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In today's global marketplace, simply being the cheapest steel producer isn't a strategy for long-term compet- itiveness. That's why we're focusing on higher quality products that require advanced technology and expertise. It's a focus that requires savvy investments in products, processes, and facilities. And one that pays big dividends in the form of lower costs, higher quality, and industry leading profitability.

 
 
In 2003, we continued to lay a solid foundation for future growth by increasing investment in R&D 26.7%. Higher overall sales as well as a steadily rising percentage of value-added strategic products?automotive steel, linepipe steel, ferritic stainless steel, and high-grade electrical steel?helped us achieve an industry leading 21.3% operating margin.
 
 
 
   
  copyright 2003 POSCO