POSCO reaches 800 million tonnes of steel output

South Korean steel company POSCO said it has crossed over 800 million tonnes of steel products in nearly 43 years since production began in 1972. POSCO has contributed to the industrialization of Korea over the past 43 years and continues to support the country's overall economic growth. By creating high quality steel products, the company has contributed to the rapid development of roads and ports, the shipbuilding (No. 1 in the world) and automotive (No. 5 in the world) industries. In addition, metallurgical plants ensured the development of small villages into large industrial cities with modern infrastructure.

According to the company, total production exceeded 800 million tonnes of steel as of 7 a.m. on June 25. In this regard, POSCO is holding celebrations at its factories in Pohang City, Gyeongsangbuk-do, and Gwangyang, Jeollanam-do to encourage its employees. CEO Kim Jin-il said in his address to employees, “We are particularly proud that the record was set against the backdrop of the economic crisis and ongoing fierce global competition. We believe that our growth, both quantitatively and qualitatively, was only possible because we have ensured our competitiveness through the development of innovative technologies, optimization of facilities and progressive marketing. We believe that the main culprits of our success were the strength of the spirit and the creative wisdom of the staff. "

POSCO began production on July 4, 1972, and production exceeded 100 million tonnes in 1989 and 400 million tonnes in 2002. In 2010, POSCO was the world's largest steel company by market value. In addition, it is one of the 146 largest corporations in the world. POSCO is now a multinational iron and steel business headquartered in Pohang, South Korea. Its main two integrated steel mills, Pohang and Gwangyang, are located in South Korea. In addition, POSCO operates in a joint venture with US Steel, USS-POSCO, based in Pittsburgh, USA. POSCO has built factories in Mexico, Vietnam, Indonesia and other countries.