The Korean major POSCO Corporation was found in 1968 in Pohang, South Korea.
Image: company website
POSCO was renamed after Pohang Iron and Steel Company, which was a famous multinational steel maker. Back then in 1986, the CEO of POSCO founded the Pohang University of Science & Technology (POSTECH University) as first science and technology research oriented university in Korea.
He had a mission to educate young Koreans who can contribute to national prosperity through the advancement in science and technology, as he believed that “One can import coal and machines, but one cannot import talent”.
The largest single steel mill in the world, Pohang Works is owned by POSCO which produces hot rolled, cold rolled and stainless steel products. There are nearly 18000 employees at the end of the year 2015 working at POSCO.
With the recession of the global economy that continued in 2015, POSCO’s sales based on separate financial statement decreased by 4.3 percent at KRW 29,219 billion while operating profit increased by more than 6 percent at KRW 2,350 billion. The company’s Net profit margin reached 8 percent on a standalone basis. Though the structural recovery of the steel economy may not be in the near future, we continue our efforts to improve our financial structure by enhancing our fundamental competitiveness through expanding the sales of high value products and selling non-core assets. A global provider of steel information held the 29th Steel Success Strategies conference in 2015 where POSCO was named the most competitive among the 36 steelmakers in the world for five consecutive years based on its quality and production standards.