Fortune announces the top 500 global brands every year by selecting them based on performance in areas such as sales and operating profit from the previous year. POSCO ranked 161^st, 146^th, 167^th, 177^th, 162^nd each year since 2011, and 173^rd this year.

This is the result of the company furthering their technological developments and creating profits through cost reduction and innovation projects, all despite the global steel crisis that has continued for years.

Among the global steelmakers, ArcelorMittal ranked 123^rd, NSSMC 238^th, and Baoshan steel 275^th.

Meanwhile, U.S. company Walmart has been ranked number one for three consecutive years, with Exxon Mobil, Volkswagen, Toyota and Apple also being included in the top 10 list. Along with POSCO, a total of 15 Korean companies including Samsung Electronics and Hyundai Motors were included in the 500 companies listed. The number of Chinese companies in the list has been steadily increasing from 95 in 2013 to 110 this year.

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However, POSCO was somewhat different. The Korean steel giant demonstrated a true strength in this doomed age, through achieving a higher operating profit than ArcelorMittal, Baoshan Steel and Nippon Steel Corporation by 2 to 6 percent in the first three quarters of 2012. It was possible because POSCO had secured a lucrative profitability by focusing on developing distinctive product lines and cost reduction. In fact, POSCO’s high added value products, such as ‘World First’ and ‘World Best’ lines, have shown increases in sales from the 2Q 2012. The exports of steel sheets for automobiles and the sales of thick plates for energy-use have also surged higher than the previous year.

POSCO’s financial position also reflects its fine fitness. In the 3Q 2012, its debt ratio narrowed down to 35.9 percent, 4.3 percent lower figure year-on-year, and a ratio of net worth was increased by 2.3 percent. POSCO’s credit rating excels other steel makers on the basis of such figures. POSCO is rated the highest, amongst its steelmaker competitors, by Fitch IBCA, Moody’s and the Standard & Poor’s, the world’s three major credit rating agencies. It indicates, amidst the global economic downturn, POSCO has achieved stable profits and a sound financial structure as well as presenting an optimistic growth potential.

In June 2012, the World Steel Dynamics (WSD), a leading steel information institute, has awarded POSCO as ‘World’s Most Competitive Steelmaker’ for 3 consecutive years. The World Economic Forum in Davos ranked POSCO at 30th in ‘the Global 100 Most Sustainable Corporations’ in January 2012. These facts and figures reflect POSCO’s globally recognized superior innovation in technologies, production scale, profitability and price power. Once again, POSCO proved itself to be the No. 1 steelmaker of the world.

For POSCO, 2013 looks even brighter. According to the Korea Iron and Steel Association (KISA) and POSCO Research Institute (POSRI), Korean steel industry is anticipated to enjoy a much optimistic year. From the second half of 2013, an expansion in the investments for China’s infrastructure with the nation’s new government and a recovery of the U.S.’s economy is forecasted to take place. They are highly positive factors for POSCO’s another triumphant business year. Kyung-joong Kim, a steel industry analyst of Eugene Investment and Securities, commented “POSCO is increasing its emphasis on providing highly profitable and fine quality products such as steel sheets for car manufactures and energy business from the current 34 percent.” “It seems the firm will be benefiting from a higher profitability than its competitors in 2013,” he added.

During an annual meeting of the World Steel Association (worldsteel) in New Delhi, India, Mr. Chung was appointed as one of the two vice chairmen. He is expected to become worldsteel chairman in October 2013 as precedents complied by worldsteel, and will serve his term from 2013 until 2014.

[box] What is worldsteel?

worldsteel is the international trade body for the iron and steel industry. The association represents approximately 170 steel producers (including 17 of the world’s 20 largest steel companies), national and regional steel industry associations and steel research institutes. worldsteel members represent around 85% of world steel production. The purpose of the association is to promote steel and the steel industry to customers, the industry, media and the general public. worldsteel is a non-profit organization with headquarters in Brussels, Belgium.[/box]

This is a remarkable honor for POSCO as a whole and for our CEO Mr. Chung as well on a personal level. We are glad and excited that through Mr. Chung’s appointment to worldsteel’s executive body will strengthen POSCO’s global status, as well as upgrade Korea’s role in the international steel industry. However, even before receiving this title of the Vice Chairman, Mr. Chung was praised by the international steel community for his work as an executive member of the Executive Committee, which is the top decision-making body within the institution that also oversees worldsteel’s day-to-day work.

This 46th annual gathering was attended by over 200 CEOs of leading global steelmakers, including Chung and ArcelorMittal Chairman Lakshmi Mittal, and heads of steel-related institutions.

Let’s look at who else attended the meeting. Maybe you might recognize a few. On the first row, from the right, are Alexey Mordashov, CEO of Severstal in Russia, next to Lakshmi Mittal of ArcelorMittal, Mr. Chung of POSCO, and CEO Zhang Xiaogang of Ansteel in China. Other participants of worldsteel’s 46th annual meeting included Chairmen John P. Surma of US Steel and Shoji Muneoka, CEO of Nippon Steel & Sumimoto Metal Corporation.

In this meeting, worldsteel members shared and discussed their 2013 Agenda, some of the challenges and necessary changes the international steel community faces, and new technological researches to the solution. Here, POSCO presented POSCO Body Concept-Electric Vehicle (PBC-EV) to the world audience. This is our newest and the most ambitiously created product. PBC-EV is both light in weight and sturdy in sustainability, yet it can be produced with a low-cost investment.

As becoming the Vice Chairman of worldsteel, Mr. Chung emphasized some of the most important issues faced by the global steel industries, such as handling of raw materials, adjusting of supply and demand and strengthening sustainability for the benefit of all steel community. Furthermore, “Global POSCO Strategy,” which POCO is strongly pushing for will also excel greatly. One of Mr. Chung’s most anticipated actions also include effectively mediating an active interaction between the founding members of worldsteel (most of whom located in Europe and America) and the emerging industries of Asia.