QUOTE AND NEWS
SeekingAlpha  Jul 20  Comment 
The Hindu Business Line  May 5  Comment 
The Essar Group arm, Essar Steel, has signed a long-term supply agreement with global major Posco for the supply of 1.1 million tonne of flat steel products during the current financial year. This...
The Economic Times  May 4  Comment 
The quality of Essar Steel products is consistent with international products and hence many buyers prefer to have a long-term arrangements, sources say.
The Economic Times  Apr 29  Comment 
The minister said that Posco had also defaulted on land dues worth Rs 54 crore for which IDCO held back transfer of balance land to the company.
The Economic Times  Mar 19  Comment 
Commenting on the delay in land acquisition, Goyal said the project approval "had happened during the earlier regime and now things are becoming more transparent".
The Hindu Business Line  Mar 18  Comment 
Posco India has requested the Odisha government to take back its 2,700 acres of land provided to it near Paradip for setting up a 12 mtpa steel plant at an investment of Rs 52,000 crore. “We have r...
Reuters  Mar 18  Comment 
South Korean steelmaker POSCO has asked the eastern state of Odisha in India to take back the land it was allotted for a $12 billion steel project as it has not been able to start work, two senior state officials said.




 

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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