|Jul 24, 2017|
|Jul 24, 2017|
Currency in KRW
|Full time employees:||31,768|
POSCO is engaged in the production of steel products. It operates through the following divisions: Steel, Engineering and Construction and Trading . The Steel division produces cold rolled, hot rolled and stain less steel products, plates, wire rods and silicon steel sheets. The Engineering and Construction division includes planning, designing and construction of industrial plants, civil engineering projects, commercial and residential buildings. The Trading division exports and imports steel products and raw materials. It was founded on April 1, 1968 and is headquartered in Pohang, South Korea.
Posco, South Korea's largest steelmaker, produced 41.48 million tons of crude steel in 2014. That made it No. 5 in the world.
Domestic production is concentrated at two integrated mills with blast furnaces, located in the cities of Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province.
The company also set up Southeast Asia's first blast furnace in the western part of Java, Indonesia, in a joint venture with Indonesian state-run enterprise Krakatau Steel.
The Pohang steelworks, South Korea's first plant with a blast furnace, came onstream in 1973. It was primarily funded with grants and soft loans provided by Japan in lieu of war reparations, based on the countries' 1965 treaty on basic relations.
Since the plant opened, Posco has underpinned South Korea's industrialization efforts. In 2000, the company was fully privatized after government-affiliated Korea Development Bank sold its entire stake.
For years, Posco was the dominant supplier of high-end steel plate to domestic customers. Today, the company is locked in a rivalry with Hyundai Steel, which belongs to the Hyundai Motor group and runs three domestic blast furnaces.
The competition centers on steel plate for automobiles and planks for ships.
In response to a surge in Chinese steel production, Posco has sought other revenue sources in recent years, such as trading and energy. Acquisitions, however, swelled the company's debt. Chairman Kwon Oh-joon, who took office in March 2014, said the company would reconsider its diversification strategy and refocus on steelmaking.
Posco is looking to land more orders from not only South Korean companies but also Japanese, European and other global automakers. It aims to leverage its Chinese and Mexican plants for hot-dip galvanized steel plate, used in cars.
The company supplies magnesium sheet, a new type of material, to German automaker Porsche.
In the news
July 21, 2017 8:44 pm JST
July 21, 2017 8:38 pm JST
Sales, profit beat market expectations; yearlong sales forecast raised
July 21, 2017 12:22 pm JST
South Korean steelmaker lifts full-year sales outlook
July 21, 2017 3:27 am JST
July 20, 2017 8:19 pm JST
July 20, 2017 8:10 pm JST
Industrialist plans to invest 'more than A$1bn' in aging Whyalla plant
July 18, 2017 1:43 pm JST
- Local currency
- US Dollar
|Income before tax||1,521.53B|
|Dividends per share||8,000|
|Operating cash flow||5,201.32B|
Currency in KRW
|Income before tax||1,311.44M|
|Dividends per share||6.89|
|Operating cash flow||4,483.16M|
Currency in USD
- Chairman & Chief Executive Officer: Oh-Joon Kwon
- President & Representative Director: Jin-Il Kim
- Chief Operating Officer & Director: In-Hwan Oh
- Director & Senior Executive Vice President: Young-Hoon Lee
- Senior Executive Vice President: Tong-Il An
- National Pension Service of Korea(11.1%)
- Nippon Steel & Sumitomo Metal Corp.(3.3%)
- KB Financial Group, Inc.(2.3%)
- Saudi Arabian Monetary Agency (Investment Management)(2.3%)
- BlackRock Fund Advisors(1.7%)
- POSCO Employee Stock Ownership Association(1.7%)
- The Vanguard Group, Inc.(1.5%)
- SK Telecom Co., Ltd.(1.4%)
- Woori Bank(1.0%)
- Website: http://www.posco.com
- Address: POSCO Center, 892 Daechi 4-dong, Seoul, 06194, South Korea
- Phone: +82.2.3457.0114
Copyright © 2017 FactSet Research Systems Inc. All rights reserved.