09 Nov POSCO’s Profile & Relationship with Australia
POSCO was established in 1968 to spearhead the industrialization of Korea by providing high quality steel, which has been indispensable to the advancement of other key industries that has enabled Korea’s rapid rise to an economic powerhouse.
As the first integrated steel producer in Korea, POSCO has grown to produce 43 million tons of crude steel a year; 38 million tons of crude steel a year from Pohang and Gwangyang Steelworks in Korea. POSCO is involved in a variety of global business sectors across 53 countries.
Gwangyang and Pohang steelworks rank as the world’s largest and second largest in terms of production volume, respectively, and major products produced by these steelworks include hot rolled steel, cold rolled steel, and stainless steel.
POSCO also has presence in non-steel sectors with affiliates in trading, infrastructure, chemicals, energy and ICT. With collective expertise and synergy across affiliates, POSCO has been contributing to the development of mankind through endless innovation and technology development.
Recently, through pursuing a new business philosophy ‘Corporate Citizenship: Building a Better Future Together’, POSCO strives to become a valued member of society and grow together with various stakeholders including employees, shareholders, customers, suppliers, vendors and local communities.
Business & Relationship with Australia
For over 45 years since the first operation of its blast furnace in 1972, POSCO has been importing ironmaking raw materials such as iron ore and coal from Australia. As a single entity, POSCO is the largest importer of Australian raw materials totaling approximately U$4.5 billion in 2018.
Thanks to Australia’s continued stable supply of high-quality raw materials, POSCO has grown to become one of the most competitive steelmakers recently recognized by World Steel Dynamics (WSD) as the world’s most competitive steelmaker for 10 consecutive years.
POSCO has invested about A$4.5 billion in eight different raw material projects in Australia. Major investment assets include Roy Hill (iron ore) in West Australia and Mt. Thorley (coal) in New South Wales.
More recently, POSCO is focusing on supplying core materials for secondary batteries, and has invested in Pilbara Minerals (lithium mine) to ensure a stable supply of materials to its lithium carbonate plant.
For a more effective management of its raw material assets and Joint Ventures, POSCO established POSCO-Australia in Sydney in 1981.