POSCO Chairman Lee Brings IISI Meeting to Seoul
- IISI convention in Istanbul approves Lee's proposal to hold the meeting next year

The 38th annual convention of the International Iron and Steel Institute(IISI) held in Istanbul, Turkey, from Sept. 3, ended in Sept. 6 with an approval to hold its annual event in Seoul next year.

Lee Ku-taek, chairman of the Pohang Iron and Steel Corp. (POSCO) invited every member of the IISI to come to Seoul next year at the end of the meeting in Istanbul as chairman of the Korea Iron and Steel Association.

The POSCO chairman said he was very happy that the IISI decided to hold next year's annual convention in Seoul and he would like to see every member steelmaker to come to Seoul, especially, new members including steelmakers from China. He would do all he can to prepare for the meeting, the second one to be held in Seoul after the 22nd annual convention in 1988. "I will try to prepare for the event so that every member would have something to remember after attending the meeting in Seoul next year," Lee said.

Most CEOs of the steel industry in the world, along with leaders of the metal industry attend the IISI annual convention and therefore, the meeting is a good opportunity to let the world know about the development of Korea's steel industry next year.

KISA and a number of steelmakers led by POSCO, INI Steel and Dongguk Steel are slated to take charge of laying a ground work for hosting the IISI annual meeting in Seoul next year.

The IISI selected the POSCO chairman to the post of a member of its Executive Committee on Sept. 3, along with a number of other steel industry executives including John P. Surma, president of the U.S. Steel.

The appointment of POSCO chairman Lee to the Executive Committee of the IISI is likely to increase the influence of Korean steelmakers in the world steel body, especially, in such matters as trade, environment and supply of steel, upgrading the world image of Korean steel industry.

The Istanbul convention dealt with such key issues for the world steel industry as the possible renewal of interest by the financial community in the steel industry, the prospect for raw material for steel and the future of China's steel industry.

Akio Mimura, president of New Japan Steel has been named to take over the chairmanship of the IISI and China's entry in the world steel body is likely to strengthen the influence of Asian steelmakers in the world steel industry.

POSCO started its operation in 1968 and its steelmaking capacity now totals 28 million tons per year, with variety of steel products including stainless steel, hot coil and cold steel, and steel plates, among others. The only blast-furnace steelmaker has not been resting on its laurels, but kept busy to expand its business after it was changed to become a public firm with its shares listed on the Korea Stock Exchange.

The steelmaker's sales last year totaled 14.4 trillion won with 19,400 employees.

The current POSCO chairman, 58, took over from his predecessor Yoo Sang-boo in March last year. He has been with POSCO for 35 years, which is why foreign investors began to buy POSCO shares in large quantities. Prices of POSCO shares continue to climb since then. Stock market sources said Lee was the major reason for increases in the price of its shares.

But the giant steelmaker faces its share of problems.The prices of iron ores, international steel prices and China's measures to curb its economic growth are part of uncertainties that the steel firm faces and if they persist, POSCO's growth might be slowed down.

The POSCO chairman, at the company's Investor Relations in the United States in January in New York, said the company should strive for its future growth, not paying too much attention to increasing dividends, with consistent investment in its facilities.

Lee claimed that bold investment would increase the future value of the steelmaker and boost its share prices, instead of trying to increase the dividends to its shareholders. In August last year, the company paid 81.6 billion won in dividends to its shareholders.   nw