21 Facts About POSCO

POSCO is a South Korean steel-making company headquartered in Pohang, South Korea.

POSCO currently operates two integrated steel mills in South Korea, in Pohang and Gwangyang.

POSCO previously operated a joint venture with U S Steel, USS-POSCO Industries, in Pittsburg, California, United States, but U S Steel acquired full ownership of the facility in February 2020.

Since South Korea had not possessed a modern steel plant prior to 1968, many foreign and domestic businesses were skeptical of Republic of Korea Government's decision to invest so heavily in developing its own industry, Despite the skepticism, under the lead of Park Tae-joon, then Korea Tungsten Company president, POSCO was established as a joint venture between the Government of the RoK and the Korea Tungsten Company .

POSCO first began to sell plate products in 1972 and focused its sales policies on the domestic market to improve steel self-sufficiency at home.

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Globally, POSCO was already the most efficient steel producer in certain products.

POSCO continued to expand productivity and size at a time when the steel industries of the United States and Japan were declining.

POSCO completed its second-phase mill at Gwangyang in August 1988.

In terms of productivity, POSCO was the world's best steel manufacturer throughout the late 1980s and was at the top in terms of facilities.

POSCO's management emphasized greater flexibility, autonomy, and consensual decision-making processes.

In July 1994, POSCO created two subsidiary companies, POSTEEL and POSTRADE.

However, the administration led by Kim Young Sam changed the initial policy direction of privatization of POSCO and decided not to sell government-owned stock to keep it as a government investment enterprise.

Thanks to robust demand at home and in China, POSCO recorded the largest profits in the global steel industry in 2004.

South Korean wages were too high to support a whole range of activities and POSCO looked elsewhere for new projects while keeping the areas where they have a comparative advantage in South Korea.

In June 2022, POSCO is temporarily cutting production lines in Pohang plants as thousands of truckers go on a strike for higher pay, causing disrupted cargo transport in the country.

In June 2005, POSCO signed a memorandum of understanding with the State of Odisha in India.

In July 2013, POSCO completed land acquisition despite the order given by NGT.

In December 2013, POSCO began construction of a boundary wall around its plant site.

On 13 January 2022, the Adani Group announced that it had signed an MoU with POSCO to explore the setting up of an Integrated Steel Mill in Mundra, Gujarat, with an estimated total investment of USD 5 billion.

POSCO have pursued investment opportunities in other developing countries such as Vietnam and Mexico.

In February 2013 POSCO signed a Memorandum of Understanding with Afferro Mining, Inc, with a view to developing iron ore resources is Cameroon.