POSCO E&C Rising Star in Southeast Asia

POSCO E&C: Rising Star in Southeast Asia

POSCO E&C recently won a contract to build the Matarbari coal-fired thermal power plant construction project in Bangladesh. The Matarbari power plant construction project includes the construction of a 1200㎿ (600㎿ x 2ea) coal-fired thermal power plant on Matarbari Island, Chittagong, approximately 280km southeast of Dhaka, the capital of Bangladesh. Site improvement and port construction are also part of the project, expected to last 7 years. POSCO E&C invested a total of USD 4.5 billion in this project which is the largest coal-fired thermal power generation project in Southwest Asia. POSCO E&C is in charge of civil engineering for the power plant worth USD 840 million and the construction of the coal processing facilities and subsidiary facilities. The Bangladeshi government...

Yangon, Myanmar Gets a New Landmark

Yangon, Myanmar Gets a New Landmark

On September 1, POSCO Daewoo will open Yangon Hotel, the best luxury hotel in Myanmar. Yangon Hotel has a five-star rating and is near Inya Lake in Yangon, the economic heart of Myanmar. Its total area is 104,123㎡, which includes a 15-story luxury hotel (343 rooms), and a 29-story residence hotel (315 rooms). Also on the grounds are various facilities including a convention center, restaurants and a swimming pool. POSCO Daewoo supervised the whole process from bidding to development and operations. It also manages overall hotel business operations as the project supervisor, and Lotte Hotel is in charge of hotel management under the name “Lotte Hotel Yangon.” POSCO Daewoo acquired the right to use the land for the hotel site...

POSCO’s Impressive Q217 Results

POSCO’s Impressive Q217 Results

POSCO’s Q217 recorded a consolidated revenue of KRW 14.944 trillion, operating profit of KRW 979.1 billion and a net profit of KRW 530.1 billion. On July 20, POSCO announced these figures during an investor conference call for Q217. POSCO executives explained that performance declined slightly due to the deterioration of earnings in the steel, construction and energy sectors, but its consolidated revenue and operating profit rose by 16.2% and 44.3% YoY, respectively. Another factor that slowed growth was renovations for POSCO’s Pohang Blast Furnace #3 and the hot-rolled and thick plate plants. As a result, crude steel production and sales decreased in the second quarter. Also, due to sales of high-priced inventory, which was produced in the first quarter when...

POSCO Expands Smartization to Clients and Affiliates

POSCO Expands Smartization to Clients and Affiliates

On July 19, POSCO held its Smart POSCO Forum 2017 at the POSCO Center to share the results of its smart projects with employees and partners. POSCO hopes to increase the application of smart technology internally as well as externally with partners and affiliates. As many as 700 people attended the forum including POSCO Group affiliate employees, as well as those of POSCO’s major suppliers, outsourcing partners and AI-related professors. Notably, employees from Nastech and Korinox, where POSCO is carrying out smart factory support projects, participated as well. “POSCO must continue to take up the challenge of implementing a smart POSCO in preparation for the dawning of the 4th Industrial Revolution. We will apply smart technologies to all processes of...

Who was Named the World’s Most Competitive Steelmaker by WSD

Who was Named the World’s Most Competitive Steelmaker by WSD?

On June 26, WSD (World Steel Dynamics), the world’s leading steel industry analysis agency, announced POSCO as the world’s most competitive steelmaker at the 32nd Steel Survival Strategies event held in New York. As many as 650 employees from major steelmakers, consulting companies, and market research organizations were in attendance. POSCO has been recognized as the leading company among the world’s top steelmakers for the past eight consecutive years. To note, POSCO received this year’s honor in the midst of difficult domestic and overseas market conditions due to last year’s global oversupply, tighter import regulations triggered by the spread of protectionism and internal financial restructuring. The Steel Survival Strategies held discussions on current trends and future strategies of the global...

The 2016 POSCO Report Highlights A Year of Sustainable Business

The 2016 POSCO Report Highlights a Year of Sustainable Business

POSCO published the 2016 POSCO Report outlining its sustainability management performance for their stakeholders. This is the company’s 14th sustainability report and consists of integrated coverage of POSCO’s business, sustainability and carbon emissions. The report outlines POSCO’s overall performance and business activities, as well as the CEO’s message. The activities and performance section contains a review of the safety and health of employees, supply chain management, solution marketing, environmental management and climate change. Unlike previous years, this year’s report includes mid-to-long-term strategies such as securing new, sustainable growth engines for the steel business. The report also features interviews with POSCO executives and external stakeholders. Highlights include interviews with the COO Oh In-hwan and the heads of three divisions: Steel Production,...

Ladle charging: moving hot metal to a basic oxygen furnace to make steel

POSCO Gets “Smart” with Pohang Blast Furnace No.3

After months of renovations, POSCO held a blow-in ceremony on June 6 for Pohang Blast Furnace No. 3, the world’s fifth largest blast furnace. Pohang Blast Furnace No. 3 was first fired up in 1978 with an internal volume of 3795㎥ and was renovated three times. It produced a total of 119 million tons of molten steel, laying down the foundation for the development of POSCO and related industries. Renovations for the blast furnace began on February 24 when POSCO added automated monitoring technology to control the internal state of the blast furnace, a measure expected to help forecast and extend its lifespan. This led POSCO to develop an infrastructure that utilizes artificial intelligence and collect big data from early...

POSCO Hosts “2017 Global Volunteer Week” in 52 Countries

POSCO Hosts “2017 Global Volunteer Week” in 52 Countries

POSCO will hold its “2017 POSCO Global Volunteer Week” from May 24-30, where more than 79,000 volunteers from POSCO Group in 52 countries gather together to foster their local communities. Since 2010, POSCO has been hosting this company-wide initiative every year around May 29, the company’s foundation day. Volunteer activities include helping to improve housing conditions for underprivileged neighborhoods, baking, painting murals, and mentoring the local youth. On May 30, POSCO CEO Ohjoon Kwon and over 30 employees will visit Myeongryundang of Sungkyunkwan Munmyo (a Confucian shrine) and help repair and replace the Changhoji (traditional Korean paper made from mulberry bark for doors and windows). Volunteer activities will also take place in the various countries where POSCO Group branches are...

POSCO’s Cryogenic High Manganese Steel Becomes a Global Standard Technology

POSCO’s Cryogenic High Manganese Steel Becomes a Global Standard Technology

POSCO’s cryogenic high manganese steel was recently registered as a standard technology with the American Society for Testing and Materials (ASTM), an organization that tests and researches all materials, including metals and non-metals, and develops and publishes technical standards. So far, more than 30,000 experts from 140 countries have registered more than 12,000 technical standards. The technologies registered with ASTM are used as standards or specifications for engineers not only in the U.S., but globally. Its registration with ASTM means that POSCO’s cryogenic high manganese steel is recognized as a material that can be safely used all around the world. The cryogenic high manganese steel is a high value-added material that POSCO proprietarily developed after more than a decade of...

POSCO Completes Construction of New Steel Forming Laboratory

POSCO Completes Construction of New Steel Forming Laboratory

On May 11, POSCO held an opening ceremony to celebrate the completion of its Steel Forming Laboratory at the POSCO Global R&D Center in Songdo, Korea. More than 80 people joined the event, including the employees of customers like GM Korea, Renault-Samsung Motors and Ssangyong Motor Company, and officials of the construction company. In-hwan Oh, President of POSCO, said, “We implemented a customer-oriented core research infrastructure to help us evaluate products in a production environment similar to that of customers. By doing this, we aim to develop leading technologies and provide preemptive and proactive solutions to customers.” The Steel Forming Laboratory will be used exclusively to evaluate the products ordered by POSCO customers by looking at properties such as formability,...

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