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U.N. Maritime Agency OKs POSCO’s Steel for LNG Tanks

U.N. Maritime Agency OKs POSCO’s Steel for LNG Tanks

SEJONG, Dec. 9 (Korea Bizwire) — The U.N. maritime agency has approved guidelines on the application of POSCO’s steel product, officials said Friday, paving the way for global sales of high manganese austenitic steel for liquefied natural gas (LNG) tanks. The International Maritime Organization (IMO) made the decision in favor of POSCO’s steel for cryogenic [...]

POSCO Creates Task Force to Handle N. Korean Business

POSCO Creates Task Force to Handle N. Korean Business

SEOUL, Aug. 30 (Korea Bizwire) — South Korea’s top steelmaker, POSCO, recently created a new task force to prepare for potential business opportunities in North Korea, the company’s chief said Thursday. POSCO CEO Choi Jeong-woo told reporters earlier in the day that the firm and its affiliates have initiated a new team to manage all [...]

POSCO Q1 Net Jumps 11% on Demand, Equity Gains

POSCO Q1 Net Jumps 11% on Demand, Equity Gains

SEOUL, April 24 (Korea Bizwire) – POSCO, the world’s fifth-biggest steelmaker by output, said Tuesday its first-quarter net profit jumped 11 percent from a year earlier on rising demand and increased shareholding gains. Net profit for the three months ending on March 31 rose to 1.084 trillion won (US$1 billion) from 976.9 billion won a year earlier, the company said in a statement. “Rising demand for steel products [...]

POSCO Begins Selection of New Chief as its Chairman Offers to Quit

POSCO Begins Selection of New Chief as its Chairman Offers to Quit

SEOUL, Apr. 18 (Korea Bizwire) — POSCO, the world’s fifth-biggest steelmaker by output, said Wednesday it has begun the process of selecting a new chairman as Kwon Oh-joon offered to step down. Kwon, who has been leading the steelmaker since March 2014, made the announcement during a meeting with the company’s board of directors that [...]

POSCO to Partner in Implementing U.N. Sustainable Development Goals

POSCO to Partner in Implementing U.N. Sustainable Development Goals

SEOUL, April 11 (Korea Bizwire) – POSCO, the world’s fifth-largest steelmaker by output, will partner in the implementation of U.N. Sustainable Development Goals, a local nongovernmental organization (NGO) said Wednesday. The South Korean steel company has been working on a project since 2014 to build high-quality houses using its own steel house method and to provide sustainable life for residents in the cities where POSCO operates. [...]

Turning 50, POSCO Seeks to Diversify to Energy, Materials Businesses

Turning 50, POSCO Seeks to Diversify to Energy, Materials Businesses

SEOUL, Apr. 1 (Korea Bizwire) — POSCO said Sunday it will diversify its business portfolio to include infrastructure, biotechnology and new materials as South Korea’s No. 1 steelmaker marked the 50th anniversary of its foundation. Laying out its long-term vision, the company said it aims to increase its sales by twentyfold to 500 trillion won [...]

POSCO-Samsung SDI Consortium to Build Cathode Plant in Chile

POSCO-Samsung SDI Consortium to Build Cathode Plant in Chile

SEOUL, Mar. 12 (Korea Bizwire) — A South Korean consortium made up of steelmaker POSCO and battery maker Samsung SDI Co. will invest 57.5 billion won (US$54 million) to build a cathode plant in Chile by 2021, POSCO said Sunday. The POSCO-Samsung SDI consortium beat 12 companies from seven countries to secure the Chilean project, [...]

Heavy U.S. Tariffs to Hurt Steel Exports: Sources

Heavy U.S. Tariffs to Hurt Steel Exports: Sources

SEOUL, Mar. 9 (Korea Bizwire) — South Korean steel exports to the United States will take a big hit from Washington’s move to slap heavy tariffs on imported steel, local industry sources said Friday. Defying threats of retaliatory measures from major economies, U.S. President Donald Trump signed orders imposing 25 percent tariffs on steel imports, [...]

POSCO to Buy 240,000 Tons of Lithium Spodumene Concentrate From Australia

POSCO to Buy 240,000 Tons of Lithium Spodumene Concentrate From Australia

SEOUL, Feb. 27 (Korea Bizwire) – POSCO, South Korea’s largest steel producer, said Tuesday it has signed a deal to buy up to 240,000 tons of lithium spodumene concentrate per year from Australia’s Pilbara Minerals, securing the key material for its lithium business. POSCO did not elaborate on how much it will pay for the import of lithium spodumene concentrate.  Lithium is a key material [...]