POSCO Opens its First Overseas Structural Steel Solutions Center in Vietnam

POSCO Opens its First Overseas Structural Steel Solutions Center in Vietnam

POSCO opened its first-ever structural steel solution center abroad in Vietnam. The opening ceremony was held on February 7 at POSCO SS VINA, attended by some 50 officials including Oh In-hwan (COO, POSCO E&C), Ho Nghia Dung (President, Vietnam Steel Association) and Bui Anh Hoa (Vice President, Hanoi University of Science and Technology). In recent years, Vietnam has undergone rapid urbanization with subsequent advancements in housing, energy and infrastructure. As such, demand for structural steel is expected to reach 24 million tons by 2020. The figures represent 80 percent of Vietnam’s entire steel demand, making Vietnam a booming market for steel consumption in Southeast Asia. As the Vietnamese construction industry is projected to see an annual growth rate of 7...

POSCO Enters Chinese Cathode Materials Market

POSCO Enters Chinese Cathode Materials Market

POSCO recently established joint ventures with Huayou Cobalt to enter the world’s biggest lithium-ion battery market in China. This partnership allows POSCO to produce precursors and cathode materials in Tongxiang, located in the Zhejiang Province of China. At the shareholders’ general meeting held on the Jan 24 at the POSCO Center POSCO finally approved the contract for the two joint ventures – one for the production of precursors, and the other for cathode materials. (A precursor is made by combining cobalt, nickel and manganese in a blast furnace to manufacture cathode materials. The final product of cathode materials is a combination of precursor and lithium.) Huayou Cobalt is one of the world’s biggest mining companies that can produce about 50...

POSCO and UNESCO Support Out-of-School Children Throughout ASEAN

POSCO and UNESCO Support Out-of-School Children Throughout ASEAN

The POSCO 1% Sharing Foundation became partners with UNESCO through a signing ceremony at UNESCO’s headquarters in Paris. The foundation is the first partner for UNESCO’s Project for Out-of-school Children throughout ASEAN, which starts this year. Back in September 2016, 28 ASEAN heads of state, education ministers and representatives of the Southeast Asian Ministers of Education Organization gathered together and committed to tackling the problem of youth without regular education. The Project for Out-of-school Children in ASEAN is a follow-up to the declaration, and it’s the first project that UNESCO is carrying out this year alongside an enterprise. The POSCO 1% Sharing Foundation is aiming to leverage the Flexible Learning Strategies (FLS) program developed by UNESCO, to provide alternative education...

POSCO Steel Shines at the 2018 PyeongChang Winter Olympics

POSCO Steel Shines at the 2018 PyeongChang Winter Olympics

POSCO’s World Premium Products (WPP) and solutions were used in the main facilities of the 2018 PyeongChang Winter Olympics. POSCO’s products can be found in the recently-completed International Broadcasting Center, Media Residence and Kwandong Hockey Centre that boasts increased durability, stability, surface quality and sustainability. For the International Broadcasting Center (IBC) completed last April, builders used POSCO’s Pos-H steel. Building parts were made by precisely cutting and welding the hot-rolled steel plates and thick plates. Pos-H is custom-made for structures and does not produce any waste unlike existing hot-rolled shape steel with fixed dimensions. In addition, POSCO’s dry fire-resistant cladding technique was applied to all the pillars of the IBC. The dry fire-resistant cladding technique eliminates the process of applying...

POSCO Back to KRW 60 Trillion in Sales

POSCO Back to KRW 60 Trillion in Sales

On January 24, POSCO announced its consolidated sales of KRW 60.6551 trillion, operating profit of KRW 4.6218 trillion and a net profit of KRW 2.9735 trillion. The company first reached KRW 60 trillion in sales in 2011 and kept it up for 4 years. However, sales dropped down to around KRW 50 trillion in 2015 due to restructuring, and now it is finally back to KRW 60 trillion. Last year’s sales were significant as the company reached KRW 60 trillion after cutting back ties with over 80 affiliates both in Korea and overseas. With the performance increase in both steel and non-steel businesses in Korea and overseas, operating profit was highest it’s been in the last 6 years, and the...

PT. KRAKATAU POSCO Sales Exceed 10 Million Tons

PT. KRAKATAU POSCO Sales Exceed 10 Million Tons

Indonesia’s PT. KRAKATAU POSCO, POSCO’s first overseas integrated steel mill, turned profitable after 4 years of operations and exceeded 10 million tons of steel in cumulative sales.  PT. KRAKATAU POSCO sold 1.7 million tons of steel in 2014, its first year of operation, then increased its sales to 2.8 million tons in 2016. The company’s annual sales volume has increased continuously, and its cumulative sales reached 10 million tons as of January 15, 2018. Last year’s tentative performance showed an operating profit of about USD 12 million, enabling the company to turn a profit for the first time. PT. KRAKATAU POSCO, which began operations in December 2013, is the first integrated steel mill in Southeast Asia with a production capacity...

POSCO CEO Ohjoon Kwon Visits CES 2018

POSCO CEO Ohjoon Kwon Visits CES 2018

POSCO CEO Ohjoon Kwon attended CES 2018, the world’s largest home appliance and IT Expo, held in Las Vegas. This was CEO Kwon’s first time attending CES and he was accompanied by Doo-hwan Choi, CEO of POSCO ICT, and Mi-hwa Park, head of POSCO Information Planning Department. Since last February, CEO Kwon has visited Siemens, GE and other businesses in Silicon Valley to explore new technologies and expand POSCO Group’s smartization plan. At CES 2018, CEO Kwon saw first-hand the latest smart technologies and plans to implement them to all of POSCO’s core businesses including steel, construction, IT and energy. He also met officials from leading smart companies such as GE and DPR Construction, and examined possibilities for cooperation over...

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...

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