QUOTE AND NEWS
The Economic Times  Jan 30  Comment 
Shares in POSCO plunged 7.7 per cent after the company posted weaker-than-expected fourth quarter earnings on slowing demand from China.
The Times of India  Jan 22  Comment 
South Korea's POSCO inaugurated a $709 million steel mill in western India on Thursday, looking to gradually scale up its presence in the emerging market despite having to wait for a decade to get started on a $12 billion steelmaking plant.
The Hindu Business Line  Jan 19  Comment 
Odisha state wants New Delhi to grant an iron ore exploration licence to South Korea's POSCO for its proposed $12 billion steel plant in the state, seeking an exception to a rule mandating auction...
Market Intelligence Center  Jan 16  Comment 
MarketIntelligenceCenter.com's option-trade picking algorithms have identified an attractive covered-call trade on POSCO (PKX). Look at the May. '15 $60.00 covered call for a net debit in the $57.56 area. This trade has a duration of 119 days....
Market Intelligence Center  Jan 13  Comment 
For a hedged play on POSCO (PKX) MarketIntelligenceCenter.com’s patented trade-picking algorithms recommend the May. '15 $65.00 covered call for a net debit in the $61.50 area. That is also the break-even stock price for the covered call. This...
The Hindu Business Line  Jan 11  Comment 
GAIL had to postpone for the third time the last date of bidding for its $7 billion tender to hire LNG ships. The buzz is that the External Affairs and Petroleum ministers tried their best...
The Economic Times  Dec 18  Comment 
Shares of power sector cos soared 12% after govt decision to set up POSCO as an independent firm for ensuring neutrality of transmission system ops.




 

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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