Creating future business and pledging to strengthen global networks with the cooperation of ‘Steelworkers’

The ‘Steelworkers’ have led industrialization in Korea, and gathered at the ‘2014 New Year’s Steel Industry Gathering’ to plan harmony for the New Year.

On January 8^th at the POSCO Center New Year’s Greetings gathering, 200 attendees, including Industry, Trade, and Energy Minister Yoon Sang-jik, POSCO CEO Chung Joon-yang, and government, steel industry, academia, and research center, representatives pledged to overcome difficulties together through cooperation and take the current crisis as an opportunity to once again move forward.

Industry, Trade and Energy Minister Yoon Sang-jik emphasized in his New Year’s speech, “Despite external crisis factors surrounding our economy such as global economic stagnation, protective trade policies, and the declining value of the Japanese Yen in 2013, we were able to create a new paradigm internally focused on creative economy, convergence, and innovation. The steel industry has faced declining production and exports for two consecutive years, but must overcome its current crises and continue to lead Korean industry.”

Minister Yoon continued by presenting the three major tasks of Korea’s steel industry: △ develop steel materials requested by companies leading demand worldwide △ form a sound ecosystem through inter-industry cooperation △ implement the industries responsibilities by normalizing abnormal customs.

POSCO CEO Chung said in his greeting, “This year’s steel industry continues to face unbalanced supply and demand due to over-supply issues.

We will continue our efforts to make this year one of new forward momentum to break through external and internal crises regarding current macroeconomic and structural risks.”

He emphasized, “The steel industry must do its best to strengthen corporate competitiveness by securing steel materials technology and quality, and invest in R&D for convergence technologies between industries to create future business for the steel industry in order to overcome issues in the external and internal management environment. In addition, the industry itself must strengthen its global networks to overcome trade friction in an astute manner.”

At the Steel Industry CEO Gathering, Minister Yoon forecast that the coming several years represent an important period when the direction of the Korean steel industry can be measured, and requested that the government and industry gather its forces to overcome current difficulties.