POSCO

On June 30, 1967, the Korean government chose Pohang as the location for an integrated steelworks.

In 1968, the South Korean government established Pohang Iron and Steel Company (POSCO) to achieve self-sufficiency in steel production and boost economic development. The construction of the Pohang plant began on this date.

On August 4, 1969, the Korean Government established a capacity target of 1.03 million tons for the Pohang Steel Mill.

On April 1, 1970, the construction of Phase 1 of the Pohang Steel Mill began.

On July 3, 1973, the Pohang steel plant of POSCO was dedicated with an initial annual capacity of 1.03 million metric tons. This marked a significant milestone in South Korea's steel industry development.

In May 1971, Pohang Industrial Furnace Co., Ltd. was established.

In 1972, the Pohang Steel Mill Phase 1 was successfully completed.

On March 2, 1973, the company surpassed the U$100 million mark in steel exports and the ₩100 billion mark in revenues.

On July 3, 1973, the company tapped the first batch of molten iron from Pohang Steelworks Blast Furnace No.1 at 7:30am.

In 1975, POSCO laid the foundation for the first major expansion of overall production by developing high tensile strength steel. This advancement allowed the company to diversify its production capabilities.

On June 30, 1980, POSCO entered into a partnership agreement for the joint development of Green Hills Mine in Canada.

On January 21, 1981, the Nosa Labor-Management Council was established.

On February 18, 1981, Phase 4 of the Pohang Steel Mill was successfully finished.

By February 28, 1981, POSCO moved from being a state-invested enterprise to a state-financed one.

On November 4, 1981, Gwangyangman Bay was designated as the location for POSCO's second steelworks.

Gwangyang Steelworks, constructed in four phases between September 1982 and October 1992, is Korea's second integrated steelworks. It focuses on manufacturing automotive steel, high-strength structure steel, and other strategic products.

In December 1983, a fully automated factory for irregular-shaped refractories was constructed.

The construction of POSCO headquarters at 1 Goedong-dong, Nam-gu, Pohang, was completed on April 1, 1987. It serves as the central hub for overseeing major tasks such as management, planning, and finances of the steelworks at Pohang and Gwangyang.

In 1991, POSCO significantly increased its steel exports to China, shipping over one million tons, marking a substantial growth from the previous year. This expansion was part of POSCO's strategy to tap into the nascent Chinese market.

In April 1993, a technology research center was established.

In July 1994, POSCO established two subsidiary companies, POSTEEL and POSTRADE. POSTEEL focused on domestic sales and services, while POSTRADE handled international trading of POSCO products.

In December 1994, the company underwent a name change to Pohang Iron and Steel Furnace Equipment Co., Ltd. as a result of the merger between Samhwa Hwasung and Keoyang Furnace.

In December 1995, POSCO opened the POSCO Center in Daechi-dong, Seoul, signaling the start of another proud chapter in the company's history.

In 1996, POSCO entered the Vietnamese market by launching a new plant, further diversifying its operations.

In 1998, POSCO introduced a management commission and outside directorships to enhance its specialty and efficiency, laying the foundation for an advanced management system.

In April 2001, the company underwent another name change to POSREC Co., Ltd.

In July 2003, the company was listed on KOSDAQ, marking a significant milestone in its financial history.

In June 2005, POSCO signed a memorandum of understanding with the State of Orissa in India to invest $12 billion in constructing a steel plant with significant production capacity, promising to be a major foreign direct investment in India.

In 2007, Warren Buffett's Berkshire Hathaway purchased a 4% stake in POSCO, showing confidence in the company's prospects. However, Berkshire later divested its shares in 2014.

Ministry of Environment and Forests set up the N.C. Saxena committee in July 2010 to review the clearance for the POSCO project, which indicated violations of the Forest Rights Act.

Despite the N.C. Saxena committee's findings of Forest Rights Act violations, the Ministry of Environment and Forests issued final clearance to POSCO on January 31, 2011.

In May 2012, POSCO was chosen as the most respected company in South Korea. This recognition highlights the company's reputation and standing within the Korean business community.

POSCO celebrated its 45th anniversary in 2013, marking 45 years of operation and contribution to Korea's history.

On January 15, 2014, the Central Government of India expressed confidence that with the renewal of environment clearance, the POSCO project in Odisha would progress.

The $12 billion Odisha project, initiated in 2005 as India's largest foreign direct investment, was cancelled in 2015 due to prolonged delays in land acquisition and opposition from local tribal groups. A new mining law enacted in March 2015 would have also required POSCO to obtain a mining license through auction.

POSCO officially withdrew from the steel plant project in Odisha, India on March 18, 2017, after facing delays and regulatory approval issues. The project was initially agreed upon a decade ago with a planned investment of $12 billion USD.

Following the merger with POSCO ESM, the energy material business was integrated into the company.

The marketable securities were transferred and listed on KOSPI exchange.

The cathode material plant in Gwangyang successfully completed phase 1 of its construction.

The second anode material plant completed phase 1 of its construction.

On January 13, 2022, the Adani Group announced a Memorandum of Understanding with POSCO to explore the establishment of an Integrated Steel Mill in Mundra, Gujarat, with an estimated investment of $5 billion USD.