With 2016 already half over, POSCO has enjoyed another strong and dynamic quarter. Here’s a look at six of the biggest stories from April to June, which show how the steel giant is continuing to make major accomplishments all over the world.
In World Steel Dynamics (WSD) latest World-Class Steelmaker Rankings of 37 steelmakers around the world, POSCO once again topped the list. In the ranking, POSCO was recognized for reorganizing its corporate structure, making use of innovative technologies like FINEX and CEM, and increasing sales of high-end products like World Premium (WP) products. POSCO has led the WSD rankings for seven years in a row.
With the completion of two automotive steel sheet processing centers in Chongqing and Chengdu—the hub of China’s auto industry—POSCO is aiming at expanding sales of its high value steel products. The plant in Chongqing alone has an annual production capacity of 140,000 tons and can produce World Premium (WP) steel products. POSCO now operates 21 processing centers in 13 cities around China.
During POSCO Global Volunteer Week 2016 in the week of May 28 to June 3, 84,000 POSCO employees in 52 countries carried out a wide range of activities to help out their local communities. CEO Ohjoon Kwon participated, too, joining 40 employees to improve facilities at a rehabilitation center near the POSCO Center in Seoul. POSCO, through its seventh annual Global Volunteer Week, sought to actively spread its corporate culture of sharing and communicating with local communities worldwide.
This year’s Van Fleet Award went to POSCO CEO Ohjoon Kwon in recognition of his efforts in promoting Korea-U.S. relations. The Van Fleet Award has been given by the Korea Society annually since 1995 to honor those that have contributed to improving the relationship between U.S. and Korea. Past recipients include UN Secretary-General Kimoon Ban, former U.S. President George H.W. Bush and former Korean President Daejung Kim. “If the U.S. had not come to the aid of the Korean people, or if we in the South had lost the war, I would not be standing here,” said CEO Kwon in his acceptance speech.
POSCO has developed a high-resolution inkjet-printed steel that integrates inkjet printing and steel, using the company’s own technology. The new inkjet-printed steel can be printed in full color with a resolution of more than 1,200 dots per inch—four times higher than existing materials. This new inkjet-printed steel also has high corrosion resistance, a shortened work process, and can be produced in more vivid colors.
This is the ninth consecutive year that POSCO has participated in the Offshore Technology Conference, the biggest international conference for offshore operation technology. For this year’s Offshore Technology Conference, POSCO set up an exhibition booth with domestic offshore equipment manufacturers, maximizing the company’s promotional effectiveness.
POSCO announced in April that its first-quarter operating profit and net income have both increased from the previous quarter. Operating profit rose KRW 319.3 billion to reach KRW 659.8 billion while net income was KRW 352.5 billion, rising from KRW 243 billion. However, POSCO’s total revenue was down slightly on a consolidated basis, declining to KRW 12.46 trillion. POSCO credited the improved results to better performance from the steel and trading divisions.
These are exciting days for POSCO. With new technology, new processing centers, and new awards, POSCO is continuing to make its mark in the international steel industry. Expect the big news and major achievements to continue in the second half of 2016.