POSCO

The Pohang Iron and Steel Company, or POSCO () () () (), based in Pohang, South Korea, is the world's third-largest steel maker by market value

Currently, POSCO operates two steel mills in the country, one in Pohang and the other in Gwangyang. In addition, POSCO operates a joint venture with U.S. Steel, USS-POSCO, which is located in Pittsburg, California.

With the strong Korean shipbuilding and automobile industry dependent on POSCO for steel, it has been seen as the bedrock of Korea's industrial development over the past 40 years.

History

1968–1971

In the 1960s, South Korean President Park Chung-hee's administration concluded that self-sufficiency in steel and the construction of an integrated steelworks were essential to economic development. Since South Korea had not possessed a modern steel plant prior to 1968, many foreign and domestic businesses were skeptical of Seoul's decision to invest so heavily in developing its own industry. Despite the skepticism, under the lead of Park Tae-joon, then TaeguTec president, POSCO was established as a joint venture between the Korean Government and TaeguTec. It began production in 1972, just four years after the company's inauguration in April 1968 with thirty-nine employees.

Japan provided the...
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