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2024-05-12 13:34:04

POSCO

South Korean steel manufacturer
South Korean steel manufacturer
POSCO, headquartered in Pohang, South Korea, is one of the world's largest steelmakers. It operates two steel mills in South Korea and previously had a joint venture in the United States.
1965-12
Establishment of Korea International Steel Association
In December 1965, the Korea International Steel Association was established.
1967-06-30
Selection of Pohang for Integrated Steelworks
On June 30, 1967, the Korean government chose Pohang as the location for an integrated steelworks.
1968-04-01
Establishment of POSCO
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.
1969-08-04
Korean Government sets capacity target for Pohang Steel Mill
On August 4, 1969, the Korean Government established a capacity target of 1.03 million tons for the Pohang Steel Mill.
1970-04-01
Commencement of Construction on Pohang Steel Mill Phase 1
On April 1, 1970, the construction of Phase 1 of the Pohang Steel Mill began.
1970-07-03
Dedication of Pohang Steel Plant
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.
1971-05
Establishment of Pohang Industrial Furnace Co., Ltd.
In May 1971, Pohang Industrial Furnace Co., Ltd. was established.
1972
Completion of Pohang Steel Mill Phase 1
In 1972, the Pohang Steel Mill Phase 1 was successfully completed.
1973-03-02
Achieved Milestone in Steel Exports and Revenues
On March 2, 1973, the company surpassed the U$100 million mark in steel exports and the ₩100 billion mark in revenues.
1973-07-03
First Molten Iron Tapped from Blast Furnace
On July 3, 1973, the company tapped the first batch of molten iron from Pohang Steelworks Blast Furnace No.1 at 7:30am.
1974-10-01
Establishment of Steel Education Foundation
On October 1, 1974, the Steel Education Foundation was established.
1975
Development of High Tensile Strength Steel Production
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.
1976-04-30
Launch of R&D Center
On April 30, 1976, POSCO launched its Research and Development Center.
1976-05-31
First Shipment of Cold-Rolled Products
On May 31, 1976, POSCO made its first shipment of cold-rolled products.
1976-11-16
Completion of Pohang Steel Mill Phase 2 Construction
On November 16, 1976, the construction of Pohang Steel Mill Phase 2 was successfully completed.
1977-01-01
Completion of Pohang Steel Mill Phase 3 Construction
On January 1, 1977, the construction of Pohang Steel Mill Phase 3 was successfully completed.
1978-10-30
Formation of Business Enhancement Committee
On October 30, 1978, the Business Enhancement Committee was established.
1978-12-08
Selection as Builder and Operator of Second Steel Mill
On December 8, 1978, POSCO was selected as the builder and operator of the second steel mill.
1980-06-30
Agreement for Joint Development of Green Hills Mine in Canada
On June 30, 1980, POSCO entered into a partnership agreement for the joint development of Green Hills Mine in Canada.
1981-01-21
Launch of Nosa Labor-Management Council
On January 21, 1981, the Nosa Labor-Management Council was established.
1981-02-18
Completion of Pohang Steel Mill Phase 4
On February 18, 1981, Phase 4 of the Pohang Steel Mill was successfully finished.
1981-02-28
Transition to State-Financed Enterprise
By February 28, 1981, POSCO moved from being a state-invested enterprise to a state-financed one.
1981-11-04
Selection of Gwangyangman Bay for Second Steelworks
On November 4, 1981, Gwangyangman Bay was designated as the location for POSCO's second steelworks.
1982-09
Construction of Gwangyang 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.
1983-12
Construction of a fully automated factory for irregular-shaped refractories
In December 1983, a fully automated factory for irregular-shaped refractories was constructed.
1985-03
Commencement of Construction of Gwangyang Steelworks Phase 1
In March 1985, the construction of Gwangyang Steelworks Phase 1 began.
1986-12
Opening of POSTECH
In December 1986, POSTECH was opened.
1987-04-01
Completion of POSCO Headquarters
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.
1988-04-29
Korean Steel Firm Takes on the Japanese
An article by Joseph Manguno published in the Wall Street Journal on April 29, 1988, discussing the competition between a Korean steel firm and Japanese counterparts.
1989
Foreign Ownership of POSCO
In 1989, POSCO opened itself to foreign ownership and began selling overseas convertible bonds to fund its expansion projects. This move marked a significant step towards internationalization for the company.
1991
POSCO's Expansion into Chinese Market
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.
1992-10
Completion of Integrated Construction for Pohang Iron and Steel Co., Ltd.
In October 1992, the integrated construction was completed in time to celebrate a Quarter-century of Pohang Iron and Steel Co., Ltd. with an annual crude-steel capacity of 20.8 million tons.
1993-04
Founded a technology research center
In April 1993, a technology research center was established.
1994-07
Creation of POSTEEL and POSTRADE
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.
1994-12
Company renamed Pohang Iron and Steel Furnace Equipment Co., Ltd.
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.
1995-12
Opening of POSCO Center in Daechi-dong, Seoul
In December 1995, POSCO opened the POSCO Center in Daechi-dong, Seoul, signaling the start of another proud chapter in the company's history.
1996
POSCO's Venture in Vietnam
In 1996, POSCO entered the Vietnamese market by launching a new plant, further diversifying its operations.
1997-11-25
First long-term iron ore offtake agreement with Hamersley
On November 25, 1997, POSCO concluded its first long-term iron ore offtake agreement with Hamersley.
1997-12-15
Founding of in-house newsletter Soetmul
The in-house newsletter Soetmul, meaning molten iron, was established on December 15, 1997.
1998
Introduction of Management Commission and Outside Directorships
In 1998, POSCO introduced a management commission and outside directorships to enhance its specialty and efficiency, laying the foundation for an advanced management system.
1999-02-02
POSCO Spent $3.83 Billion on Bad Investments
An article by Mi-Hui Kim in the Asian Wall Street Journal on February 2, 1999, revealing that POSCO made significant financial losses due to bad investments.
2000-10
Privatization of POSCO completed
In October 2000, the privatization of POSCO was completed.
2001-04
Company renamed POSREC Co., Ltd.
In April 2001, the company underwent another name change to POSREC Co., Ltd.
2002-03
Change of Company Name to POSCO Co., Ltd.
In March 2002, the company name was changed to POSCO Co., Ltd.
2003-07
Listed on KOSDAQ
In July 2003, the company was listed on KOSDAQ, marking a significant milestone in its financial history.
2004-07
Declaration of the Code of Ethics
In 2004, the company officially announced its Code of Ethics, outlining the principles and guidelines for ethical behavior within the organization.
2005-06
POSCO signs agreement with State of Orissa in India for steel plant construction
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.
2006-06-30
POSCO completes construction of sixth continuous galvanizing line in Gwangyang mill
On June 30, 2006, POSCO finished building its sixth continuous galvanizing line at the Gwangyang mill in South Jeolla Province, solidifying its position as the second-largest producer of sheet steel globally.
2007
Berkshire Hathaway acquires stake in POSCO
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.
2008-02
Attainment of KOSHA 18001 Certification
In February 2008, the company achieved the Safety and Health Management System (KOSHA 18001) certification, demonstrating its dedication to ensuring a safe and healthy work environment for its employees.
2008-11
Commencement of Lime Burning Facility at Pohang Steelworks
The lime burning facility at Pohang Steelworks began operations in November 2008, contributing to the production processes and infrastructure of the steelworks.
2009
Acquisition of Asian Stainless Corp in Vietnam
In 2009, POSCO acquired Asian Stainless Corp in Vietnam.
2010-03
Renaming of POSCO Chemtech
In 2010, POSCO Chemtech underwent a name change to reflect its evolving business operations and strategies.
2010-07
N.C. Saxena Committee Review
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.
2010-08
Operation of COG Facility at Gwangyang Steelworks
In August 2010, POSCO Chemtech commenced the operation of a coke oven gas (COG) facility at Gwangyang Steelworks, enhancing its production capabilities.
2010-09
Acquisition of Anode Materials Business
In September 2010, POSCO Chemtech successfully acquired an anode materials business, expanding its product portfolio and market presence.
2010-11
Start of COG By-Product Business
In November 2010, POSCO Chemtech initiated its COG by-product business, introducing new revenue streams and sustainable practices.
2010-12
Recognition as Top 100 Job-Creating Company
In December 2010, POSCO Chemtech was honored as one of the top 100 companies that significantly contributed to job creation, highlighting its positive impact on the economy.
2011-01-31
Environment Clearance for POSCO
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.
2012-01
ISO 9001 and ISO 14001 Certification
In January 2012, the company earned certification for Quality Management System (ISO 9001) and Environmental Management System (ISO 14001), showcasing its commitment to quality and environmental standards.
2012-05
POSCO Selected as the Most Respected Korean Company
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.
2012-10
Establishment of Burned Lime Subsidiary in Indonesia
In October 2012, a burned lime subsidiary was founded in Indonesia, expanding the company's operations internationally.
2013-04-02
POSCO's 45th Anniversary
POSCO celebrated its 45th anniversary in 2013, marking 45 years of operation and contribution to Korea's history.
2014-01-15
Renewal of Environment Clearance
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.
2015
Cancellation of $12 billion Odisha project by POSCO
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.
2016-11
Talks between POSCO and Arrium
In November 2016, discussions took place between POSCO executives and Arrium regarding the potential sale of the Whyalla Works, aiming to find a suitable buyer committed to long-term operations.
2017-03-18
POSCO exits steel plant project in Odisha, India
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.
2018-12
Record Sales Achievement in 2018
In December 2018, POSCO marked a significant milestone by achieving 1.3 trillion won in sales, the largest in the company's history.
2019-04
Integration of Energy Material Business
Following the merger with POSCO ESM, the energy material business was integrated into the company.
2019-05
Transfer and Listing of Marketable Securities
The marketable securities were transferred and listed on KOSPI exchange.
2019-07
Completion of Phase 1 Construction of Cathode Material Plant
The cathode material plant in Gwangyang successfully completed phase 1 of its construction.
2019-08
Formation of Joint Venture with Pilbara Minerals Ltd
In August 2019, POSCO and Australia's Pilbara Minerals Ltd signed a binding terms sheet to establish a joint venture in South Korea for the development and operation of a lithium hydroxide and carbonate chemical conversion facility.
2019-10
Completion of Phase 1 Construction of Second Anode Material Plant
The second anode material plant completed phase 1 of its construction.
2020-12-31
POSCO's Total CO2e Emissions Report
POSCO reported Total CO2e emissions (Direct + Indirect) for 31 December 2020 at 75,650 Kt (-4,614 /-5.7% y-o-y). This reflects the company's environmental impact and efforts to reduce carbon footprint.
2021-01
Establishment of P&O Chemical Subsidiary
In January 2021, P&O Chemical, a subsidiary, was founded to expand the company's operations.
2021-04
Increase in Paid-in Capital by 1,273.5 Billion KRW
In April 2021, the company raised its paid-in capital by a significant amount of 1,273.5 billion KRW.
2021-11
Celebration of 50th Anniversary of Founding
In November 2021, the company celebrated its 50th anniversary since its establishment.
2022-01-13
Adani Group signs MoU with POSCO for Integrated Steel Mill in Mundra, Gujarat
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.
2023-01
Completion of Gwangyang Cathode Production Plant Phases 3 and 4
In January 2023, the final phases 3 and 4 of the Gwangyang cathode production plant were completed.
2023-03
High-Nickel Cathode Supply Contract with Samsung SDI
In March 2023, a significant milestone was achieved as a 40 trillion KRW high-nickel cathode supply contract was secured with Samsung SDI.
End of the Timeline
POSCO

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POSCO

South Korean steel manufacturer
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