QUOTE AND NEWS
SeekingAlpha  Mar 24  Comment 
By Seth Shaw: We believe FuelCell (FCEL) is a compelling short due to the steep cliff the company faces as POSCO, its dominant customer, transitions away from FuelCell. Since signing large one-time contracts from POSCO and Dominion in late 2012...
Financial Times  Mar 14  Comment 
New chief executive to focus on improving South Korean steelmaker’s profitability and balance sheet by shedding non-core assets and reducing debt
Reuters  Mar 14  Comment 
POSCO's new chief executive said the South Korean steelmaker will restructure non-steel businesses and not make any major investment in increasing steelmaking capacity, in a marked break from the strategy of his predecessor.
DailyFinance  Mar 5  Comment 
VANCOUVER, BC -- (Marketwired) -- 03/05/14 -- Pure Energy Minerals Limited (TSX VENTURE: PE) (FRANKFURT: AHG) (" PURE" or the " Company") is pleased to announce the execution of a non-binding Memorandum of Understanding (" MOU") with...
The Economic Times  Feb 14  Comment 
The Korea Composite Stock Price Index was up 0.9% at 1,943.25 points as of 0211 GMT after hitting an intraday high of 1,946.39, its highest since Jan. 24.
Wall Street Journal  Jan 28  Comment 
South Korea's largest steelmaker said net profit in the last quarter fell 60% as weaker world-wide demand and the won's strength hit steel prices.
The Hindu Business Line  Jan 24  Comment 
The National Green Tribunal today directed that South Korean major Posco will not cut any trees at a village in Odisha for developing its Rs 51,000-crore steel project till the State Government gi...
DailyFinance  Jan 17  Comment 
TORONTO, ONTARIO -- (Marketwired) -- 01/17/14 -- Lithium Americas Corp. (TSX: LAC) ("Lithium Americas" or the "Company") today announced that it has signed a Co-operation Agreement ("Agreement") with POSCO, Korea's largest steel company and a...
The Hindu Business Line  Jan 17  Comment 
India’s environment clearance to the Rs 52,000 crore Posco steel project will inspire other big companies to invest in the country, Korea said today. “When the Posco project in Orissa kicks...
The Hindu Business Line  Jan 16  Comment 
India looking at possibility of setting up Korean Industrial Park




 

POSCO steel producer in Pohang, South Korea. Incorporated in 1968, it was able to produce 32.8 million tons of steel in 2007. 2/3rds of its revenues comes from the South Korean Domestic market. However, other major countries are increasing their business with the once number 1 steel producer in the world. (In 2008, Arcellor Mittal became number 1.) Of the foreign revenue, China is the largest customer with 30%, the Japan with 20%. The rest of Asia makes for the rest of the revenue. It is important to note that India's demand market for steel has been growing and with good relations between South Korea and India on a number of cross-border transactions, most notably Tata Motors Ltd.'s acquisition of Daewoo Commercial Vehicle (now Tata Daewoo Commercial Vehicle), POSCO has built a major office in India.

POSCO's products include, but not limited to, hot rolled and cold rolled products, plates, wire rods, silicon steel sheets and stainless steel products. It is also known for preparing steel for manufacturing, most notably in Shipbuilding.



History

The formation of POSCO came about as a result of the Korean government's desire for self-sufficiency in iron and steelmaking, with availability of local steel seen as important for Korea's economic development. With construction of the Pohang works stared in 1970 , and of the Gwangyang Works in 1983, part-privatisation of the company took place in 1988. By 1998, the South Korean government had reduced its equity ownership to less than 20%.

POSCO shed its former name (the Pohang Iron and Steel Company) in 2002, and it is shortly after this point that a more international approach to business development set in[1]. This approach saw much greater emphasis placed on foreigh investment and in joint ventures outside Korea, including:

  • participation in the Benxi cold-rolling joint venture in China in 2004
  • construction of the Zhangjiagang stainless steel plant in China in 2005
  • agreement with the government of Orissa, India about investment in a greenfield integrated steel plant in 2005
  • acquisition of a majority stake in Vietnamese steelmaker Asian Stainless Corp in 2009
  • completion of a zinc coated sheet investment in Mexico in 2009.


References

  1. History of POSCO
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