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South Korean steel giant Posco has cut its sales forecast for the third time by more than 10% to 36.3 won trillion from its initial forecast in April this year, after its operating profit fell sharply in the third quarter due to weaker steel demand and lower prices.The company has also reduced its investment by over 30% for 2012 to 3.9 won trillion compared with 2011.However, Posco remains optimistic about a potential purchase of Australian miner and steel maker Arrium.