QUOTE AND NEWS
Channel News Asia  Jun 23  Comment 
South Korean steelmaker POSCO on Saturday selected Choi Jeong-woo, the head of affiliate Posco ChemTech, as its final candidate to lead the company.
WA Business News  May 29  Comment 
Shares in Galaxy Resources have surged after the lithium miner announced a $US280 million ($A371 million) asset sale deal with South Korean giant Posco.
The Economic Times  Apr 18  Comment 
Unlike many other states, Odisha has stopped signing Memorandums of Understanding (MoUs) with companies. Instead, it has been focusing on project implementation.
Reuters  Apr 18  Comment 
The chief executive of South Korean steelmaker POSCO will step down before his term ends in 2020 as he is keen for a younger person to lead the firm, the company said on Wednesday.
WA Business News  Feb 28  Comment 
South Korean steel giant POSCO has signed a long-term offtake agreement with ASX-listed lithium miner Pilbara Minerals and agreed to invest in its upcoming project in Western Australia.
The Economic Times  Jan 30  Comment 
Listed metal players on Dalal Street have been doing a good job since 2016.




 

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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