Steel Keeps Sailors Edging Forward

Since the dawn of the modern Olympic Games in 1896, sailors have been testing their skills in the Games’ largest playing field. Within the sport of sailing, there are eight different classes of events determined by the shape and size of the yacht.

Each class of yacht has its own rules and regulations that include the types of material that can be used in the construction of the boat. But there is one material that is present in all eight classes – stainless steel.

Most of the yacht classes’ rigging, which includes the masts, yards, sails and cordage, require the same material to be used – stainless steel wire rope. With the force that the sea wind puts on the sails, it is important for the speed of the yacht and for the safety of the sailors that the ropes be as strong as possible, making stainless steel the perfect rigging choice.

The 470 class, a yacht with two crew members measuring 4.7 meters in length, requires that the rudder stock and tiller be made of stainless steel. The rudder stock and tiller are used to steer the yachts aggressively through the course, incurring significant pressure from the weight of the manned craft, the current of the sea and the force of the wind. It is imperative that these components be made of the lightest and strongest material available – stainless steel.

Shoes Built for a Full Gallop

The Olympic sport of equestrian is as unique as it is majestic. Riders and horses perform together in three event categories, and have developed the ability to feel each other’s emotions over countless hours of training.

Equestrian is the only Olympic sport in which men and women compete against each other on a level playing field while competing in three disciplines, eventing, jumping and dressage.

Both the horses and riders are tested for strength, endurance and skill, and like any other athlete, horses require special shoes in order to compete. Equestrian horseshoes must be reliable, safe and durable – making steel the perfect material.

Steel horseshoes act as a traction device for the horses on varying terrain, and allow them to cup more earth while galloping. Horseshoes enable the horses to hold their footing, prevent any slippage and improve their overall performance during competition.

As Olympic equestrian events are incredibly competitive in nature, the horseshoes are typically worn for longer periods of time. Because of the duration that a horse wears the shoes, steel is the preferred choice as it stronger and staves off the possibility of infections occurring.

Steel horseshoes have also been thought of as a symbol of good luck when hung with the ends pointing up. Although Olympic equestrian riders rely on their long-perfected skill and talent to perform, having a little extra help attached to the bottom of their horse’s hooves might prove useful.

A Metal Trusted by Gymnasts

Steel’s strength and versatility make it the top choice for international gymnastics competition equipment. Gymnasts are constantly risking injury by performing exciting aerial stunts on bars, beams and vaults. The equipment they use must be flexible and able to withstand the force that is exerted during each routine and exercise.

The uneven bars is a spectacular event that showcases the athletes’ strength, awareness and skill by swinging and flipping between bars set at different heights. Although the bar itself is made from a flexible composite material, the frame is made from stainless steel.

The spring balance beam’s structure is also made from steel. Not only are the legs and frame made from the ultra-strong metal, so is the spring that launches the athletes in the air as they perform feats of true balance and discipline.

The steel structures in gymnastics allow the gymnasts to put their years of training and practice to use when trying to achieve the ultimate dream – winning a gold medal.

The Most Important Olympic Metal

From magnificent Olympic venues, to sabers, shot puts and yachts, steel is used almost everywhere in the Olympic Games.

There is a reason that steel is the first choice when it comes to construction and equipment – it’s lightweight, corrosion-resistant and strong enough to withstand the abuse given by world-class athletes. With the predominant use of steel in the Games, it can be considered the most important metal in the Olympics. Although it is not necessary fought over like the other top three, it is the catalyst from which dreams and everlasting memories are created.

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The use of lithium is soaring. It’s gone from 70,000 tons in 2002 to 170,000 tons in 2014, and some estimate that could grow to 470,000 tons by 2025. And with that surging demand, POSCO has identified lithium as a major product for the company’s future business growth.

“POSCO is accelerating the lithium material industry after lithium was selected as the new growth business that will lead the future of the company,” said CEO Ohjoon Kwon when he became the head of POSCO in 2014. “If steel is the ‘rice’ of the current industry, lithium will take on that role in the future.”

What Is Lithium?

For such a common element, most people don’t know a lot about lithium. The soft, silver-white metal is the third element on the periodic table, making it the lightest metal and least-dense solid element. It is found commonly around the Earth, but because it is highly reactive, it is rarely found in a pure, elemental form, and instead is present in very low concentrations in sea water, in rock in the Earth’s crust (especially granite), and in brines and salt lakes.

Importantly, lithium is also very energy-dense—in fact, it has twice the energy density of the next closest alternative—making it a great option for portable energy storage applications.

Lithium, however, is quite difficult to extract. In the past, it was gathered on large salt farms, and required months for the water to evaporate, leaving lithium salts behind. But in 2010, POSCO (with support from the Ministry of Trade, Industry and Energy) developed a high-efficiency technique for extracting lithium from water. Instead of a large and slow evaporation process, POSCO uses a chemical reaction to extract the lithium more quickly. It also increased its extraction capabilities to 200 tons per year.

Now POSCO is expanding its lithium processing even more, opening a cutting-edge lithium processing plant at Pozuelos Salt Lake in Argentina this year. Built high in the Argentine mountains, some 4,000 meters above sea level, the new plant had a groundbreaking ceremony on February 14, and once operational later this year it will boost POSCO’s annual lithium production to 2,500 tons.

Lithium in IT Gadgets

Lithium is a key element in lithium-ion batteries, which power many of our most popular devices, including mobile phones and laptops. Lithium-ion batteries can generate a 3 volt charge in each cell, much more than lead-acid and zinc-carbon cells, meaning it can provide more power more efficiently.

For portable devices, like mobile phones, size and weight are at a premium, so being able to contain more power means being able to create smaller and more useful mobile gadgets. Lithium-ion batteries are also commonly used in portable power tools, like drills, saws and lawn trimmers.

In addition to the success of lithium-ion rechargeable batteries, regular lithium batteries are also in high demand, often used in such devices as pacemakers, cameras and watches.

Lithium for a Green Future

Beyond gadgets, lithium-ion batteries are a big part of the future of green energy. Solar, wind and other renewable energy sources are important, but you still need an energy storage device to store that power between peaks and valleys.

In particular, they are at the heart of the latest developments in electric cars, like the very popular Tesla cars. And as an electric car usually requires around 40 kilograms of lithium for its lithium-ion battery, that adds up quickly. In fact, Goldman Sachs estimates that the amount of lithium needed for electric car batteries will go up 11-fold over the next nine years.

But the eco-friendly applications don’t stop with cars. Motorcycles, large-scale residential facilities and industrial facilities are all increasingly using lithium-ion batteries, too.

POSCO Leads the Way Toward a Lithium Future

“With the supply of electric cars and the development of smart grid technology, the market is expected to result in massive growth,” noted CEO Kwon. “In order to raise competitiveness of the domestic secondary cell industry, it is crucial to develop lithium resources along with localizing core material.”

Pozuelos Lake, where POSCO is building its new processing facility, covers 106 square kilometers, and has an estimated 1.5 million tons of lithium reserves. That’s enough for millions of large-scale lithium-ion cells, which is good news for the environment and our planet.

In our modern fast-paced society, we probably don’t stop to think about how all of the things that are part of our daily lives reach us. Due to the ideas of one man, the world is shrinking as it globalizes. Modern container shipping will celebrate its 60^th anniversary next year. Container ships now carry about 60 percent of the total value the world’s goods shipped by sea.

The History of Containerization 

Though transporting containers has been practiced since 1792, it wasn’t until 1955 that modern containerization was introduced by American entrepreneur, Malcom McLean. (Image: Malcom McLean, http://bit.ly/1TLcMgF)

He came up with the idea that if he was able to drive his truck straight onto the transportation ships with its cargo and drive it off at the destination point. He later realized the process could be much simpler if the containers could be lifted off the trucks and placed on the ships. The process he created is called “inter-modalism” transportation; cargo can be transported in the same container, without being unloaded or reloaded, through the duration of its route, and on different modes of transportation. Thanks to the efficiency of modern containerization, the world is shrinking and human choice is growing. (Video: http://ed.ted.com/lessons/how-containerization-shaped-the-modern-world)

Since McLean started his shipping business, the technology of shipping containers continues to advance. The third generation of shipping containers for RO-RO ships using non-cassette carrier (NCC) technology lifts steel plates and coils. This technology is improving the efficiency of the shipping process.

The Efficiency of RO-RO Carriers

On July 2, the Gwangyang Frontier, the world’s first NCC concept RO-RO carrier, left the Port of Gwangyang. The Gwangyang Frontier is dedicated to the shipment of steel plates, and delivers only POSCO Steel products. It will drastically reduce logistics costs for POSCO by improving transport efficiency to a much higher level than conventional RO-RO ships currently operate.

The first generation of steel carriers loaded and unloaded steel by using wharf cranes, which was a very time-consuming and complicated process. The second generation of dedicated steel carriers developed the RO-RO concept to load and unload steel coils by cassette and to be carried to the transporters. The second generation RO-RO carriers required large investments in heavy equipment at both loading and unloading ports.

Gwangyang Marine has acquired a third generation carrier which applies the world’s first concept NCC technology, using bundle transport, and specializing in lifting steel plates and coils. It is expected to save annual logistics costs of about 2.5 billion won by reducing the loading and unloading time by half, and is capable of lifting super-wide and super-long cargo. It is expected to have a big impact on conventional ways of transporting steel plates and coils in future for POSCO.

Košice, Slovakia: A Steel-Inspired Capital of Culture

As one of the oldest industrial hubs of Slovakia, steel production has played a vital role in the economy of the eastern city of Košice for quite some time. The main development of iron started in the 13^th century and the technology of steel production progressively improved until 1959 when a deed was signed for a modern metallurgy plant. Five decades later, the Košice mill has developed into a steel-producing plant that has managed to widely reach the markets and achieve a position among significant steel producers.

 Košice has since reforged itself into a city of the arts, and was designated “European Capital of Culture” in 2013, along with Marseille, France, for its efforts to transform dilapidated industrial structures into contemporary art galleries, performance theaters and independent culture centers. In addition to the city’s gorgeous Gothic architecture, it is also home to the renowned ice hockey team HC Košice that plays regularly at the Steel Aréna. (Image: http://bit.ly/1CjHtVM )

Visakhapatnam, India: Steelworks on the Sea

Often coined The Jewel of the East Coast, the port city of Visakhapatnam was identified as one of the fastest-growing in the world, economically and demographically, with steel playing an important role.

In the 1970s, Indira Gandhi, the then Prime Minister of India, announced the government’s decision to establish a steel plant at Visakhapatnam. It has since become the only Indian shore-based steel plant and is situated on 33,000 acres, making the city a gateway for the development of the steel industry.

In addition to its flourishing economy, Visakhapatnam’s beaches, hilltop parks, caves and wildlife sanctuaries have helped the city become a significant tourist destination of natural beauty. Its serene temples, such as Simhachalam Temple, allow visitors to experience the spiritual side of India. (Image: http://bit.ly/1JR9l3k )

Pittsburgh, USA: The Original Steel City

Pittsburgh, Pennsylvania became one of the most well-known steel cities in the world during the American Civil War, when the city’s economy was amplified by the increased production of iron and weaponry. By 1911, Pittsburgh was producing half of the nation’s steel, and during World War II, the city saw local mills operate 24 hours a day to produce 95 million tons of the metal.

Today, Pittsburgh may not produce as much as it did in its heyday, but the “Steel City” still boasts more than 300 steel-related businesses and visitors can even go on steel tours. Additionally, the city’s most visited attractions, such as the Carnegie Museum, founded by Andrew Carnegie, the most influential figure in the expansion of America’s steel industry, as well as Frank Lloyd Wright’s Fallingwater, a stunning house that uses steel as a main building material, are a testament to the importance the metal still plays in this historical and cultural city. Sports fans shouldn’t miss out on a Steelers football game. (Image: http://bit.ly/1LPF7jt )

Newcastle, Australia: Surf & Steel

When military rule ended in 1823, the penal settlement that was originally Newcastle advanced into a pioneer town. The dawn of the 20^th century saw the city evolve into a site for steelworks, due to its abundance of coal. In 1915, a local steelworks opened, beginning a period of some 8 decades in which Newcastle’s fortunes were brought on by the steelworks and heavy industries. A deadly earthquake struck in 1989 and ten years later, the steelworks closed after 84 years of operation, having employed about 50,000 throughout its existence.

Creative repurposing has transformed the old and outdated to new and trendy, and art projects and festivals have allowed inner-city neighborhoods to prosper. It is along the sandy shores of “Best in Travel”-ranked Newcastle that bohemian culture meets surf culture and top-rated restaurants overlook an industrial port. Today, even as Newcastle embraces its rough-and-tumble industrial past, it is continuously looking to the future as a regional capital of creativity and cool.

Whether you’re traveling to the Australian coast or the cultural capital of Slovakia, these vacation destinations forged from steel and sweat have plenty to offer travelers seeking new experiences and wanting to explore unfamiliar lands. Safe travels this summer! (Image: http://bit.ly/1H6mPVJ )

Thanks to its strong tensile properties, steel is a very practical material, as it can be reused again and again, from one product to the next, while consistently maintaining its inherent qualities. In fact, according to the most recent data compiled by the Steel Recycling Institute (SRI), approximately 80% of steel used today has been previously recycled.

Eco-friendly and Economical Benefits

But durability isn’t the only thing that makes recycling steel so valuable. It’s eco-friendly and cost efficient, too. So much so that it takes 74% less energy to recycle steel than it does to make it from raw materials – enough to power almost a sixth of America’s homes for a year!

It’s also cheaper to reprocess steel than to mine iron ore, or to create new steel, which is an added bonus in today’s budget-conscious society.

How It Works

Typically, when a manufacturing product is no longer considered valuable to its owner, or the metal of a structure meets the end stages of its life, its steel components are picked apart as scraps. The scraps are then melted in high-temperature furnaces, which in turn liquefies the steel and burns off any remaining impurities. Once pure, the liquid metal is molded into new products, such as tools or engines.

Recently, however, some very clever minds have taken the way we use recycled steel to a whole new level.

Subway Cars Turned Underwater Reefs

Along the eastern seaboard, retired New York subway cars have found a new home on the floors of the ocean. And while it may seem that dumping these mammoth vehicles into the sea would be anything but helpful to the ecosystem, the trains that once transported New Yorkers across the Big Apple are transforming into habitats of millions of fish.

The project, which aimed to help the environment, was launched about 10 years ago by New York’s Metropolitan Transportation Authority (MTA).

After being decommissioned, cleaned and stripped of all removable items, some 25,000 cars were transported by barges and dumped off the coast. Although the campaign is no longer in operation, the cars have since been transformed into artificial reefs.

These unlikely habitats continue to provide plenty of space for invertebrates to live, and act as a hideaway for fish seeking protection from predators. The reef also functions as a source of food, offering more viable conditions than the sand bottom for the growth of various nutrients and organisms.

Old Bridge Gets New Life

While the steel which was once used on land is now being repurposed in water on the East Coast, the reverse is happening on the opposite end of the country.

After 77 years of linking San Francisco to Oakland, California’s Bay Bridge remains to be an icon of the region. Its structure, however, was deemed “earthquake unsafe” after a 1989 quake destroyed part of it. In 2013, its replacement opened to traffic and plans to deconstruct the defective bridge were set.

When scraps of the 58,000-ton steel structure were sold and distributed around the country and abroad after its first of three deconstruction phases, members of the community spoke up, demanding that parts be set aside to be reused in the area.

The Oakland Museum, in coordination with the Bay Area Transportation Authority (BATA), began to accept proposals for how the steel should be refurbished. Thus far, proposals have included everything from bus stops to rainwater catchment systems to sculptures that will retain the visual essence of the original bridge.

In a time when recycling is more important than ever, reprocessed steel is being reincarnated into structures of both function and form. Whether it be through urban sculptures or underwater habitats, recycled steel will continue to transform the way we see, use and better the world.

Pictured here: <Mother in the sea, Haenyeo> exhibition being held at POSCO Art Museum from
May 10~July 3, 2014

Korea’s Haenyeo diving culture at risk of not being recognized by UNESCO

Pictured here: Close-up photograph of a Haenyeo from Joon Choi’s exhibition

In 2013, Haenyeo were chosen by the officials at the Cultural Heritage Administration as South Korea’s candidate for the UNESCO List of the Intangible Cultural Heritage of Humanity for 2015. The Haenyeo culture is inherently Korean and is one of Korea’s prime intangible assets. However as Haenyeo travelled outside of Jeju, the culture spread to Japan as well. As the Korean government planned to register Haenyeo into the UNESCO list, the Japanese government has been making attempts to add a similar tradition of female divers to the UNESCO list as well with female divers called ama (あま). This has put the chances of Korea’s Haenyeo entering the UNESCO list at risk!

Joon Choi opens global exhibition to protect the cultural heritage of Jeju Haenyeo

Pictured here: Celebrated Korean photographer, Joon Choi, at his exhibition being held at
POSCO Art Museum

This exhibition highlights the work of one of Korea’s most celebrated photographers, Joon Choi. He tried to capture the trials and tribulations of Haenyeo in hopes to gather global support for them. Opening at POSCO Art Museum, the exhibition will be travelling to places around the world including Fukuoka National Museum and Miyazaki Museum in Japan, UNESCO headquarters in France, and Korea Culture Center in Brazil.

The title of the exhibition, <Mother in the sea, Haenyeo > represents the resilience of Haenyeo who must provide and be responsible for their families, much like greatness and care given by mothers.

If you are in Seoul or planning to be, here are directions and information. Admission is free!

Running dates: May 10 – July 3, 2014
Time: Mon-Friday, 10AM through 7PM / Sat, 11AM through 4PM (not opened on Sundays or public holidays)
Address: POSCO Center West B1, 2F. 440 Gangnam-gu, Seoul

Pictured here: Banners promoting Joon Choi’s exhibition at POSCO Center in Seoul

Photographer Joon Choi falls into the lives of Haenyeo

Pictured here: Joon Choi standing in the gallery space surrounded by his works of Haenyeo

So how did celebrated photographer Joon Choi become so passionate about Haenyeo? He studied in Tokyo and gained experience in New York. In 2005, he visited Jeju for an advertising shoot where he coincidentally met Haenyeo and which is where his deep interest in their lives began.

He began to observe the lifestyle of Haenyeo and was surprised by their resilience and will towards sustaining their livelihood. Furthermore, he made parallel comparisons of their way of life to that of a strong-willed mother. He could find comfort within the deep wrinkles of Haenyeo faces and felt the unconditional love and maternal instincts as proven by the rigors of their daily lives.

Pictured here: Captivating photograph of a Haenyeo by Joon Choi

Pictured here: Splashing fin of a Haenyeo during a dive

He continued to make visits to Jeju to capture their lives with photography and in March of 2013, he visited the small island off of Jeju, Udo, to further capture moments of Haenyeo. As Joon Choi was doing this, he heard about the unfortunate news related to Korea’s Haenyeo diving culture at risk of not being recognized by UNESCO. Therefore, he decided that he wanted to share the photographs he had collected over the past 9 years to a wider audience.

Pictured here: Entrance to the photo exhibit, <Mother in the sea, Haenyeo >

With the help of POSCO’s 1% Sharing Foundation which is making efforts to protect Korea’s cultural heritage, Joon Choi’s exhibition, <Mother in the sea, Haenyeo >, was able to become realized. The exhibition at POSCO Art Museum is showing about 160 works and is located in the original gallery space located on the 2^nd floor as well as in the new gallery space opened on the lower lobby floor.

In an interview, Joon Choi mentioned that the most captivating aspect for Joon Choi was that Haenyeo were like the ‘sky’ and had an emotional beauty. He found beauty in how Haenyeo were always faithful to the basics. Moreover, he said “I see the beauty in the faces of Haenyeo which have withstand the sea winds because they show both a strong and delicate façade. They have an aura that extends beyond the outer appearance which reflects the story of their lives felt by their whole bodies.”

Pictured here: Photograph of the youngest Haenyeo by Joon Choi

Pictured here: Waves as seen from Jeju Island

Jeju’s Haenyeo is a unique cultural heritage of Korea! Great support is needed to ensure that Haenyeo can be rightfully recognized as part of UNESCO’s intangible heritage list for 2015. We hope that the special exhibition highlighting Joon Choi’s works at POSCO Art Museum will inspire you to provide support for this cause!

Pictured here: Scenery of Udo, Jeju landscape, home to Korea’s Haenyeo

On October 16^th, on the Yi Sun-sin Bridge of Gwangyang-si of Jeollanamdo Province, the Yi Sun-sin road to national salvation, ‘New Nanjung Camp’ started on a 4-day 3-night journey.

Just as Admiral Yi Sun-sin overcame hardships and adverse circumstances with an undying will, this camp was designed to grow a mind of loyalty, love for the people, and leadership for teenagers who will become leaders of the future in a time of current adverse economic situations and strongly changing society and culture.

Vice President Hwang Eunyeong and Gwangyang Steelworks High School Principal Kim Seongjeong congratulated and encouraged the 282 second year students who are participating in the camp.

The high school students are spending 4 days and 3 nights, starting at the home of Son Gyeongrye in Jinju, Gyeongnam Province, where Admiral Yi Sun-sin received his notice of reappointment as the controller of the naval forces of the three provinces (Chungcheong-do, Jeolla-do, Gyeongsang-do), visiting Gurye where the Joseon naval forces rallied, Gokseong, Suncheon, Boseong, and Jangheung, and on to Wusuyeong where the Myeongryang Naval Battle which played an important role in reclaiming command of the sea took place, visiting the sites where Admiral Yi Sun-sin walked down the path of saving the nation and learning of his mentality of indomitable challenge, venerable mind of sacrifice, and leadership to overcome hardships. Particularly, 37㎞ of the 620㎞including the Jirisan hiking trail, village roads, and oceanside roads is traversed on foot, providing the opportunity to ruminate on the mentality of Admiral Yi Sun-sin, who never lost hope amidst difficult times and rebuilt the naval forces of Joseon.

Vice President Hwang Eungyeon in his commemorative speech said, “The New Nanjung Camp is a long march program that was designed to help you grow a strong will that does not fall to pieces even in adverse situations or under distress, based on the mentality of Admiral Yi Sun-sin who controlled the naval forces of Joseon which had previously fallen apart.  I hope that you can all gain the wisdom and courage to grow a challenging spirit and overcome difficulties as you walk down the same path that Admiral Yi Sun-shin followed with the fate of the country on his shoulders, but grew a flower of hope despite the difficult reality.”

High school students who arrived at the auto-camping site in Gokseong after the first day of the trip said, “I understood Admiral Yi Sun-sin vaguely as a hero who won many naval battles, but this was an opportunity to experience the many difficulties Admiral Yi Sun-sin faced and had to overcome to save the country, displaying great will.”

The second day starts at the site of Neungpajeong to Suncheon Nammun Gate and ends in Nakan Hanggyo and Nakan-Eupseong, while the third day is a march from the site of Joyangchang where the national storehouse of the Joseon Era was located to Hoeryeongjinseong of Jangheung where the ‘resolution of Hoeryeongpo’ took place.  On the 4^th and final day, members will gather at the starting point on the Yi Sun-sin Bridge in Gwangyang for a ceremony of awards and disbanding, closing the long march.

POSCO multiplied the education effect by additionally preparing interesting missions and contest programs to ruminate on the noble mind of Admiral Yi Sun-sin at major footholds of the New Nanjung Camp.

[Establishment]
POSCO on the basis of ‘Steelmaking Patriotism’

After the Korean War between 1950 and 1953, Korea was under severe damages in terms of its people, land and economy. The new community movement, or so-called Saemaeul Movement, from the late 60s embarked upon reconstruction of the nation to overcome poverty and economic difficulties. The 2nd Five-Year Economic Development Plan was introduced in 1967 and one of the top priorities was to build an integrated steelworks. Korea had neither capital nor technology to accomplish the mission but the challenge continued.

In 1965, then-President Park Chung-hee visited the U.S. and met President Poy of Koppers to discuss the construction of integrated steelworks. After the meeting, the plan became feasible and the Korea International Steel Association (KISA) was founded with seven companies from the U.S., the U.K., West Germany and Italy. Three years later, Pohang Iron & Steel Co., Ltd, was established.

[Construction of Pohang Steelworks]
Building a steelworks on a wild terrain of Young-il Bay

Geographically, Korea is not a perfect place to build steelworks. But it didn’t halt POSCO’s challenging and innovative spirit, which are still POSCO’s principles, from deciding Young-il Bay in Pohang as the home of integrated steelworks.

In April, 1970, the whole nation watched the groundbreaking ceremony with bated breath. With the roar of blasting powder, the construction of Pohang Steelworks, which will go down in history of Korea and its economy, began.

When the furnace first poured down molten metal into a cast, Park Tae-joon, the Founder and President of POSCO, and every personnel on the site cried out hoorays during the overwhelming moment.

The construction process was undertaken through four phases over 13 years of period. In 1983, it recorded annual crude-steel capacity of 9.1 million tons.

[Construction of Gwangyang Steelworks]
‘The Steelworks of Dream’ built on the sea

In 1970, sluggish global economy affected developed countries to cut down their steel productions. However, demands for steel soared in Korea given its economic development plans. Domestic companies started planning to construct the second steelworks.

Amid its rivals, POSCO, with the experience and technology the firm acquired from building the first steel work in Pohang, reclaimed the land from the sea and built Gwangyang Steelworks. The facility was designed with cutting-edge technologies such as automation and computerization of all the processes. It was indeed ‘the Steelworks of Dream’, aiming at the 21st century’s new environment.

[After Completing the History]
POSCO’s challenge to become the global leader continues.

After accomplishing the construction for annual crude-steel capacity of 20.8 million tons, POSCO lays the foundation stone of globalized operation by being listed on the New York Stock Exchange, for the first time as a Korean corporation in 1994. In December 1995, the company opens POSCO Center in Daechi-dong, Seoul and marks the beginning of yet other proud history for POSCO.

After tirelessly marching forward for prosperity of Korea and its economy, POSCO then enters into a new era. In order to enhance the organization’s specialty and efficiency, POSCO introduces a management commission and outside directorships. The moves later serve as a momentum of concreting POSCO’s advanced management system. Following the privatization in 2000, the company changes its name from Pohang Iron & Steel Co,. Ltd. to POSCO Co., Ltd. as we call it nowadays.

Since then, POSCO has continuously received the honors such as being named as one of the top corporations in Dow Jones Sustainability Indexes for 8 consecutive years. POSCO was also awarded as the most respected Korean company in 2012. As you can see, POSCO’s mission to create greater outcomes is on its course, not only in domestic market but at global level.

Notably, CSR activities in relation with regional communities and supports for multicultural families have been recognized with a great deal of attentions towards POSCO, the ‘beloved’ company. On the strength of development in brand value, POSCO was selected as the ‘the Most Respected Korean Company for 10 Consecutive Years’. The award illustrates POSCO’s overall management innovation in terms of enhancing the corporate’s image amongst the public. POSCO is also continuing its highly profitable earnings rate, highest in the field globally. According to an internationally renowned steel-making industry analysis agency, POSCO has been the world’s most competitive steel company for the past four years, ensuring its firm position as one of the global leaders.

Furthermore, amid the slumping financial performances of numerous steel making companies under sluggish global economy in last year, POSCO manufactured 37.99 million tons and sold 35.05 million tons of crude steel. Not only that, POSCO posted KRW 63.6 trillion in turnover and KRW 3.65 trillion operating profits. The operating profit of 7.8% rate is the highest figure in the industry and POSCO was capable of accomplishing the result through expanding the sales of high value-added products and cost reduction. With these successes, POSCO is successfully forwarding its medium-and long-term investment plans for future growth.

Keeping the pace with the Chief Executive Officer Chung Joon-yang’s declaration of management innovation last year, POSCO is planning to emphasize quality of development on the basis of profitability. By 2015, POSCO aims to increase the company’s capability of manufacturing crude steels up to 48 million tons globally as well as raising the capacity of domestic and overseas generation units to 4,474MW. In materials, POSCO is targeting to reach the KRW 8.2 trillion goal in sales to build a portfolio with profitability and growth for the future.

As we have witnessed, POSCO is an icon of Korea’s growth industry and driving force. Aside from the success of becoming the world’s most competitive steel manufacturer, POSCO will not be complacent and keep walking its own path as a major global corporation. So we ask for your continued support.

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December, 1965 – the Korea International Steel Association established

July, 1967 – City of Pohang selected as location for integrated steelworks

April, 1968 – Pohang Iron & Steel Co., Ltd. established

April, 1970 – Construction of Pohang Works Phase 1 begun

February, 1981 – Construction of Pohang Works Phase 4 completed (annual crude-steel capacity: 8.5 million tons)

March, 1985 – Construction of Gwangyang Steelworks Phase 1 begun

December, 1986 – POSTECH opened

October, 1992 – Integrated construction completed in time to celebrate a Quarter-century of Pohang Iron and Steel Co., Ltd. (annual crude-steel capacity: 20.8 million tons.)

December, 1995 – POSCO Center opens in Seoul

October, 2000 – Privatization completed

March, 2002 – Company name changed to POSCO Co,. Ltd.

May, 2012 – POSCO selected as the most respected Korean company

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