On the 25th, will discuss complete localization execution strategies with heads of key subsidiaries in the region, including Indonesia and Vietnam
Comprehensive review of cooperation with local steelmakers, stable material supply for Korean companies operating locally, and global expansion strategies for energy business
Chairman In-hwa Chang will preside over the Southeast Asia regional strategy meeting in Singapore on the 25th to review the complete localization execution strategies for the steel business.
This meeting was convened to strengthen regional business competitiveness and accelerate overseas growth strategies by establishing a complete localization operational system for overseas steel subsidiaries, amid growing uncertainties in the external business environment such as intensified global protectionism and slowing demand.
Chairman Chang, together with heads of key subsidiaries in the region, will review this year’s business plans and safety management policies, and focus discussions on the direction and execution tasks for advancing the supply chain of overseas subsidiaries.
In particular, the meeting will concretize execution plans for overseas growth strategies encompassing both steel and energy businesses, including:
• Expanding cooperation with local steelmakers in the region
• Establishing a stable material supply system for Korean companies operating locally
• Creating synergies between subsidiaries
• Expanding regional logistics hubs and improving operational efficiency
• Reviewing key issues of the Singapore LNG trading subsidiary established last year
Southeast Asia is a strategic market with high growth potential in downstream industries such as automobiles, home appliances, and construction. POSCO Group plans to systematically promote tailored growth strategies for each region by building a complete localization supply chain system based on its global business network.
POSCO Group has established production, processing, and distribution systems in the Southeast Asia region centered on key local subsidiaries, including PT. Krakatau POSCO in Indonesia, POSCO Yamato Vina, POSCO-Vietnam, POSCO-VST in Vietnam, POSCO-TCS and POSCO-Thainox in Thailand, and POSCO-Malaysia in Malaysia. Based on this, the Group is pursuing customer-focused sales strategies and expanding high value-added products, while continuously strengthening integrated regional competitiveness from raw material procurement to steel production and sales.
Meanwhile, Chairman Chang emphasized at the first group management meeting of the year in January, “We must materialize the fruits of future growth investments based on execution capabilities in times of crisis.” The Southeast Asia regional strategy meeting is part of efforts to further enhance the execution of overseas growth strategies in line with this management policy.