POSCO
| Pohang Iron and Steel Company
|
|
|---|---|
 |
|
| legal form | Corporation |
| ISIN | US6934831099 |
| founding | 1968 |
| Seat |
Pohang , South Korea
|
| management | Oh-Joon Kwon |
| Number of employees | 37,225 |
| sales | 64,759 trillion KRW (46.02 billion euros ) |
| Branch | Steel industry |
| Website | www.posco.com |
| As of December 31, 2014 | |
| Korean spelling | |
|---|---|
| Korean alphabet : | 포스코 |
| Revised Romanization : | Poseuko |
| McCune-Reischauer : | P'osŭk'o |
POSCO (Pohang Iron and Steel Company) is the fourth largest producer of steel in the world with an annual production of 42 million tons (as of 2015) based in Pohang ( South Korea ). The company is listed in KOSPI on the Korea Exchange .
POSCO operates two steel mills at the Pohang and Gwangyang locations in South Korea. In addition, POSCO operates the joint venture USS-POSCO Industries with US Steel from Pittsburgh (Pennsylvania).
In June 2005, POSCO signed with the state government of Orissa ( India ) a memorandum. POSCO pledged to invest 12 billion US dollars to build an integrated steel mill with four blast furnaces. The order for this project was awarded to VOEST-Alpine Industrieanlagenbau in Linz .
Company history
In the 1960s, the South Korean government under then-President Park Chung-hee came to the realization that the country needed steel and integrated steel products from its own resources for economic development in the country. POSCO started production in 1972 with 39 employees.
The company's growth in the decades to come was immense. By the 1980s, POSCO was already the fifth largest steel company in the non-communist world with an annual production of approximately 12 million tons.
As a result of its privatization policy since 1987, the South Korean state has reduced its stake in the company. In 1998 he still held approx. 20% of the company shares; over 50% are held by foreign investors.
At the beginning of 2016, the POSCO Group suffered from price dumping like other steel manufacturers worldwide. The steel producers in China pushed the export price down considerably because of the overcapacity. The South Korean and Japanese steel producers followed suit. The US has already responded with a special tax on imported steel. POSCO has therefore been trying to open up new business areas in the green sector for several years. The company offers light but strong steel sheets (POSCO Body Concept-Electric Vehicle sheet steel) for car production, which should enable weight savings of over 26%. The company is also building a pure lithium factory in Argentina to meet the high demand for lithium-ion batteries . It should have an annual capacity of 2500 tons of lithium batteries. At the beginning of 2017, the company started the world's first lithium recycling plant. Lithium phosphate from old lithium-ion batteries is converted into lithium carbonate, a preliminary product for lithium, using the process patented by POSCO. The new factory in Gwangyang / South Korea has an annual production capacity of 2,500 tons.
Business areas
Like the other conglomerates in the country, the POSCO group is active in various business areas. Unlike the other Jaebeols , however, the majority of the group is not controlled by the founding family alone. The business areas of the group include:
- steel
- Engineering & construction industry
- trade
- Information and communication technology (ICT)
- energy
- Materials science
- Services
See also
Web links
Individual evidence
- ↑ a b c Form 20-F (Annual report)
- ↑ Top steel-producing companies. World Steel Association, accessed April 27, 2017 .
- ↑ US slaps China steel imports with fivefold tax increase. BBC, May 18, 2016, accessed June 11, 2016 .
- ↑ Jhoo Dong-chan: POSCO leads future automobile technology. The Korea Times, May 29, 2016, accessed June 11, 2016 .
- ↑ Jung Min-hee: Urban Lithium Mine POSCO Starts Commercial Lithium Production for First Time in the World. Business Korea, February 8, 2017, accessed February 10, 2017 .
- ^ Moon Ji-woong: Posco begins commercial lithium carbonate production in Korea. Pulse News, February 7, 2017, accessed February 10, 2017 .