fell 58.9 percent YoY to KWR 556.66 billion, up from KWR 1.38 trillion. the previous year due to an additional tax payment after a government investigation and losses in connection with participation in the activities of other firms.

That being said, operating income in 2014 rose 7.3 percent YoY to KWR 3.21 trillion, while sales gained 5.2 percent YoY to KWR 65.1 trillion. (1 USD = 1,096.13 KRW)

A company spokesman said that "the decline in net income is partly due to an extraordinary tax audit initiated by the government, which forced the company to pay additional taxes. In addition, equity losses associated with other firms also played a role." POSCO was the subject of a government tax investigation that ended earlier this year. The company did not disclose the exact amount of tax that it had to pay.

At the same time, POSCO is ranked 36th in the list of the most sustainable corporations in the Global 100, which was announced at the World Economic Forum in Davos, Switzerland. In addition, POSCO's position is the highest among Korean companies and only the only one in the list of steelmakers in the world. Biotechnology company Biogen Idec topped the list, while pharmaceutical company Allergan, known for producing botox, came in second.