POSCO Listed on Tokyo Bourse
Offering 4% of its shares rated to be a success
POSCO has become the first Korean company to be listed on the Tokyo Stock Exchange.
Kang Chang-oh, POSCO president, Nobuyuki Koga, president-CEO of Nomura Holdings, Inc. and Takuo Tsurushima, president-CEO of Tokyo Stock Exchange, joined about 50 people on hand to celebrate POSCO's listing on the Tokyo Stock Exchange on November 22.
Listed on the Tokyo market were 14 million ADRs (American Depositary Receipts), equivalent to 3.5 million POSCO shares or 4 percent of the aggregate shares issued by POSCO. Trading POSCO shares was launched from 9 a.m. on the same day.
All POSCO shares put on the public offering was sold out during the subscription period between November 16 and 18 despite such unfavorable circumstances as surging prices of raw materials of steel products, controversy surrounding a global steel production capacity glut, a decline in Asian steel product prices and a weak yen. As a result, POSCO? listing was assessed to be a success.
POSCO President Kang said in his congratulatory speech during the ceremony, "The steel industry has maintained closer cooperative ties between Korea and Japan than other industrial fields."POSCO will do its utmost to have its shares rated as the most reliable and profitable stock by investors, he said.
POSCO shares were listed for the third time overseas following their offerings in New York in 1994 and in London during 1995. POSCO has secured a foundation to secure funds necessary for posting future growth on a constant basis by listing its shares on the Tokyo bourse, the second largest one in the world in terms of the aggregate values of stocks.
The Tokyo market is a higher valued market than Korea in terms of price earnings ratio (PER). As a result, POSCO shares, which have been so far traded at lower prices than Japanese steelmakers, are expected to be reevaluated, the company said.
Stock investors, who have been concentrated on the Americas and European regions, have been diversified with a rise in the portion of shares in the Asian region, and POSCO shares have come to be traded across the globe round the clock. nw
Kang Chang-oh, POSCO president, strikes the bell to announce his company? listing on the Tokyo Stock Exchange.
POSCO Wins Business Ethics Award
Recognized for its active ethical management
POSCO has received the Business Ethics Award from the Korea Academy of Business Ethics.
The Business Ethics Award has been awarded since 2003 to companies that have pioneered the practice of ethical management. The winner is selected through a strict and thorough evaluation from the judges professors who play major roles in the Academy and POSCO received evenly high scores in all three categories: "Innovative Management," "Social Responsibility,"and "sualities of CEO."The judges acknowledged on November 3 that POSCO, since the declaration of its Code of Conduct in 2003, has been active in practicing ethical management. They also pointed to CEO and Chairman Lee's strong devotion to "corporate ethics before corporate profits" and the active participation of all employees.
POSCO was also evaluated as an exemplary company that makes constant efforts to contribute to the sustainable development of humankind based on its firm corporate ethics and social responsibility as a "sustainable leading global company."Past recipients of the award include Kyobo Life Insurance, Yuhan-Kimberly, and LG Chemical.
POSCO is focusing on the practice of spontaneous ethical management suitable for each department through the "Corporate Ethics Practice Program,"which was launched last June in celebration of the 2nd anniversary of the declaration of Code of Conduct.
The Corporate Ethics Practice Program is a one-year campaign for all departments and is comprised of five stages: "self-diagnosis of ethical practices," "discovery of ethical risks," "selection of criteria and possible improvements," establishment of improvement plans,"and "execution and evaluation of implementations and improvement measures."Members of each department participate in liberal discussions and put forth their ideas on possible improvements, ways to establish improvement plans and execute these plans, and methods to evaluate improvement measures.
Next year POSCO will celebrate the 4th anniversary of the declaration of Code of Conduct and settle its ethical management as a well-laid corporate culture. nw