QUOTE AND NEWS
Reuters  Jul 21  Comment 
South Korean steelmaker POSCO posted a weaker-than-expected quarterly operating profit, but said it was likely to benefit in the longer term as measures to curb overcapacity in top producer China start positively impacting product prices.
The Hindu Business Line  Jun 8  Comment 
The Telangana Government has offered to set up an exclusive investment park for Korean companies. A group of Korean companies, which includes representatives from the likes of Posco, Hyundai, and ...
The Times of India  May 12  Comment 
The Economic Times  May 12  Comment 
At least 6 major industries have pulled back their projects from Odisha while Posco has temporarily put its plan of setting up a 12-mtpa greenfield steel plant on hold.
The Economic Times  May 12  Comment 
The steel ministry's request to POSCO came amid other efforts to safeguard local mills, including import taxes on steel products and a floor price on overseas purchases.
The Economic Times  May 9  Comment 
Government has not received any communication from South Korean steel giant Posco on "disinterest" in pursuing the 12 million tonne per annum plant in Odisha, Parliament was informed.
Financial Times  Apr 21  Comment 
South Korean group beats forecast while European mills struggle
The Economic Times  Apr 18  Comment 
The sub-index for iron, steel and metal was down 0.9%, underperforming the main board. Heavyweight Posco fell 0.6 percent and Hyundai Steel Co down 0.5%.
The Economic Times  Apr 11  Comment 
Major stocks that are scheduled to pay out their dividend on the day include Samsung Electronics Co Ltd, Posco and Hyundai Mobis Co Ltd.




 

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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