QUOTE AND NEWS
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.
The Hindu Business Line  Apr 10  Comment 
South Korean major Posco has told the National Green Tribunal that its $12-billion steel project in Odisha “cannot proceed” any further due to regulatory hurdles. The steel maker told the green pan...
The Economic Times  Apr 10  Comment 
Appearing before the National Green Tribunal (NGT) on Friday , Posco's counsel expressed the firm's diminishing interest in the project near Paradip.
Reuters  Apr 8  Comment 
South Korean steelmaker POSCO on Friday told the National Green Tribunal (NGT) that it would not be able to set up a $12 billion steel plant in Odisha by July 2017, as the construction is yet to begin.
The Economic Times  Feb 25  Comment 
A high-level business delegation from Pohang led by its Mayor Lee Kang-deok visited India this month to hold discussions both in Delhi and Mumbai.
Financial Times  Jan 28  Comment 
World’s fifth largest steelmaker suffers from cheap exports
Reuters  Jan 27  Comment 
South Korea's POSCO plans to sign a preliminary agreement with Iranian steelmaker PKP in March to buy a stake in a $1.6 billion steel mill project in the Middle Eastern country, a...
The Hindu Business Line  Dec 22  Comment 
Uttam Galva Metallic on Tuesday said it has signed an agreement with the South Korean alloy major Posco to deploy new technologies at its Wardha plant in Maharashtra. The agreement is for...




 

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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