Validated global competitiveness by integrating and utilizing POSCO Group’s comprehensive LNG value chain

POSCO E&C has secured a KRW 1.5 trillion contract for the Gulf MTP (Map Ta Phut) LNG Terminal project in Thailand, further expanding its presence in the global LNG market.

On June 30, POSCO E&C signed a deal with Gulf Development in Bangkok to undertake a major national infrastructure project, which includes the construction of two 250,000㎥ LNG storage tanks, unloading facilities, and regasification systems with an annual processing capacity of 8 million tons.

The Gulf MTP LNG Terminal, to be located in the Map Ta Phut Industrial Estate about 130 kilometers from Bangkok, marks Thailand’s first public-private partnership LNG terminal project. It is commissioned jointly by Gulf Development, one of Thailand’s leading private energy investors, and PTT Tank Terminal, a subsidiary of the state-owned energy company PTT.

POSCO E&C has carried out more than 20 projects in Thailand since 2002, and its track record continues to help the company stand apart in the local construction sector.

This latest contract win is particularly significant as the company secured the project through fierce competition with three global contenders from Japan, China, and Lebanon. POSCO E&C’s proven track record of successfully delivering LNG terminal projects—both domestically in Gwangyang, Jeju Aewol, and Samcheok, and internationally in Thailand and Panama—played a decisive role.

Since 2010, POSCO E&C has operated a dedicated LNG terminal business unit, executing a wide range of projects including LNG storage tanks, jetty facilities, and regasification systems. It is now recognized as the only EPC (Engineering, Procurement, and Construction) company in Korea with fully self-developed design capabilities in the LNG terminal sector.

This project also highlights the synergy across the POSCO Group, which is building a comprehensive LNG value chain covering production, transportation, storage, sales, and construction. The Gulf MTP project demonstrates POSCO Group’s ability to leverage this integrated value chain to strengthen its competitiveness in overseas markets.

In Korea, POSCO E&C recently completed the construction of LNG Tanks No. 5 and 6 in Gwangyang using POSCO’s world-first high-manganese steel, and is currently working on Tanks No. 7 and 8. Additionally, the company is constructing regasification and unloading facilities at the Dangjin LNG production base, led by Korea Gas Corporation.

A POSCO E&C official stated, “Our EPC capabilities and LNG expertise accumulated through domestic and international projects led to this achievement. It once again proves POSCO E&C’s leadership in LNG terminal construction. Going forward, POSCO Group will continue to expand into global markets by maximizing its LNG value chain.”

▲POSCO E&C signs a contract with Thailand’s Gulf Development for the Gulf MTP LNG Terminal project.

▲POSCO E&C signs a contract with Thailand’s Gulf Development for the Gulf MTP LNG Terminal project and poses for a commemorative photo.

▲A view of the PTT LNG Terminal #2 project completed by POSCO E&C in Thailand in 2017

POSCO Group does its best to develop technologies that contribute to safety and carbon Reduction. We introduce POSCO Group’s excellent new technologies to create a better world! In this episode, we explore POS-VISION, a solution from POSCO E&C that utilizes drones equipped with high-definition imaging equipment to manage the concrete exterior walls of apartments.

Developed by POSCO E&C in January 2024, POS-VISION utilizes drones equipped with high-definition imaging equipment to precisely identify and manage the width, length, and location of cracks in the concrete exterior walls of structures such as apartments and bridges.

POS-VISION combines drone operation technology with artificial intelligence to enable crack recognition, high-definition image processing, and the elimination of false detection elements. This integration allows construction managers to access detailed information about the exterior walls of buildings, facilitating seamless quality management.

In January 2022, an incident involving the collapse of an apartment by Company H highlighted the crucial need for enhanced quality management of large concrete structures at POSCO E&C’s New Growth Future Technology Research Institute, Construction Automation Section.

Quality checks were thorough in indoor areas such as underground parking lots and individual units where cracks were visible, but the exterior walls presented challenges due to less visible cracks. These exterior wall cracks are significant not only for structural stability but also for their potential to cause leaks and corrosion. Unaddressed, they could lead to concrete deterioration and exposed rebar, jeopardizing the brand’s reputation. Prompted by these risks, the team embarked on an in-depth investigation of these quality management challenges, developed the concept of POS-VISION, and initiated full-scale technical development.

Initially, the team conducted thorough research on the condition and management of cracks in large concrete structures, such as apartment buildings. According to standards for assessing defects in residential housing, cracks measuring 0.3 mm or wider are classified as defects. Moreover, any penetrating cracks,* even those under 0.3 mm wide, also qualify as construction defects. This highlights the need for precise crack measurement technology, as different widths of cracks require different repair methods.

*Penetrating Cracks: These are cracks that run from an exterior to an interior surface within the same section and are often seen as temperature-related in thick walls or as shrinkage cracks in slabs.

In response, the team developed a sophisticated AI-driven image analysis technology. They refined POS-VISION’s accuracy through tests with real-world field data. For estimating the dimensions of cracks in images taken by drones, they applied geometric principles inherent to the camera’s functioning, enabling precise measurements of the distance between pixels.

▲Conceptual diagram (left) and GSD calculation formula that formed the basis for the development of POS-VISION technology.

To measure the actual distance between pixels, the ground sample distance (GSD) concept was utilized. This term describes the distance between the centers of two adjacent pixels A smaller GSD indicates higher precision and accuracy of the data. Nonetheless, there were challenges due to the physical constraints encountered when drones flew close to buildings for detailed shots. To address these issues, the team implemented a super-resolution algorithm that upgraded the images to a resolution superior to their original quality. They used the outcomes from field trials as a foundation for further validation and enhancement, thus improving the system’s reliability. Through multiple tests, it was established that the best distance for the drone from the building should be 4 meters. This distance allowed for accurately distinguishing between cracks measuring 0.3 mm and 0.5 mm, which is vital for selecting the correct concrete repair and reinforcement techniques.

*Ground Sample Distance (GSD): Measures the distance between the centers of two consecutive pixels.

Besides considering the shooting distance, several other factors were important. Drones, which rely on satellite signals to navigate and determine their positions, face challenges within high-rise apartment complexes where these signals are often weak. This increases the potential for drones to collide with buildings. Therefore, the expertise and proficiency of the drone operators play a vital role in achieving safe and precise measurements.

▲Inspecting cracks while maneuvering the drone.

Given that the operations take place outdoors, weather significantly influences the process. Windy conditions heighten the risk of drone collisions, while cloudy, rainy, or snowy weather complicates visibility. Additionally, operating drones for extended periods in extremely hot or cold temperatures is challenging. In response, POSCO E&C is considering the development of autonomous drones designed to handle these challenges and environmental factors effectively.

To help users swiftly pinpoint crack locations in numerous images, the team innovated a user-friendly technology. Initially, they used a crack positioning method on a 3D site model, which involved extra aerial photography and model creation, consuming over a day.

This approach was impractical for urgent on-site needs related to crack detection. Therefore, the team abandoned the 3D method in favor of a more efficient technique, displaying crack positions on elevation views by unit. This adjustment significantly sped up the process of investigating cracks and deriving results. For a conventional multi-story residential complex of about 25 floors, typically, image stitching* of more than 300 front-view images is required to secure a photo overlap rate above 50%. By employing the POS-VISION technique, marking crack positions on elevation views is achievable without the need for overlapping images. This method decreases the total number of required images by over 40% and greatly diminishes the time spent on post-processing.

*Image Stitching: This technique combines several images to create a single panoramic photo.

▲Elevation view showing crack display (left) and another elevation view enhanced with a heat map for improved crack visualization.

POS-VISION has enhanced user convenience by implementing heat maps* based on the volume of crack occurrences, helping users quickly pinpoint areas needing urgent inspection. This method assigns different colors to each segment according to the severity of the cracks. Previously, crack detection images and occurrence counts were displayed on the site elevation view, offering users the option to click on images for more detailed information. However, the increase in crack data made this process cumbersome. The adoption of heat maps solved this problem by facilitating the efficient management of data and accentuating critical areas, even with the proliferation of data. This modification has been well-received in the field for its notable improvement in efficiency.

*Heat map: This visualization tool uses color coding—red to indicate areas requiring review and green for areas without issues—to assist users in easily identifying sections needing attention.

▲Crack images analyzed by POS-VISION on exterior walls.

POS-VISION has been utilized across nine sites involving 41 concrete structures, which include 39 buildings at seven construction sites, bridge slabs at one infrastructure site, and a coal storage facility at a single plant site. Having captured 24,641 images, the system has effectively identified cracks in areas that were challenging to detect before, thereby markedly enhancing construction quality at POSCO E&C.

The launch of POS-VISION has successfully addressed the oversight issues in managing the quality of building exteriors. This technology, suitable for various structures such as residential complexes, bridges, and highways, enables crack detection in areas difficult for humans to reach, thereby preventing potential risks ahead of time. Looking forward, POS-VISION aims to widen its scope and act as a “third eye” in identifying and mending quality issues in welding among other sectors.

POSCO E&C is advancing the development of autonomous flying drones to enhance the reach and efficacy of POS-VISION. Equipped with autonomous image-capturing capabilities, this technology promises to expand to more sites and boost operational efficiency. Moreover, employing autonomous drones equipped with vision sensors might solve the limitations associated with indoor crack detection and human errors. POSCO E&C is dedicated to maintaining quality and safety on-site through continued technological advancements and venturing into new domains.

In recent years, Vietnam has undergone rapid urbanization with subsequent advancements in housing, energy and infrastructure. As such, demand for structural steel is expected to reach 24 million tons by 2020. The figures represent 80 percent of Vietnam’s entire steel demand, making Vietnam a booming market for steel consumption in Southeast Asia.

As the Vietnamese construction industry is projected to see an annual growth rate of 7 percent for the next 10 years, POSCO plans to pursue preemptive solution marketing activities with local affiliates such as POSCO SS VINA and POSCO-VST.

POSCO SS VINA will supply Vietnam’s growing structural steel demand.

They also look to cooperate with local organizations to maximize benefits for their clients, by providing support for a wide range of technologies related to molding, binding, improved performance and structuralization.

Additionally, POSCO intends to promote packaged marketing services for large-scale projects to offer various products such as R.H. (ROLLED H-BEAM), BH (Built up H-Beam) and steel bars in one batch.

POSCO is organizing 3 separate departments – the Solution Planning Department, Solution Development Department and Technical Services Department – to successfully create, develop and implement a local, customized marketing strategy. A total of 25 experienced construction experts will serve as consultants.

In January, POSCO also established a “Solutions Marketing Center” under its base corporation in Vietnam and China to provide support for its increased production and sales worldwide.

PT. KRAKATAU POSCO sold 1.7 million tons of steel in 2014, its first year of operation, then increased its sales to 2.8 million tons in 2016. The company’s annual sales volume has increased continuously, and its cumulative sales reached 10 million tons as of January 15, 2018. Last year’s tentative performance showed an operating profit of about USD 12 million, enabling the company to turn a profit for the first time.

PT. KRAKATAU POSCO, which began operations in December 2013, is the first integrated steel mill in Southeast Asia with a production capacity of 3 million tons. POSCO and Indonesia’s state-operated steelmaker Krakatau Steel invested 70 percent and 30 percent respectively.

PT. KRAKATAU POSCO is the only steel mill in Southeast Asia with a 3 million ton capacity.

As PT. KRAKATAU POSCO is POSCO’s first overseas steel mill, POSCO concentrated all the competencies of its group affiliates including POSCO E&C, POSCO Energy and POSCO ICT into constructing and operating the facility. After 4 years of hard work, PT. KRAKATAU POSCO is now the leading steelmaker in Southeast Asia.

Instead of resorting to imports, Indonesia can now procure high-quality steel products from  PT. KRAKATAU POSCO, greatly enhancing the competitiveness of Indonesia’s steel-consuming industries.

PT. Bukaka Teknik, manufacturing steel-frame structures, is planning to purchase 120,000 tons of thick plates from PT. KRAKATAU POSCO, and construct Indonesia’s first steel-framed elevated expressway, and PT. Kenertec, Korindo Heavy Industry’s wind turbine tower production subsidiary, will build wind power generators and wind turbine towers with PT. KRAKATAU POSCO steel for export to the US and Europe.

PT. KRAKATAU POSCO also plans to further reinforce partnerships with local steelmakers and increase investments in downstream industries to continue providing quality steel products to its partners in Southeast Asia.

Cover photo courtesy of Universitas Gadjah Mada.

In major cities around the world, industrial activity is creating visible damages. (Source: International Business Times)

In order to meet this mark, industries need to find sustainable sources of fuel in the near future, or be met with costly penalties. Up to now, the price of non-renewable fuel was too attractive for clean energy to be competitive. However, tighter regulations, major leaps in technology and state-level commitment have birthed a new era of renewable energy.

Energy you can bank on

According to Bloomberg analysts, USD 10.2 trillion will be spent on new power generation by 2040, 72 percent of which will go towards wind and solar photovoltaic plants. By then, the cost of solar electricity will drop 66 percent, meaning by 2021, solar power will be cheaper than energy from coal in China, India, Mexico and the UK. The cost of onshore wind power will decrease by 47 percent by 2040, and offshore wind power by 71 percent thanks to more advanced and cost-effective wind turbines.  

Renewable energy is getting more and more competitive, and companies who don’t make the switch to clean fuel will be left out of the race.

SEE ALSO: How POSCO Sees a Future of Renewable Energy

However, electricity doesn’t fall from trees.

It falls from steel! Tons of steel (literally) are used to extract and convert energy from renewable energy sources.

Wind Energy

Most wind turbines are made of steel, and for an average wind turbine, 140 tons of steel are used. That accounts for 80 percent of all the materials that go into the tower, the nacelle, rotor blades and its supporting facilities. The majority of steel is used to make the tower which serves as the foundation on which the blades turn to generate energy. There are several types of turbine towers, such as steel-concrete hybrid towers, steel truss towers and steel lattice towers, but about 90 percent of all wind turbine towers are made of tubular steel. Also, steel’s non-corrosive properties maximize the lifetime of wind turbines and minimize maintenance costs.

Solar Energy

Solar electricity is one of the most promising types of renewable energy. By as soon as 2030, it can make up 13 percent of the world’s energy, and by 2050, the sun will be the largest source of electricity on earth. And steel will be soaking it all up – the sunlight that is. Steel makes up not only the frame of the solar panels, but the heat exchangers and other related infrastructure. Stainless steel is a great choice for solar panel frames because it is dense, high in strength and has the greatest corrosion-resistance than other light metals.  

SEE ALSO: India: A Rising Sun in the Global Renewable Energy Industry

Geothermal Energy

Mother earth just keeps on giving. There are about 1400 TWh of geothermal energy in the earth’s core that can be harvested by 2050. Geothermal energy gives off extreme heat, so it is vital for the heat exchangers, condensers, pipes, filters, pumps and valves to be corrosion resistant. Otherwise, maintenance costs would be unsustainable and corrosion can contaminate the water as well. That’s why most of the infrastructure related to geothermal energy is made of iron castings, stainless steel and steel alloys.

Tidal Energy

There’s plenty of energy in the sea as well. In the world’s oceans, there are about 1 million megawatts of usable tidal energy. Steel makes up most parts of the underwater turbines including the nacelles, support structures and underlying piles for a sturdy and sustainable power source. As with other renewable energy, increasing the lifetime and decreasing maintenance costs will determine the competitiveness of tidal energy. Thus, stainless steel is the go-to material for corrosion resistance. The infrastructure related to tidal energy extraction is massive in scale and will call for thousands and thousands of pounds of steel to construct.  

Korea is the largest source of tidal energy in the world, with 552.7 GHw of electricity harvested from Siwha Lake every year. It’s also where steelmaker POSCO is located to provide the necessary types and grades of steel for renewable energy production.

POSCO E&C has its own solar, wind, tidal and refuse-derived fuel (RDF) plants, which makes sure even industrial wastes get turned into energy. The company was also the first company in Korea to build a solar power plant in 8 different regions capable of generating 31.2MW of solar electricity.

In order to stay competitive in the market, industries are already using or transitioning towards renewable energy sources to fuel their business activities. As governments around the globe also commit to a greener future, the demand for steel used in renewable energy infrastructure will see a significant boost.

Cover photo courtesy of the National Geographic.

It is also the most common material found in medical supplies that contribute to people’s health and safety on a daily basis.  

Surgical Steel

“Surgical steel” is a term used to describe stainless steels for medical applications, and are generally made up of 316, 440 and 420 stainless steels. Surgical stainless steels are corrosion resistant, have a shiny, aesthetically pleasing exterior and are extremely hygienic. Plus, they have a long life cycle and require minimal maintenance.

Surgical steel is also used for screws and joints that hold bones together. (Source: National Geographic)

Due to these properties, surgical steel is the material found in medical equipment such as syringes, scalpels and gauges. Moreover, screws used to hold broken bones together and other parts for application inside the body are made of surgical stainless steel.

For the same reasons, surgical steel is also used to make jewelry.

Know anyone who is allergic to certain types of jewelry? Often times people think they are allergic to gold or silver, but chances are, they are allergic to other alloying elements, the most common one being nickel. In the United States, up to 17 percent of women and 3 percent of men are allergic to nickel, and the number is rising. Surgical steel with zero nickel content is a safe and cost-friendly alternative, and demand for the hypoallergenic material is growing.

Surgical steel is commonly applied to piercing jewelry. (Source: Elixa)

Surgical steel was a part of the 45.8 million metric tons of stainless steel produced globally in 2016, almost double the 24.5 million metric tons produced in 2005. The growing demand and application of stainless steel are playing a positive role in the economy, but it has also been the cause of environmental pollution.

POSCO’s Surgical Steel

One of POSCO’s surgical stainless steels is the PossRB1. It is comparable to the 420J2 stainless steel that is often applied to kitchen blades, however, it has a much higher level of hardness, and thus can be applied to surgical scalpels and razor blades.

Surgical scalpels come in direct contact with the body and need to be especially clean and non-corrosive. (Source: NY Times)

Another example is POSCO’s 304i stainless steel used to make syringe needles. It is an upgraded version of 304 stainless steel with a 9 percent nickel content, traditionally applied to syringe needles. The production process of syringe needles is demanding and require multiple steps to process into the desired thinness and diameter. To add, the materials need to be especially clean, or else the needle can fracture or not reach the desired thinness. POSCO’s 304i stainless steel is manufactured using POSCO’s strip casting technology and can be processed into the thinnest diameter requirements for 32 gauge needles (dental needles).

Syringe needles require a demanding production process. (Source: Tangent Industries)

POSCO’s poStrip Technology for Stainless Steel Production

In order to reduce the harmful environmental effects of steelmaking on the environment, POSCO partnered with the Research Institute of Industrial Science & Technology (RIST) in 1989, to come up with an innovative technology for stainless steel production called poStrip, or POSCO’s strip casting technology.   

The poStrip technology is an innovative way to make steel production more sustainable. (Source: POSCO E&C)

For more than 13 years, POSCO and RIST experimented with a twin-roll strip casting system where thin strips of steel can be produced in a single, continuous process. Hot molten steel passes through two cylindrical rollers that rotate and cool the hot steel sheets immediately, thus eliminating the need for hot rolling. In conventional casting processes, molten iron is poured into molding frames to produce steel slabs that are then rolled into sheets.

The new technology vastly reduced the cost of production, delivery time as well as the amount of harmful emissions created in the steelmaking process. In the end, POSCO’s poStrip technology was perfected and applied to various types and grades of POSCO’s stainless steels.

Not only is the innovative technology cost-effective and sustainable, it produces better quality steels.

In 2015, POSCO received the Steelie Award for Innovation of the year from the World Steel Association. POSCO was recognized for its high-quality stainless steel products that were produced with the innovative strip-casting production technology. POSCO will continue to research and improve the production and overall quality of stainless steels so that its partners can manufacture world-premium supplies, machines and architecture.   

Jong-sub Lee, executive VP of POSCO (third from right) explains POSCO’s products to Young-jin Kwon, Mayor of Daegu Metropolitan City (fourth from right) and Young-doo Kim, VP of Korea Gas Corporation (second from right) at the POSCO exhibition booth.

The Asia Pacific Gas Conference is the only gas-related international conference in Korea, first held in 2015. This year, under the theme of natural gas in the future energy market, more than 100 domestic and overseas companies participated, and showcased new technologies and products.

POSCO promoted its high manganese steel, 9% nickel steel, stainless steel and POSCO E&C’s LNG Terminal design and construction technology during the event.

The exhibition space at this year’s event was divided into Product, Solution, PR and Business zones, and on display were steel products related to LNG carriers, high manganese steel LNG storage tanks and onshore LNG storage tanks. In addition, visitors were able to experience the production of POSCO GIGA STEEL and POSCO’s smart via VR videos.

The conference covered topics such as the natural gas industry’s development plans, natural gas and LNG infrastructure as well as new transportation and storage technologies. POSCO also presented a case study of high manganese steel development and production during the part of the conference focused on new material solutions for the LNG industry.

Visitors to POSCO’s exhibition booth watch VR videos about the steelmaking process and the qualities of POSCO GIGA STEEL.

POSCO was able to take away key insights on the recent and future trends of the gas industry, create new business opportunities with potential customers and expand its business with existing customers during the conference. With the new-found knowledge and partnerships, POSCO will work to find more customized and innovative solutions for its partners in the gas industry.

Cover photo courtesy of APGC 2017.

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The Matarbari power plant construction project includes the construction of a 1200㎿ (600㎿ x 2ea) coal-fired thermal power plant on Matarbari Island, Chittagong, approximately 280km southeast of Dhaka, the capital of Bangladesh. Site improvement and port construction are also part of the project, expected to last 7 years. POSCO E&C invested a total of USD 4.5 billion in this project which is the largest coal-fired thermal power generation project in Southwest Asia. POSCO E&C is in charge of civil engineering for the power plant worth USD 840 million and the construction of the coal processing facilities and subsidiary facilities.

The Bangladeshi government and the Japanese government have been working together on this project as a means to speed up the low electrification rate of Bangladesh. The Sumitomo Corporation Consortium, which has been cooperating with POSCO E&C, won the contract last month from the project owner Coal Power Generation Company Bangladesh Limited.

POSCO E&C also recently won the contract to build the Yangon Waterworks Improvement Project in Myanmar worth USD 53 million. POSCO E&C selected Myanmar as one of its 5 strategic countries, and built the Yangon Hotel, the tallest landmark building in Myanmar. It is now accelerating its efforts to make inroads into the Myanmar construction market. Both projects are funded by the Japan International Cooperation Agency.

POSCO E&C President Chan-geon Han said, “We won this contract thanks to our world-class EPC technology and expertise, which has been recognized in the Central and South American energy plant markets. This contract is all the more meaningful because we won it at a time of declining overseas business due to a dip in international oil prices.”

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For global companies it is often not easy to build successful CSR programs overseas due to differences in cultures, customs, and laws. However, the POSCO Group is working to form strong relationships with local communities near its offices and plants by being attentive to the local issues and actively working to find solutions together with the communities.

POSCO Vietnam helps improve homes with the POSCO Steel Village

Since 2009, POSCO Vietnam has been working to understand the needs of the local communities near its plant. By combining the needs of the community with the capabilities of POSCO and its group companies, POSCO was able to improve local housing through its POSCO Steel Village, POSCO Steel Bridge, and POSCO Steel Playground initiatives.

On November 30, 2016, POSCO Vietnam received the Excellent CSR Prize, the most prestigious prize from the Korean Minister of Trade, Industry, and Energy at the 6th Korea-Vietnam CSR Awards in 2016. The award ceremony was held at the KOTRA Hanoi Office on December 28.

In particular, because POSCO Vietnam handles various licenses and permits for steel bridge construction, they formed a volunteer group with members from various POSCO partners. POSCO A&C participated in the design, SS-VINA supplied section steel products, and POSCO E&C processed and built the bridge.

The POSCO Steel Bridge project is seen as a model CSR activity by the local communities and the Vietnamese government. As a result, POSCO Vietnam was awarded with the Excellence in CSR designation, the most prestigious award from the Korean Minister of Trade, Industry and Energy at the 6th Korea-Vietnam CSR Awards on December 28, 2016.

POSCO Steel Village (left) will contain 104 households and is slated for completion in April 2017. The POSCO Steel Bridge in Vietnam (right) was completed in January 2016.

POSCO partners with local schools in Myanmar

In Myanmar, POSCO has been working to provide resources to local schools. Since 2014, POSCO E&C formed sisterhood ties with nearby secondary schools and signed an agreement to work with the National University of Arts and Culture in Yangon. POSCO E&C has donated educational materials and equipment, repaired educational facilities, organized cultural exchange activities, and built rainwater storage & drinking water facilities. More recently, POSCO has been leading the way in making improvements to the safety of Yowa Village. By partnering with POSCO’s 1% Sharing Foundation, they were able to build a bridge in the village with POSCO steel.

For these efforts, Myanmar-POSCO E&C recognized for its contributions to Myanmar’s local communities in the 2016 Myanmar Excellent CSR Company Awards that were held in Yangon, Myanmar in December 13, 2016.

Hyun-ik Choi (right), head of POSCO E&C Myanmar, receives the Prize of the Minister of Strategy and Finance of Myanmar from U Aung Naing Oo, Director General of DICA and General Secretary of MIC. The 2016 Myanmar Excellent CSR Company Awards took place at the Sedona Hotel in Yangon, Myanmar, on December 13.

POSCO Krakatau gives back to Indonesia

In Indonesia, the Krakatau POSCO Social Enterprise (KPSE) has been working to support secondary education, create jobs at the steel mill, and return profits to the local communities in Cilegon, Indonesia, where the steel mill is located.

KPSE, co-founded by the POSCO 1% Sharing Foundation and KOICA, was awarded for its efforts at the ‘2016 Korea-Indonesia CSR Forum and Awards Ceremony’ that was hosted by the Korean Embassy in Indonesia and KOTRA on December 15, 2016.

KPSE manager and acting CEO Jang-gon Jeon (2nd from the left) and Andi Soko, officer of personnel management and general affairs at PT.KP (2nd from the right) stand with KPSE employees after receiving the Prize of the Director of the Indonesian Investment Coordinating Board. The awards ceremony took place at the ‘2016 Korea-Indonesia CSR Forum’ held at the Shangri-La Hotel in Indonesia.

POSCO Group’s overseas subsidiaries have been recognized for their broad contributions in CSR. POSCO Group will continue to promote win-win growth in partnership with local communities at home and abroad based on the Group’s unique values that recognize the overseas market as a partner and not as a business target.

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On June 30, NCCP Chairman Ahn Chung Young announced the evaluation results for 2014 at its 35^th general meeting at Seoul Palace Hotel.

The evaluation is divided into four grades; best, excellent, satisfactory and fair. One hundred twelve major companies which have great economic influence, according to business type and of impact of shared growth among the top 450 major companies in terms of sales, were assessed. The value of shared growth indexes is quantified by evaluating the shared growth levels of major companies in order to create fair trade and a culture of shared growth among major companies and SMEs.

Only 19 companies, including POSCO, were awarded the highest grade, 37 companies were awarded an excellent grade, 42 companies, including POSCO E&C, received a satisfactory grade and the remaining 14 companies received a fair grade.

Companies who achieve the highest grade receive benefits for one year with the Fair Trade Commission, Ministry of Trade, Industry and Energy, Public Procurement Service and National Tax Service.

POSCO won additional accolades and was selected as one of “The Most Honorable Company” recipients. It has secured this title for three consecutive years along with Samsung Electronics, Hyundai Mipo Dockyard, SK Global Chemicals and SK Telecom. This honor means being recognized as having earned the highest grade and be given the same incentives as the highest grade for an additional year, even in the case of receiving an excellent grade next year.

POSCO will develop “Creating Shared Value” (CSV) programs and policies which promote ways to achieve sustainable partnerships with cooperating companies and plans to continue operating as an exemplary company of shared growth by actively promoting these programs.