POSCO has been recognized as the leading company among the world’s top steelmakers for the past eight consecutive years. To note, POSCO received this year’s honor in the midst of difficult domestic and overseas market conditions due to last year’s global oversupply, tighter import regulations triggered by the spread of protectionism and internal financial restructuring.

The Steel Survival Strategies held discussions on current trends and future strategies of the global steel industry before the WSD announced the honor. Thirty-seven steel companies around the world were evaluated on 23 different criteria such as production scale, profitability, technological innovation, price competitiveness, cost reduction, financial soundness and raw material acquisition.  

POSCO has topped the list a total of 13 times since 2002, when WSD first began its global competitiveness rankings, putting POSCO at the top of the rankings for the longest period of time.

POSCO came out on top with a perfect 10 in five categories: technological innovation, cost reduction, labor skills, restructuring and investment environment, putting the overall score at 8.31 points. The total was 0.26 points higher than last year, due to positive evaluations of POSCO’s solutions marketing activities, the expansion of high-value-added products as well as its financial restructuring.

Other notable companies on the list include Russian steelmaker Severstal (second place) for iron ore and coal mines, US steelmaker Nucor (third place) for their technological innovation and profitability, NLMK steelmaker (fourth place) for their iron ore, and NSSMC (fifth place) with positive evaluations in business diversification and restructuring.

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 Pictured here: The first production using eco-friendly FINEX method at POSCO’s plant

For the 11^th consecutive year, POSCO has been named one of the ‘Most Respected Companies in Korea’ by the Korean Management Association Consultants (KMAC).  POSCO topped the list in the steel industry category for its 11^th straight year. In addition, POSCO ranked second in the overall ‘All Star Company’ category for 8 straight years. The ‘Most Respected Companies in Korea’ ranking is the only comprehensive survey model in Korea and was developed in 2004 by KMAC to evaluate and publish the value of Korean companies.

Lessons from one of Korea’s most respected companies

The importance of corporate reputation has achieved all-time highs nowadays. POSCO was recognized on this year’s Interbrand’s Best Korean Brands list for its second consecutive year. It must be doing something right.  A great company does not just excel because of its products, but because of its values and other initiatives. Fortune annually publishes its World’s Most Admired Companies list  and 100 Best Companies to Work For list to distinguish the best from the rest. What lessons can be learned from Korea’s leading steelmaker?

POSCO was highly rated for its CSR activities, reliability, values, talent fostering, employee welfare, and eco-friendly management in addition to ethical management. It also gained recognition as Korea`s leading company in fulfilling social responsibilities through internal activities, resulting in increased profitability and decreased production costs, volunteer activities with all employees participating, 1% sharing activities for the socially disadvantaged, and support for multi-cultural families.

Pictured here: POSCO’s women employees participating in Women’s Mentoring Day, held since 2011

 Pictured here: Joint effort between POSCO’s global volunteering program, Beyond, and Habitat for Humanity

Methodology

The ‘All Star Companies’ category includes the 30 most respected Korean companies regardless of industry and is based on a survey of 5,920 industry officers, 230 securities company analysts, and 4,560 general consumers between  October 2^nd, 2013 through January 6^th, 2014. Companies are surveyed based on the following six factors:

1)     Innovation capability

2)     Shareholder value

3)     Employee value

4)     Customer value

5)     Social value

6)     Image value

See below for the 2014 top 10 ‘All Star Companies’ list:

1.     Samsung Electronics

2.     POSCO

3.     Yuhan-Kimberly

4.     Yuhan Corporation

5.     Hyundai Motors

6.     Incheon International Airport

7.     SK Telecom

8.     LG Electronics

9.     Samsung C&T

10.  Samsung Life