QUOTE AND NEWS
Wall Street Journal  Jul 17  Comment 
The steelmaker said it would put on hold a $12 billion project as part of its effort to cut unprofitable overseas business.
The Times of India  Jul 16  Comment 
Posco, South Korea's biggest steelmaker, has put on hold plans to build a steel plant in India after land acquisition and farmer protests stalled the $12-billion project for a decade.
Financial Times  Jul 15  Comment 
Slowing growth in China is wreaking havoc on the South Korean steelmaker’s business model
Reuters  Jul 15  Comment 
South Korea's POSCO said it would shut down unprofitable local and overseas businesses as part of a restructuring plan aimed at boosting profit growth in the world's sixth-largest steelmaker as global demand for steel remains weak.
Market Intelligence Center  Jul 10  Comment 
Option-trade picking algorithms patented by MarketIntelligenceCenter.com found a trading opportunity with POSCO (PKX) that should provide a 5.46% return in just 133 days. Sell one Nov. '15 call at the $45.00 level for each 100 shares of POSCO for...
newratings.com  Jul 2  Comment 
SEOUL (dpa-AFX) - Korean steel producer POSCO (PIDD.L, PKX ) has signed a Share Purchase Agreement or SPA with the Public Investment Fund or PIF of Saudi Arabia for sale of POSCO E&C shares. The transaction brings in 1.24 trillion Korean won of...
The Hindu Business Line  May 27  Comment 
Has South Korean steel-maker Posco given up on its Odisha project? Despite delays in land acquisition and the Centre rejecting Odisha government’s proposal to allocate iron ore mines to Po...




 

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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