Obviously, the steel business is very cyclical yet unlike many steelmakers, Posco remained profitable in 2009. Posco earned $ 2.82 billion in a year where most competitors lost money or struggled to break even. Impressive financial performance considering the economic stresses of 2009. In contrast, US Steel (NYSE: X) went from earning $ 2.1 billion in 2008 to losing $ 1.4 billion in 2009.
The market value of Posco is ~$ 37 billion (@ the current ADR price of ~$ 121/share). Not cheap relative to earnings for a steel company but they appear to be a good business within a tough industry.
Here is an article in the Wall Street Journal on Posco's 1Q earnings. Net profit for the most recent quarter was $ 1.29 billion.
Also, a presentation of their quarterly results is available from Posco's Investor Relations website.