Hello Everyone! Welcome to our blog! Over the course of the next month Julio, Chen, and I will be blogging about our trip to South Korea.
During our time there we will be exploring the culture, gaining knowledge of International Human Resource Management, and researching our company. For this trip we have been assigned POSCO Steel and have been working over the past few weeks to research the company.
Pohang Iron and Steel Co. Ltd (POSCO) of South Korea, one of the biggest iron and steel manufacturers in the world, was founded in 1968. Each year it provides customers from more than 60 countries worldwide with 26 million tons of iron and steel products. The company produces various kinds of advanced iron and steel products including hot rolled coils, steel plates, steel bars, cold-rolled steel plates and stainless steel products. The Morgan Stanley Bank International Limited of the U.S.A. has assessed the company as The Most Competitive Iron and Steel Manufacturer in The World. POSCO has a steelworks called Kwangyang Works which has 16 million tons of yearly output and ranks first globally. It also has Pohang Works as well, which has 12 million tons of yearly output and ranks second in the world.
The South Korean government carried out the privatization policy on POSCO in October 2000. The annual income from the investment reached 16.7%, which had been the highest rate of investment return for the government since it was founded. POSCO was listed in New York Stock Exchange in 1994 and in London Stock Exchange the next year. Now, the foreign shareholders of POSCO has a percentage of over 60% and has been considered as the most representative blue-chip companies in South Korea. POSCO has 13 subcompanies in South Korea and 34 steelworks, raw material factories and sales companies in over 9 countries. These include China, Thailand, Vietnam, America, Venezuela, Brazil, Canada and Australia.
POSCO Steel focuses on a desire “to be the most respected steel company in the world by providing sustainable success through additional value to the community and environment”. Their mission reads “Building a better tomorrow with steel”. In order to keep in line with their mission and achieve their vision, POSCO steel has chosen to focus on creating a culture that has strong customer satisfaction, safe and ethical practices, and a sense of purpose for their employees. Their global competitors include ArcelorMittal, Hyundai Steel Company, and Nippon Steel & Sumitomo Metal Corporation.
After researching this company we are all very excited for a chance to see it first hand. We believe it will be an amazing opportunity to be able to meet with people who work there and to dig deeper into their management systems. Prior to conducting this research I have never stopped to think about how much steel was used in the world today and how the production of such material affected the global economy. I’m excited to learn more about an industry I know little about. Stay tuned to learn more about POSCO Steel and our travels through South Korea!