POSCO International
{{short description|South Korean company}}
{{Infobox company
| name = Posco International Corporation
| former_name = Daewoo Corporation
(1967–2000)
Daewoo International
(2000–2016)
Posco Daewoo
(2016–2019){{Cite web|url=https://www.donga.com/news/Economy/article/all/20190323/94695186/1|date=2021-03-23|title=세계경영 호령하던 '대우' 브랜드, 역사의 뒤안길로}}
| logo = POSCOINTERNATIONAL.png
| logo_size =
| image =
| image_caption = Headquarter at Incheon, Korea
| native_name = 주식회사 포스코인터내셔널
| romanized_name = Jusikhoesa Poseuko Inteonaesyeoneol
| type = Public
| traded_as = {{kse|047050}}
| foundation = {{start date and age|1967}}
| founder = Kim Woo-choong(founder)
| location = Seoul, South Korea
| area_served = Worldwide
| key_people = Jeong Tak
(Vice Chairman & Chief Executive Officer){{Cite web|url=https://www.koreatimes.co.kr/www/tech/2021/02/693_280647.html|title=POSCO names new CEOs for trade, E&C, energy units|date=20 December 2019 }}
| industry = Energy & Resource Development, International Trading & Investment, Project Organization
| products = Steel, LNG, Automotive components, Agro/Crop{{Cite web|url=http://poscointl.com/eng/items.do|title=corporate website}}
| parent = POSCO
Daewoo Group (Formerly)
| subsid = POSCO MOBILITY SOLUTION
| services = Energy(Gas, LNG, Solar, Wind, Hydrogen)
Steel&Metal
Infrastructure
Chemicals
Mineral resources
Food
Consumer Goods
Automotive{{Cite web|url=http://poscointl.com/eng/items.do|title=corporate website}}
| revenue = {{profit}} US$ 30 billion (2022
| operating_income = {{profit}} US$ 712.2 million (2022)
| net_income = {{profit}} US$ 477.3 million (2022)
| num_employees = 1,208 (2022)
| homepage = {{URL|poscointl.com/eng/|poscointl.com}}
}}
POSCO International Corporation (Korean: 포스코인터내셔널{{Cite web|last=김동현|date=2019-03-18|title=포스코대우, 사명에서 '대우' 떼고 포스코인터내셔널로|url=https://www.yna.co.kr/view/AKR20190318048000003|access-date=2021-03-22|website=Yonhap News Agency|language=ko}}) is South Korea's largest trading company{{Cite web|date=2021-03-09|title=저무는 종합상사 시대…"이젠 그룹 '新사업 돌격대'로 진화"|url=https://www.hankyung.com/economy/article/2021030982651|access-date=2021-03-23|website=The Korea Economic Daily|language=ko}} and a subsidiary of POSCO.
The company was founded by Kim Woo-choong in 1967 as Daewoo Industrial Co., Ltd, which ran its business in trading and construction. In 1999, the company faced at least $50 billion in debt, and Daewoo became formally dismantled.{{Cite web|url=http://www.fundinguniverse.com/company-histories/daewoo-group-history/|title=History of Daewoo Group – FundingUniverse|website=www.fundinguniverse.com|access-date=2020-03-25}} In 2000, as Daewoo Group faced work-out program, Daewoo Industrial Co., Ltd's trading segment was split and established as "Daewoo International Corporation". Afterwards, it succeeded in general trading license and was listed on the stock market again. In 2016, the Company name changed from "Daewoo International" to "POSCO Daewoo". After merging with Posco P&S in 2017,{{Cite web|date=2017-03-01|title=POSCO Daewoo beefs up competitiveness with merger of POSCO P&S's key units|url=https://www.koreatimes.co.kr/www/tech/2021/03/693_224914.html|access-date=2021-03-22|website=koreatimes|language=en}} the company name was changed to what it is currently, "POSCO International Corporation" in 2019{{Cite web|date=2019-03-18|title=POSCO Daewoo renamed as POSCO International|url=https://www.koreatimes.co.kr/www/tech/2021/03/693_265546.html|access-date=2021-03-22|website=koreatimes|language=en}}
On 2 November 2020, POSCO International and Erae AMS was to supply the Vietnamese carmaker VinFast with electrical vehicle (EV) components.{{Cite web|last=|first=|date=9 November 2020|title=POSCO Int'l to supply EV component to Vietnam's VinFast|url=https://www.koreatimes.co.kr/www/tech/2020/10/419_297516.html|access-date=9 November 2020|website=The Korea Times}}
It aimed to issue ESG bonds for first time for Korean trading companies in year 2021.{{Cite web|date=2021-03-14|title=POSCO Int'l becomes first Korean trading company to issue ESG bonds|url=https://www.koreatimes.co.kr/www/biz/2021/03/513_305482.html|access-date=2021-03-23|website=koreatimes|language=en}}
In the year 2022, Posco International acquired Australian gas and energy company Senex.
In the year 2023, Posco International merged with its sister company Posco Energy, integrating upstream and downstream LNG movement. The company announced a new vision "Green Energy & Global Business Pioneer" to create, connect, and complete business to enrich the future. POSCO International is making its way towards becoming a global eco-friendly integrated corporation.{{Cite web |title=포스코에너지 합병 통합법인 포스코인터내셔널 출범 |url=http://se-cu.com/ndsoft/error.html |access-date=2025-03-16 |website=se-cu.com}}{{Cite web |title=포스코인터내셔널 통합법인 출범, “에너지 품고 글로벌 종합사업회사로 도약” |url=https://newsroom.posco.com/kr/%ED%8F%AC%EC%8A%A4%EC%BD%94%EC%9D%B8%ED%84%B0%EB%82%B4%EC%85%94%EB%84%90-%ED%86%B5%ED%95%A9%EB%B2%95%EC%9D%B8-%EC%B6%9C%EB%B2%94-%EC%97%90%EB%84%88%EC%A7%80-%ED%92%88%EA%B3%A0-%EA%B8%80/ |access-date=2025-03-16 |website=newsroom.posco.com |language=ko}}
Operations
POSCO INTERNATIONAL Corporation has its head office in 134, Teheran-ro, Gangnam-gu, Seoul, Korea. Its global network consists of over 80 overseas branches and subsidiaries.
Board of Directors
- Kye-in Lee, Representative Director & Inside Director
- Kyung-jin Jung, Inside Director
- Ki-seop Jung, Non-Executive Director
- Haeng-hee Lee, Outside Director
- Ho-geun Song, Outside Director
- Tae-woong Huh, Outside Director
- Jong-soo Han, Outside Director
- Young-hwan Jeon, Outside Director
Business sectors
As of Jan 2023, after the merge with POSCO Energy, the company restructured in the following ways. The main purpose of organizational change was to boost energy business through the completion of LNG value chain, and global trading in the sectors steel/agro/eco-friendly materials.
Energy - E&P, Gas operations, Energy(LNG, Solar, Wind, Hydrogen), Resource development
Steel - Export/Import/Triangular sales: Semi-finished Goods & Long Products, Wire Rods, Thick Steel Plates, Steel Products for the Energy Industry, Hot-Rolled Steel Sheets, Cold-Rolled Steel Sheets. Coated Steel Sheets, Color Steel Plates, Electrical Steel, Automotive Steel Sheets, Stainless Steel, Steel Building Materials, Lithium-ion Battery Materials. Domestic processing and distribution: POSCO Mobility Solution, eSTEEL4U
Agro - Grain trading, Palm oil, Cotton business
New Growth Business - Bioplastics, Eco-friendly car parts, Public infrastructure
Splits steel processing and manufacturing sectors as subsidiary, and names POSCO SPS, which changed its name to POSCO Mobility Solution.{{Cite web|title=CEO's message {{!}} COMPANY {{!}} POSCO SPS|url=http://www.poscosps.com/front_en/company/ceo.do|access-date=2021-03-23|website=www.poscosps.com}}{{Cite web|title=포스코인터내셔널, STS·TMC·후판가공 사업부문 분할 - 스틸데일리|url=http://m.steeldaily.co.kr/news/n_view.asp?NewsID=140979&T_M_Code=0&D_F_Code=Main&Key_F01=&Key_F02=|access-date=2021-03-23|website=m.steeldaily.co.kr| date=28 October 2019 }}
= Criticism =
Posco has been criticised for running gas projects in Myanmar that financially benefit the country's military junta.{{citation needed|date=November 2024}} Posco runs the Shwe gas project, and have been named by the Guardian as one company profiting from its "operations that have helped prop up the military regime".{{Cite news |last1=Rushe |first1=Dominic |last2=Mathiason |first2=Nick |date=2023-02-01 |title=Revealed: how world's biggest fossil fuel firms 'profited in Myanmar after coup' |language=en-GB |work=The Guardian |url=https://www.theguardian.com/world/2023/feb/01/myanmar-oil-gas-companies-profits-regime-coup |access-date=2023-04-23 |issn=0261-3077}} The EU has also sanctioned MOGE, which owns a 15% stake in the Shwe gas project run by Posco.{{Cite web |date=2022-08-15 |title=Myanmar executions revive pressure for more sanctions |url=https://apnews.com/article/united-states-myanmar-global-trade-b63002c11ba5eea17710721c04aac330 |access-date=2023-04-23 |website=AP NEWS |language=en}}
Posco's subsidiary company, PT Bio Inti Agrindo (BIA) has faced criticism in Papua New Guinea for clearing 270 square kilometres of rainforest for a palm oil plantation between 2012 and 2018. The company has also been involved in disputes with indigenous communities about land rights.{{Cite web |date=2020-03-05 |title=South Korea's POSCO vows zero deforestation in Papua palm oil operation |url=https://news.mongabay.com/2020/03/south-korea-posco-indonesia-zero-deforestation-papua-ndpe/ |access-date=2023-04-23 |website=Mongabay Environmental News |language=en-US}} In 2020 the company adopted a new deforestation policy and said it would compensate some areas that it had deforested.{{Cite web |date=4 March 2020 |title=South Korean trading giant to compensate for past deforestation in Papua |url=https://www.eco-business.com/news/south-korean-trading-giant-to-compensate-for-past-deforestation-in-papua/ |access-date=2023-04-23 |website=Eco-Business |language=en}}
According to eco-business.com, "Posco International, which has 34,000 hectares of palm oil plantations in Papua and produced about 80,000 tonnes of palm oil last year, will also require third-party suppliers to observe its No Deforestation, No Peatland, No Exploitation (NDPE) policy."
History
| class="wikitable" |
| Year
! Accomplishments |
|---|
| 1967. 03
| Daewoo Corporation was established |
| 1982
| Trade Division was incorporated into Daewoo Corp. |
| 1999. 08
| 12 companies under Daewoo Group including Daewoo Corporation begin workout program |
| 2000. 12
| Daewoo International Corporation was spun off from Daewoo Corporation |
| 2003. 12
| The company completes the workout program |
| 2004. 12
| Sales amount exceeded 5 trillion won |
| 2005. 01
| Received the grand prize for transparent management |
| 2005. 03
| Receives the decoration of gold tower on the Day of Commerce and Industry |
| 2005. 05
| Company was incorporated into KRX100 Index |
| 2005. 08
| Receives a Global Management Grand Prize (from the Korea Economic Daily) |
| 2005. 11
| Acquired credit rating BBB+ |
| 2005. 12
| Acquires certification for excellence in information systems |
| 2006. 06
| Receives prize for excellence in corporate governance |
| 2006. 07
| Receives the prize of merit commemorating the 60th anniversary of the International Trading Day |
| 2006. 12
| Receives the best prize in the sector of future management in the management grand prize |
| 2006. 12
| Acquired Certification for an excellent company in information systems |
| 2007. 05
| Acquired credit rating of "A" |
| 2007. 06
| Awarded grand prize for shareholder value (The Money Today) |
| 2007. 10
| Awarded grand prize in the sector of global management (Korea Management Association) |
| 2007. 10
| Awarded grand prize for digital knowledge management (National Information Society Agency) |
| 2008. 02
| Secured exploration rights of 35&36 blocks in Uzbekistan |
| 2008. 12
| Daewoo International Japan Corp. acquires ISO 14001 certification |
| 2010. 08
| The contract for a takeover was signed by POSCO and Korea Asset Management Corp |
| 2010. 10
| Appointment of Lee Dong – Hee as CEO & Chairman of BOD |
| 2013. 06
|Began commercial production of gas in Myanmar |
| 2014. 05
|Held a groundbreaking ceremony for a hotel in Myanmar |
| 2015. 01
|Relocated its headquarters to POSCO TOWER SONGDO in Songdo, Incheon |
| 2016. 02
|Discovered gas reserves in Myanmar's offshore block AD-7 |
| 2016. 03
|Changed company name to POSCO DAEWOO |
| 2017. 03
|Acquired the steel business unit of POSCO P&S |
| 2017. 03
|Won gas exploration rights in Bangladesh's deep sea block 12 |
| 2019. 03 |
| 2020. 04 |
| 2022. 03
|Acquired Senex Energy of Australia |
| 2023. 01
|Merged with POSCO ENERGY |
References
{{Reflist}}
- [https://web.archive.org/web/20151210224120/http://www.daewoo.com/eng/investor/financial/analysis_annual.jsp Annual < Financial Highlights Tools < Financial Information < IR < DAEWOO INTERNATIONAL CORPORATION]
- [https://www.reuters.com/finance/stocks/overview?symbol=047050.KS reuters.com]
External links
- {{official website|http://poscointl.com/eng}}
- [https://web.archive.org/web/20151211000544/http://www.daewoo.com/eng/ Daewoo International] (archived)
{{Finance links
|name= POSCO International
|google= 047050:KRX
|yahoo= 047050.KS
|bloomberg= 047050:KS
|reuters= 047050.KS
}}
{{KOSPI 200}}
{{Daewoo Group}}
Category:Companies of South Korea
Category:Companies listed on the Korea Exchange