* Pohang beat Al Ittihad 2-1 in final

* Saudis pay for poor defending

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By Alastair Himmer

TOKYO, Nov 7 (Reuters) - South Korea's Pohang Steelers beat Saudi side Al Ittihad 2-1 in the Asian Champions League final on Saturday to book their spot in FIFA's Club World Cup.

Pohang twice caught Ittihad cold from free kicks, forward No Byung-jun smashing a shot through the wall to put them ahead in the 57th minute in Tokyo.

A flying header from defender Kim Hyung-il from a Kim Jae-sung delivery made it 2-0 nine minutes later in the competition's first one-off final.

Captain Mohammed Noor gave Ittihad a lifeline by blasting home a close-range volley in the 74th minute but Pohang held on to become South Korea's first Asian champions since 2006.

The four-times K-League champions, twice winners of the old Asian club championship in the late 1990s, qualified for next month's lucrative Club World Cup in Abu Dhabi.

"On balance 2-1 was the right result," Pohang's Brazilian coach Sergio Farias told reporters.

"To get to the Club World Cup is the biggest thing to happen to this club. It's a dream come true for the players."

European champions Barcelona and Libertadores Cup holders Estudiantes of Argentina head the seven-team tournament starting on Dec. 9.

"We paid the price for not taking our chances," said Ittihad's Argentine coach Gabriel Calderon. "They scored twice from dead-ball situations which is very frustrating."

(Editing by Tony Jimenez. To query or comment on this story email sportsfeedback@thomsonreuters.com)