South Korean outfit Pohang Steelers have been knocked out of the FIFA Club World Cup after being beaten 2-1 in the semi-final by Argentina's Estudiantes at the Sheikh Zayed Stadium in Abu Dhabi.

The Asian champions conceded a goal in stoppage time of the first half when Estudiantes midfielder Leandro Benitez headed home from a free-kick after beating the offside trap and the 28-year old doubled the South American champions' lead eight minutes after the break.

Three minutes later, Pohang were down to ten men when captain Hwang Jae-won was sent off but the Koreans restored some hope when Brazilian striker Denilson pulled one back in the 70th minute.

That glimmer of hope was erased when Kim Jae-Yong was booked for a second time for a challenge on former Manchester United midfielder Juan Sebastian Veron and given his marching orders before the Steelers were reduced to eight men when a third red card was shown, this time to goalkeeper Shin Hwa-yong.

Pohang's coach Sergio Farias was disappointed his side went out of the competition as he believed they could have given more and was also unhappy with the standard of refereeing in the match.

"We could have achieved more in this competition, but football gives us situations that are very bitter and this today was the case," Farias told a news conference.

"The result doesn't reflect what we saw on the field and was made worse by the failures by the referee. I'm not talking about a conspiracy, but the failures of the referee," he added, referring to Italian Roberto Rosetti.

Pohang will now take on the loser of European champions Barcelona of Spain and CONCACAF champions Atlante of Mexico in the third-place play-off on Saturday whilst Estudiantes will take on the winner in the final.