POSCO Puts the “Green” in Green Shipping

POSCO Puts the “Green” in Green Shipping

Last December, POSCO and Ilsin Logistics held a christening ceremony for “Green Iris,” an LNG-powered bulk carrier. Green Iris is equipped with an LNG fuel tank made of POSCO’s high manganese steel, giving it its green name. Also, at 50,000 dwt, it is the largest carrier in the world. Upon completion, the Green Iris will transport limestones from the port of Donghae in Gangwon-do to Gwangyang Works from the beginning of 2018. POSCO’s high manganese steel allows the fuel tank to withstand temperatures as low as -196℃, so that it can store and transfer LNG. Moreover, it is highly weldable and cost-efficient compared to other common materials for LNG fuel tanks such as nickel steel or aluminum alloys. POSCO developed...

POSCO Family Kick-off Meeting 2018 A Message from the CEO

POSCO Family Kick-off Meeting 2018: A Message from the CEO

This year marks a special milestone for POSCO as the company celebrates its 50th anniversary. It has also been 4 years since POSCO CEO Kwon Ohjoon’s inauguration as CEO back in 2014, and he has since implemented numerous positive changes. Here are the results of POSCO’s successful restructuring over the past 4 years as well as the company’s vision for the future. Since 2014, POSCO successfully completed 150 cases of restructuring. Back in the 2000s, POSCO suffered its worst financial crisis due to failed investments in growing businesses. Its consolidated operating profit, which exceeded KRW 7 trillion at one time, recently fell to about KRW 2.5 trillion. POSCO’s cash on hand, which peaked at more than KRW 8 trillion, declined...

Brazil CSP Builds Up the Local Community

Brazil CSP Builds Up the Local Community

On December 7, President of Brazil CSP Dong-ho Kim and his team donated a portion of the prize money they received as a presidential citation last September to Casa de Patricia and ABC PECEM, welfare facilities in the state of Ceara. The prize came as a result of the successful completion of a construction project, and Brazil CSP decided to give back to the community where the steel mill is located.  Casa de Patricia is a non-governmental group that supports disabled children and provides welfare for the elderly, while ABC PECEM is currently helping 150 local, underprivileged children. Brazil CSP delivered KRW 3.6 million to the organizations for facility renovation and furnishings.     Brazil CSP is a steel mill with an annual capacity...

POSCO Cultivates Overseas Employees Through Global Mob

POSCO Cultivates Overseas Employees Through Global Mobility Program

Since 2015, POSCO has been operating the Global Mobility Program (GMP), which is a job rotation program designed to train employees working for POSCO’s overseas affiliates. The six-month program offers exemplary employees with high potential for growth a chance to work at POSCO’s headquarters in Pohang, Korea. GMP participants also get full exposure to POSCO’s corporate culture and the opportunity to extend their personal and professional networks. To date, 50 employees have taken part in the GMP. In June, 12 participants completed a two-week introduction course, where they got to learn about POSCO’s history, Korean culture and POSCO’s overall operations. Then, they were dispatched to each respective department for hands-on work experience. In addition, participants can also integrate Korean language...

POSCO Reaches 20 Million Tons of Production Using FINEX Technology

POSCO Reaches 20 Million Tons of Production Using FINEX Technology

POSCO put its first FINEX-based commercial production facilities into operation in 2007, and recently reached 20 million cumulative tons of molten iron production after 10 years and 8 months. FINEX is an innovative, paradigm-shifting technology where molten iron is produced directly in a blast furnace. The process eliminates preliminary processing and uses cheaper powder-type iron ore and bituminous coal as raw materials. Subsequently, investment and production costs can be reduced by 85 percent compared to those of general blast furnaces of the same size. In addition, the technology reduces SOx and NOx emissions by 40 and 15 percent respectively, and fine dust particles can be reduced by 34 percent compared to general blast furnaces. The beginnings of the technology date...

POSCO CEO Attends 38th Annual Australia-Korea Business Council Meeting

POSCO CEO Attends 38th Annual Australia-Korea Business Council Meeting

The 38th Annual Australia-Korea Business Council (AKBC) Meeting was held in Brisbane, Australia from November 13 to 15. POSCO CEO Kwon Ohjoon attended the meeting as the Korean chair of the AKBC and discussed bilateral economic cooperation and development. In the opening speech, CEO Kwon remarked, “As global economic conditions are rapidly changing, our two countries must work together to expand our cooperative relationship,” and emphasized the protection of free trade and reinforced complementary cooperation between the two countries. At the general meeting, the panelists of the two countries discussed industries with potential for bilateral cooperation including investment, resources and infrastructure, the 4th Industrial Revolution, and food and agro-livestock. In particular, the panelists discussed ways to uncover new industries in...

POSCO Selected as a “Best Practice” of UN Sustainable Developme

POSCO Selected as a “Best Practice” of UN Sustainable Development Goals

On November 3, POSCO’s Steel Village Project was selected as a best practice for UN’s Sustainable Development Goals (SDGs) and acquired a SMART certification, given to best practices that meet the 5 criteria: Specific, Measurable, Achievable, Resource-based and Time-based deliverables. SDGs are common goals of prosperity and development adopted by the UN in 2015 for the international society to achieve by 2030. There is a total of 17 goals, including eradicating poverty, quality education, good health and well-being, human rights and climate action. The organization commended POSCO’s initiatives for tackling the housing crisis in its overseas and affiliate communities, and its commitment to improving the quality of life of local residents. Details of the POSCO Steel Village Project will be...

POSCO and ExxonMobil Win Deals of Distinction Award

POSCO and ExxonMobil Win Deals of Distinction Award

On October 23, POSCO and ExxonMobil won the Annual Deals of Distinction Award for Chemicals, Energy, Environment and Materials at the annual meeting of the Licensing Executives Society (LES). The event was held in Chicago with over 1000 LES members in attendance. The LES issues the Deals of Distinction Award once a year to the most valuable licensing agreements in 5 sectors: Life Sciences, High Technology, Consumer Goods, Chemicals, Energy, Environment & Materials and Industry-University-Government Interface, or contracts that solved business issues in creative and innovative ways. Last March, POSCO entered into a licensing agreement with ExxonMobil, the world’s largest oil company, for the production and supply of high manganese steel for slurry pipes. For the past 5 years, the...

POSCO Automakers’ Solution Partner in the Age of Electric Vehicles

POSCO: Automakers’ Solution Partner in the Age of Electric Vehicles

From October 30 to November 1, POSCO hosted the 2017 Global EV Materials Forum at the Songdo Global R&D Center in Incheon. The theme of the forum was “A Bold Leap Forward Towards Becoming a Total Solution Provider for Electric Vehicles,” reflecting POSCO’s resolve to become the leading supplier of core electric vehicle materials. POSCO welcomed more than 380 local and overseas customers to the forum where they announced the current status of POSCO Group’s EV projects and strategies. The company also showcased its core EV technologies for high-value-added products such as motors, batteries and lightweight chassis/bodies. During the forum, POSCO highlighted customer needs, market trends and development statuses in three areas: lightweight materials, traction motor cores and batteries. POSCO...

Moody’s Upgrades POSCO’s Credit Rating Outlook to “Positive”

Moody’s Upgrades POSCO’s Credit Rating Outlook to “Positive”

On October 26, Moody’s, an international credit rating agency, upgraded the outlook for POSCO’s long-term corporate credit rating of Baa2 from “stable” to “positive.” The last time POSCO’s credit rating outlook saw an upgrade was a year ago in October, when Moody’s upgraded POSCO’s credit rating outlook from “negative” to “stable.” Moody’s forecasted that POSCO’s financial status will improve in the next 1-2 years as a result of increased profits from the sales of POSCO’s high-value-added products and decreased borrowings due to the improvement of global market conditions. In particular, the ratings agency predicted that POSCO’s EBITDA (earnings before interest, taxes, depreciation, and amortization) will increase by 20-25 percent over the previous year, and its debt to EBITDA ratio will...

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