POSCO (PKX) | Debt and Solvency

Ratios (Summary)

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POSCO, debt and solvency ratios

Source: Based on data from POSCO Annual Reports

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders' equity.	POSCO's debt-to-equity ratio deteriorated from 2008 to 2009 and from 2009 to 2010.
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders' equity.	POSCO's debt-to-capital ratio deteriorated from 2008 to 2009 and from 2009 to 2010.
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	POSCO's interest coverage ratio deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010.

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		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
	Selected Financial Data (USD $ in millions, translated from KRW ₩)
	Short-term borrowings
	Current portion of long-term debts, net of discount on debentures issued
	Long-term debt, net of current portion and discount on debentures issued
	Total debt
	Parent shareholders’ equity
	Debt to Equity, Comparison to Industry
	POSCO¹
	Industry, Basic Materials

Source: Based on data from POSCO Annual Reports

2010 Calculations

¹ Debt to equity = Total debt ÷ Parent shareholders’ equity
= ÷ =

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders' equity.	POSCO's debt-to-equity ratio deteriorated from 2008 to 2009 and from 2009 to 2010.

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		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
	Selected Financial Data (USD $ in millions, translated from KRW ₩)
	Short-term borrowings
	Current portion of long-term debts, net of discount on debentures issued
	Long-term debt, net of current portion and discount on debentures issued
	Total debt
	Parent shareholders’ equity
	Total capital
	Debt to Capital, Comparison to Industry
	POSCO¹
	Industry, Basic Materials

Source: Based on data from POSCO Annual Reports

2010 Calculations

¹ Debt to capital = Total debt ÷ Total capital
= ÷ =

Ratio	Description	The company
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders' equity.	POSCO's debt-to-capital ratio deteriorated from 2008 to 2009 and from 2009 to 2010.

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		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
	Selected Financial Data (USD $ in millions, translated from KRW ₩)
	Net income attribute to controlling interest
	Add: Net income (loss) attributable to non-controlling interest
	Add: Interest expense
	Add: Income tax expense (benefit)
	Earnings before interest and tax (EBIT)
	Interest Coverage, Comparison to Industry
	POSCO¹
	Industry, Basic Materials

Source: Based on data from POSCO Annual Reports

2010 Calculations

¹ Interest coverage = EBIT ÷ Interest expense
= ÷ =

Ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	POSCO's interest coverage ratio deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010.