POSCO Hosts the 2020 POSCO Forum

POSCO (CEO Jeong-Woo Choi) held the 2020 POSCO Forum to explore the fast-changing business environment and discuss the prospects of the group’s future business strategies.

POSCO hosted a two-day forum at the POSCO Center, Seoul, from September 2, under the theme of “The Era of Great Revolution, Asking the Way for a 100-year Company” with experts and group companies executives attending.

This year’s forum, held for the second time following last year, was attended by only a limited number of presidents of POSCO group companies and experts in person, complying with the government’s COVID-19 policy. Other executives joined online asking questions in real-time and participating in surveys through a mobile system that was built to enable communication with the speakers on site.

POSCO CEO Jeong-Woo Choi said, “With rapid changes in society and economy posed by the COVID-19 issue, it is important for POSCO to grasp these changes and newly emerging values, and seek ways to advance constantly. This will enable POSCO to overcome the current crisis and continue to grow into a credible company that lasts for 100 years.” He added, “I hope this forum could be an opportunity to look back on the nature of our business, responding promptly to the needs of stakeholders and changes in perspectives. Through the forum, I expect that we can explore ways to better practice POSCO’s management philosophy, Corporate Citizenship, in line with the new roles and responsibilities of corporates demanded by our society.”

On the first day of the event, lectures and panel discussions were held on the changes in society caused by the COVID-19 pandemic and the direction corporate survival strategies should head. Former World Bank President Jim Yong Kim, currently residing in New York, delivered a keynote lecture via video call. Kim diagnosed the current situation triggered by the COVID-19 issue, where economic and social shocks continue, and reviewed how companies should cope with and innovate according to the changes in the post-COVID19 era, such as the spread of the Untact economy.

Following this, a panel discussion on “World Order After the Pandemic” and a lecture titled “The Leadership Paradigm and the Role of Leaders in the COVID-19 Era” continued. In a subsequent panel discussion named “South Korea in 2030,” young leaders discussed the future and prospects of AI, the leadership of organizations and individuals in the Digital Transformation era, and the response to the changes in industry trends, forecasting the future of Korea in 2030.

On the second day, panel discussions were carried out regarding the future and strategies of POSCO Group’s core business. One session titled “New Opportunities for Steel” explored ways to develop low-carbon blast furnace technology for the future and create new areas of steel demand as the need for sustainable steelmaking technology rises. Another session named “The Growth and Advancement of the Eco-friendly Automotive Market” dealt with the current status and changes of the value chain in the eco-friendly automotive sector, and also forecasted the future of secondary battery materials. In the “Changes in the Food Business Market and its Opportunities” discussion, the trend of the global grain industry and the impact of the COVID-19 pandemic on it were explored, along with a review of its growth strategies based on cases of overseas farm-type food development.

Finally, former Korea University President Jae-Ho Yeom presented a lecture on the “Role of Corporates for a Sustainable Society.” In the lecture, Yeom discussed the change of the management paradigm and a new type of leadership that can enhance the sustainability of society as well as corporates. In the following panel discussion, POSCO’s implementation of Corporate Citizenship for the past three years was evaluated along with opinions from experts. This year marks the third anniversary of the declaration of Corporate Citizenship, POSCO’s management philosophy.

Meanwhile, POSCO plans to reflect the discussions at the forum on future business plans and in setting the direction of mid-term business strategies.