In April 2019, just a day before Arbor Day, a severe wildfire broke out in different parts of Gangwon Province, Korea. Among the affected areas, Okgye was hit the hardest. The fire destroyed several thousand hectares of the woods. While it took an instant for the fire to spark from a power line, it will take 100 years for the charred forest to return to its original state.

To help in handling this tragic situation, POSCO stepped in and carried out a forest restoration project. POSCO established a fund named ‘Emerald,’ — after the green jewel — with U.S. coal supplier, Xcoal. Under the agreement, POSCO and Xcoal each contributed 50,000 USD, totaling to 100,000 USD. On April 18, the fund was sent to Tree Planet, a social enterprise, to help plant 10,000 trees on 3.3ha of land in Okgye.

For POSCO, this isn’t the first case of fund establishment with suppliers.

In November 2019, POSCO established a fund named ‘Opal,’ with Australian coal supplier Yancoal. The fund was used as a scholarship in mining industry training for Indigenous Australians. The series of funds — all named after jewels — are so-called, ‘GEM’ Funds. In addition to its dictionary meaning of ‘jewel,’ GEM stands for ‘Go the Extra Mile.’ POSCO operates the GEM Fund in the form of a 1:1 matching fund with material suppliers. The company plans to continue establishing these social fund agreements.

Earth Day celebrated its 50th anniversary this year. Following a massive oil spill that polluted the coast of California in 1969, U.S. Senator Gaylord Nelson announced the idea for an environmental teach-in on college campuses. The day was chosen for April 22, 1970, which eventually became the first Earth Day.

The unusual clear skies that we encounter these days might not be something we should take for granted. The reason POSCO strives to make our planet an ‘emerald’ green lies here. POSCO Newsroom is set to keep you posted with updates along this journey.

In celebration of POSCO’s 50th anniversary, the POSCO Art Museum presents a special exhibition of art works by Peter Klasen and Hoon Moreau. The <Peter Klasen ∞ Hoon Moreau : Human ∞ Nature> exhibition introduces Klasen to the Korean audience for the first time and provides an opportunity for Moreau to showcase her works in her mother country.

30 Notable Artworks from Peter Klasen’s 60-Year Career

As a leading personage of the Nouvelle Figuration, Peter Klasen created his very own ‘Peter Klasen-style’, employing parody, homage and pastiche, to reveal the duality of the modern industrial age controlled by capitalism. Since the 1990s, Klasen has constantly expanded his artistic repertoire to include sculpture, installation, and drawing using photographs, objets, neon and various other mixed materials. Klasen’s works have been exhibited across the world over the past 60 years and many are currently in personal and public collections, including major art museums in China, Cuba, Mexico, Seoul, Tokyo, Geneva, New York, London and Paris.

In this special exhibition at POSCO Art Museum, 30 select works of Klasen, including <Ferrari 328 GTS / PK>, a 1986 Ferrari 328 GTS-turned-art car, will highlight his 60-year art career.

Art Furnitures of Hoon Moreau, a Rising Star in the European Art Scene

Since her beginnings as an interior architect and designer, Hoon Moreau has been drawing inspiration from the beauty of the elements that touch her. Especially the magnificence of nature has led her to create ‘Art Furniture’ that closely combines the functionalities of sculpture and furniture. Moreau seeks to merge art into the daily lives of the viewers through her work. Using mainly wood to make furniture, which she fully embraces the material, leaving even the wounds on the wood to become part of her work.

| Peter Klasen X Hoon Moreau: <Galaxy PK/HM>

Created by seemingly contrasting artists, the piece represents POSCO’s influence and efforts over the past 50 years. Standing at its new beginning to become a centennial brand, POSCO hopes to spread its significance throughout the universe just like the debris in the artwork. Reflecting POSCO’s corporate philosophy of respect and consideration for humans and nature, the piece as well as overall exhibit also provide unique opportunity to explore the implication of ‘Life in Art and Art in Life’. The special exhibit at POSCO Art Museum opened on October 18 and runs through November 20.

POSCO Europe invited global partners including European equipment suppliers and steelmakers in celebration of the 50th anniversary of POSCO on May 8th at Hyatt Dusseldorf in Germany.

The guests were invited from global partners of POSCO cooperating to manufacturing high quality steel and the current and former executives of ThyssenKrupp who greatly helped to improve its steelmaking technology in its early years, also shined the event.

Hyeon-soo Choi, Head of Europe office, expressed gratitude to global partners for their support over the past 50 years. He also encouraged the cooperation for the coming 50 years.

In the event, POSCO introduced the 50th year anniversary celebration video and innovative technology developed by POSCO and then discussed about the future vision of POSCO as well as the future direction of the steel industry.

One of the guests, Dr. Peter Ruther, a blast furnace expert who carried out several projects with POSCO when he was in Thyssenkrupp explained that it was an honor to work with POSCO growing into the world’s best steelmaker over the past 50 years.

Burkhard Dahmen, chairman of SMS Group, who has been supplying equipment for all steelmaking processes, delivered a congratulatory gift and an appreciation letter celebrating POSCO’s excellent management competency, top-notch production capabilities, and the outstanding mindset of employees. He hoped for future cooperative relationships for new projects.

POSCO Europe is planning to deliver souvenirs to European partners to express gratitude for a wonderful partnership with POSCO.

POSCO will make your life better and easier

Future of steel is still bright

The main theme of the new Steel Gallery is ‘Harmony’ which represents that steel will be together with humanity for the next generation. The gallery is mainly composed with future advanced technology that gives incredible experiences of high class technology in POSCO’s world premium products.

One of the technologies we can proudly recommend to feel in our gallery is electric vehicle section. POSCO recognized that future vehicle trend will be dramatically changed with renewable energy such as electrically fueled vehicles. In the Gallery, POSCO introduced its own technology that plays a crucial part for future generation of vehicles such as lightweight frame and various solutions.

VR technology allows giving vivid experience about steel

Steel will be still with us

Another theme of the gallery is close to human life. One specific feature that the gallery makes so impressive is smart system, an interactive wall that helps better understanding of steel to the people who are not familiar with steel. Animated images of steel processing and VR Virtual Reality) are the good examples of smart POSCO. These advanced elements describes important role of steel for our future life.

Collaboration of visual art and steel expressing the steel in our life

‘Kinetic Steel’, Harmony with kinetic art

Finally, Steel Gallery shows fabulous collaborations of art work and steel in terms of kinetic art (also may refer to kinetic steel). For instance, shattered pieces of steel gathered and shape several objects that we can easily see in our life, such as vehicles, buildings and so on. POSCO expects that this incredible artistic feature may bring positive inspiration about steel.

Convenient access to POSCO’s premium products at Steel Gallery on the 2nd floor

As it mentioned above, the ultimate purpose of the Steel Gallery is to get closer to all generations by showing diverse technologies and visual impacts so that general population understand that steel is one of the fundamental elements of our current and even for the future life. POSCO will continue to make efforts for ‘better life for humanity’. The clips below represents that we also hope our achievements bring positive inspiration in global scale.

‘Future Vision Declaration Ceremony’was held on April 1, the 50th anniversary of POSCO, POSCO CEO Ohjoon Kwon shared his philosophies of the centennial enterprises and the new mission and vision

On April 1st, the 50th anniversary of POSCO, named ‘Future Vision Ceremony’ was successfully held. The main topic of the anniversary was not only celebrating 50th years POSCO’s efforts both industrial and social fields but also suggestion of future directions of POSCO, ‘Missions and Visions’ 

‘Unlimit the limt: Steel and Beyond’

POSCO is dreaming of KRW 500 trillion in consolidated sales in 2068, the 100th anniversary of the company.

On the occasion of its 50th anniversary, POSCO held the ceremony to declare its future vision, and announced the mission and vision as a global centennial enterprise at the POSTECH gymnasium at the 50th anniversary of POSCO on April 1, and announced its mission and vision of being one of the true global centennial enterprises.

The new mission of the global centennial enterprise POSCO, which POSCO CEO Ohjoon Kwon detailed in the form of his TED Talk, is ‘Unlimit the Limit: Steel and Beyond.’ This mission, which was finalized after a few months of intensive debate among executives, means that POSCO will capitalize on its past 50-year history of challenges to become a power in the future not only in steel, but also in non-steel areas.

To this end, POSCO is seeking to change its current revenue streams, in which about 80% of the group’s profits come from steel and steel-related areas, in which profits will come evenly from the top three core business groups, i.e. steel, infrastructure and new growth engines, at a ratio of 4:4:2. POSCO aims to see its consolidated sales reach KRW 500 trillion and its operating profits reach KRW 70 trillion in 2068, its 100th anniversary.

In addition to its primary business, i.e. steel, POSCO will concentrate on such infrastructure areas as trading, construction, energy and ICT were included, and such new-growth areas as energy storage materials and light-weight materials.

The vision, which was declared along with the mission, is ‘POSCO the Great.’ ‘POSCO the Great’ was the slogan that CEO Kwon used when he was first inaugurated as CEO in 2014 to revive POSCO which faced a crisis at the time. Now the slogan has become more systematic: Great Business, Great Technology and Great Culture. It means pushing the business structure, technology and organizational culture to the highest level.

As POSCO has contributed to the country and society through steel and educational patriotism, at a time when the company is celebrating its 50th anniversary and starting its march forward toward a centennial enterprise, it decided to conduct business that will repay the country in addition to declaring its mission and vision.

POSCO supports Youth

In return for the country’s unsparing support and the citizens’ enthusiastic support which made POSCO what it is today, POSCO opted to construct the ‘Youth Creativity Center’ (tentative), which features various contents, including the Science and Experience Center in Seoul Forest, located in the center of the capital city of Korea, and donate it to the nation.

The ‘Youth Creativity Center’ will become a learning center where youths, who will lead the country into the future, can easily understand the principles of technology and science through experience, and translate their creative ideas into reality.

Also, the center will have various concert halls and exhibition halls so that anyone can easily enjoy culture and art in everyday life.

If the international design competition for world-renowned architects is held this year, it will reveal its splendor as being the best science and culture complex in Korea.

The POSCO Center in Seoul, which was erected more than 20 years ago, now features a new product exhibition hall that will familiarize citizens with steel, and show customers the future vision of steel, and added a 30-seat PR video center. The product exhibition hall displays various industries demanding steel in the future, and state-of-the-art steel products, and allows visitors to experience the various uses of steel used in our everyday lives using the cartoon and touch technique in a fun way. At the PR video center, visitors can watch POSCO PR videos, and view a steel mill in 3D imagery.

Close to people 

On its 50th anniversary, POSCO, which has contributed to the growth of the country with steel, will air a TV ad, which reflects its will to transcend beyond steel, ‘50-Year Challenge and 100-Years New Dream’ until June 10, and the POSCO Art Museum in the first lower level of the POSCO Center will host the ‘Homage to POSCO’ exhibition until May 8. The artworks embodying the growth and rebirth of POSCO will be on display. Also, the POSCO Museum in Pohang will host the ‘Half-Century Video Records of POSCO,’ which introduces various images and historical materials which recorded its 50-year history of growth, until June 30.

In addition, until the end of May, POSCO will prepare an opportunity for the CEO and employees to communicate and harmonize with one another in Seoul, Pohang and Gwangyang with the aim of strengthening the solidarity among employees marching toward a centennial enterprise.

POSCO always stands with country 

POSCO’s 50-year history is in true sync with the history of the growth of the Korean economy. POSCO has never stopped growing for half a century since its foundation, and continued to turn profits without ever running into the red and still contributes to the economic development of the country.

POSCO was established in 1968, and molten metal was first produced in 1973. Its sales amounted to KRW 41.6 billion in that year, and increased 686 times last year to KRW 28,553.8 billion. Korea’s per capita GDP was merely US$ 198 in 1968, but it increased about 140 times in 2016 to US$ 27,539.

As POSCO grew and its steel production increased, domestic industries such as automobiles and shipbuilding continuously grew as well. In 1973, when POSCO started to produce molten metal for the first time, POSCO’s steel production amounted to 449,000 tons, but in 2017, it rose to 37.2 million tons. Likewise, Korea’s shipbuilding tonnage increased from 12,000 tons in 1973 to 23.5 million tons, and automobile production rose from 25,000 cars to 4.11 million cars.

POSCO has also grown remarkably in terms of technology. The FINEX technology, which replaces the modern blast furnace with more than 100 years of history, is an environmentally-friendly and economical innovative technology. POSCO independently developed and commercialized this. Also, in 2013, the company completed the construction of Southeast Asia’s first integrated steel mill in Indonesia. Just 40 years after POSCO owned the first integrated steel mill with the help of Japanese steelmakers in 1970, it grew so big as to build an integrated steel mill in a foreign country on its own, and transformed itself from a technological follower to a technological leader.

Also, POSCO sold 9 million-odd tons of automotive steel last year, which accounts for about 25% of its total sales, the largest proportion among major global automotive steelmakers and sellers. One out of every 10 cars sold in the world is made of POSCO’s automotive steel.

Smarter POSCO 

Recently, the company built its own smart factory platform called PosFrame, leading the smartization of the global steel industry.

In recognition of its excellent business performance, competitiveness and sustainability management, POSCO has been selected by WSD as one of the ‘world’s most competitive steelmakers’ for the past 8 consecutive years since 2010, and in the global sustainability management evaluation, it has been selected as an excellent company in sustainability and as the best company in the steel industry for the past 13 consecutive years, dating back to 2005. It has remained in this honorable position for the longest time in Korea.

BOD Chairman Joo-hyeon Kim has been an outside director of POSCO since 2015. He previously served as president of the Hyundai Research Institute and chairman of the Economic Subcommittee of the Presidential Committee for Unification Preparation.  He is currently the CEO of Financial News. He Seong-jin Kim, is an expert in industrial policies. He was the Deputy Director-General of Industry in the Prime Minister’s Office, a presidential secretary for policy management, a presidential secretary for industrial policies, the administrator of the Small and Medium Business Administration, the Minister of Maritime Affairs and Fisheries, and president of Hankyong National University.  

CEO & President In-hwa Jang served as the head of multiple organizations, including the New Business Management Office of POSCO, the Steel Solution Marketing Office. and the Technology Investment Headquarters. He was also appointed as head of the Steel Production Headquarters last year, and oversaw steel production sites.

Joong-seon Jeon, served as head of the Raw Materials Purchasing Office of POSCO, head of the Management Strategy Office, and CEO of POSCO C&C. He was promoted to vice-president last month after being appointed as head of Corporate Strategy & Finance Center The shareholders approved the financial statements, reorganized expert committees and revised part of the Articles of Incorporation, including the increase of the number of outside directors.

POSCO CEO Ohjoon Kwon remarked at the general shareholders’ meeting, “POSCO celebrates its 50th anniversary this year. To make a new leap forward in 2018, we will further consolidate our world-leading position in the steel industry, reshuffle our business strategy by with a focusing on high-yield core businesses, converge create convergence businesses with group affiliates, and continuously seeking new business opportunities for our future growth.”

In addition, POSCO is planning to operate the CEO candidates nurturing program more substantially. This program establishes plans for individuals who were selected through an objective verification process from general managers and higher-ranking officials at POSCO and its affiliates, and nurtures them in a customized way. 100 people have benefitted from this program each year since March 2016. Program participants work for companies that POSCO invested in and for its overseas subsidiaries, while participating in leading domestic and overseas universities’ business management courses to foster their entrepreneurial competency and global mindset.

Meanwhile, to repay the country and citizens for their continued support for POSCO since 1968, the business announced that they are planning to construct the Science and Technology Experience Center and the Cultural Complex as part of their activities to celebrate POSCO’s 50th anniversary.

Cover photo courtesy of News World.

Since 2014, POSCO successfully completed 150 cases of restructuring.

Back in the 2000s, POSCO suffered its worst financial crisis due to failed investments in growing businesses. Its consolidated operating profit, which exceeded KRW 7 trillion at one time, recently fell to about KRW 2.5 trillion. POSCO’s cash on hand, which peaked at more than KRW 8 trillion, declined to nearly KRW 5 trillion, and credit ratings worsened as well.

That’s when CEO Kwon implemented the Innovation POSCO (IP) 1.0 and 2.0 projects successively to innovate the company’s financial structure and began broad-based restructuring. CEO Kwon recalls, “POSCO sold its non-core steel business, and merged similar businesses to increase efficiency and eliminate waste. We also liquidated low-yielding substandard businesses to prevent the aggravation of insolvency.”

As a result, the number of POSCO’s domestic affiliates decreased from 71 to 38, and the number of its overseas affiliates declined from 181 to 124. The company also recovered KRW 7 trillion over the 4-year period, and prevented annual losses of about KRW 400 billion.

Moreover, POSCO’s consolidated cash on hand increased to KRW 8.55 trillion at the end of the third quarter, repaid its debts by more than KRW 5 trillion and POSCO’s consolidated debt ratio dwindled to 67.6 percent, the lowest since 2010. Moody’s, an international credit rating agency, recently upgraded the forecast for POSCO’s issuer rating, Baa2, from negative to stable, and then to positive, and predicted that POSCO’s financial health will continue to improve in the next 1-2 years.

POSCO’s Future growth strategy is two-track: smartization and development of new growth engines.

CEO Kwon expressed his vision for the company In 2018 and beyond. He said, “POSCO plans to implement smartization with efforts such as combining ICT with its core businesses, ranging from steel and energy to construction and chemicals to develop newly converged businesses to lead the 4th Industrial Revolution.”

CEO Kwon delivering his new year’s message at the POSCO Family Kick-off Meeting 2018.

SEE ALSO: Building on a Year of Success: POSCO’s Top 9 News of 2017

The company will also accelerate the development of smart factories utilizing big data and artificial intelligence, and further enhance core processes for environmentally-friendly, highly-efficient and future-oriented steel mills.

In addition, CEO Kwon mentioned that POSCO will carry out new growth businesses this year in the energy and materials sectors. In the energy sector, POSCO will work to stabilize its power generation business, and expand its LNG midstream business by developing the Gwangyang LNG Terminal into the energy hub of Northeast Asia. POSCO is also planning to increase investments in renewable energy and seek business opportunities in line with government policies to reduce greenhouse gas emissions.

The company will also work to secure stable supplies of saline water and ores containing lithium in South America and Australia for its lithium business. It also plans to build accompanying infrastructure for mass production.

POSCO will also develop its own manufacturing processes for high-capacity cathode and anode materials used in secondary cells, and work to increase the sales of electric vehicles at home and abroad.

POSCO CEO Kwon Ohjoon greets employees after the kick-off meeting.

To close the event, CEO Kwon remarked, “For the next 50 years, let’s make greater efforts toward our goals with a clear and long-term perspective.”