Discussions with China Iron and Steel Association(CISA) and The Chinese Society For Metals
On September 22nd, CEO Kwon visited the China Iron and Steel Association (CISA) and The Chinese Society for Metals to discuss collaborative development plans between Korea and China`s steel industries and seek ways to develop the future of the Northeast Asia steel industry. At the China Iron and Steel Association, CEO Kwon discussed cooperation plans and exchanged opinions on the recent trends in China`s steel industry. CEO Kwon said at the meeting that he would continue to push ahead with cooperation based on an ‘open innovation’ that promotes sharing and synthesizing. CEO Kwon then met with personnel at The Chinese Society for Metals, where he exchanged opinions on the current challenges facing the China`s steel industry and the R&D trends in steel manufacturing technology. Technology for pollutant emission reduction, such as carbon emission reduction, was discussed in-depth as potential directions for development.

Meeting with POSCO Local Subsidiaries
CEO Kwon hosted a meeting with the presidents of POSCO relate companies, listened to the status of current projects being carried out at local subsidiaries and discussed plans to expand in the Chinese market. CEO Kwon emphasized at the meeting that, ”We must recognize that China will forever be a co-existing competitor and collaborator and carefully consider future business development.” He also reminded the audience that, “Dispatched POSCO employees must always set an example so that locally hired employees can hold the pride and hope that comes with being a POSCO employee.“

Visit to POSCO China Office and The Beijing POSCO Center Construction Site
Afterwards, CEO Kwon visited the POSCO China office to review mid-term management plans. CEO Kwon encouraged employees by saying, “Drive with challenge and purpose to achieve the goal of expanding product sales linking POSCO`s world premium products and solution marketing. POSCO China is the base-level subsidiary of China and must therefore provide high level support in finance, HR, and education for subsidiaries investing in China so that the production subsidiaries and processing centers can focus on their core businesses”.

Before heading back to Seoul, CEO Kwon also visited the Beijing POSCO Center construction site, which is scheduled to be completed this coming December. After examining construction progress, he asked that the construction be safely completed before the scheduled completion date. The POSCO Center, which consists of 2 buildings, with 25 floors and 33 floors, is located in the Wangjing Subdistrict where many Korean people reside and is expected to provide a better business environment for POSCO and group companies in China.

Through CEO Kwon’s visit to China, POSCO expects to contribute to achieving the ‘POSCO the Great’ vision by strengthening its core competitiveness. Also, as more exchanges and communications proceed, we are certain that the Korea-China collaborative development in the steel industry will further enhance and provide positive influences on other industries as well!

Korea is the fourth country to produce more than 3 worldsteel chairmen, behind Japan (9 times), the U.S. (8 times) and Germany (3 times). With this, Korea expects to strengthen its voice on major issues affecting the global steel industry as well as strengthen the status of the domestic steel industry.

CEO Chung Joon-Yang has been a member of the Executive Committee, the highest decision-making organization of worldsteel, since 2009, and was elected as Vice Chairman in 2012. Following his election as Chairman this year, CEO Chung Joon-Yang will hold the post for one year until the date of the next annual conference in October 2014.

The election of CEO Chung Joon-Yang as the leader of the global steel industry is testament to the latent strength underpinning POSCO’s success in achieving continuous growth despite the recent decline in the steel industry. Furthermore, the election reflects Korea’s ascendancy to becoming a steel technology export country from an importing country in less than half a century.

CEO Chung Joon-Yang was highly evaluated for his adroit understanding of steel technology having served as a steelworks head, his vast social network, and his activities as a member of the Executive Committee and as Vice Chairman, in which roles he has shown global leadership in many aspects including solving the current issues of the global steel industry and offering a sustainable vision of its future.

POSCO has been the subject of great interest throughout the global steel industry as a result of the company excelling its competitors by more than 5%p in terms of operating profit. Suffice it to say, World Steel Dynamics has selected POSCO as the ‘World’s Most Competitive Steelmaker’ for 4 straight years.

FINEX steelworks, which is a cutting edge steelmaking technology first to be successfully commercialized in 2007, has met with tremendous success in its export to China, strengthening POSCO’s position as a leading global steelmaker.

CEO Chung Joon-Yang, following his election to the post of worldsteel Chairman, commented, “I will focus on solving the various issues facing the global steel industry in my role as worldsteel Chairman through discussing and cooperating with all member companies. Furthermore, I will expand the association involvement of new rising steel companies from China, India, and South America for the balanced development of worldsteel as a whole.”

In his new role as worldsteel Chairman, CEO Chung Joon-Yang will give an opening speech at the China Automobile Steel Plate Seminar in Guangzhou, China, in October which is being hosted jointly with CISA. What’s more, he will carry out a range of activities to solve the steel industry’s current issues including △over-supply △raw material oligopoly △market development △competition with alternative materials.

At this year’s conference, Alexey Mordashov, Russia’s Severstal Chairman and former worldsteel Chairman, and Wolfgang Eder, Austria’s voestalpine Chairman, were elected as Vice Chairmen, and six companies including Italy’s ILVA S.P.A and 2 associations joined as new members.

The conference was attended by 300 representatives of the world steel industry with the item first on the agenda being an executive committee meeting and board of directors meeting held on the 6^th. On the 7^th and 8^th, when the annual conference was held, presentations were made including vis-à-vis long-term sustainability and policy trends regarding the environment and climate changes. The presentations were followed by on-site plant tours in Brazil including that of ArcelorMittal on the 9^th.