POSCO Specialty Steel Enters Vietnam

POSCO affiliate to build 1 mil ton steel plant in j.v. with Vietnam Steel in Vung Tao

POSCO Specialty Steel will build a steel plant in Phu My 2 Industrial Park in Ba-ria, Vung Tao, located in southern Vietnam. The company, an affiliate of POSCO signed an agreement on investment cooperation with VN Steel at the Korean-Vietnam Business Forum on May 29 at Shilla Hotel with Vietnamese Premier Nguyen Tan Dung and his entourage present at the event. The investment is estimated at around $600 million to build the projected plant at a site 495,000 square meters large with the annual steel production capacity of 1 million tons. The projected steel plant will have a 1.2 million ton electric furnace.
In the meantime, POSTEEL, another affiliate of POSCO, signed a contract with Singapore-based premiere steel stockist HG-Metal and global steel maker Novo Group to establish a new joint venture, POS-SEA, a sales agent with its own stockyard in Singapore, on June 1.
By investing in the j.v., POSTEEL, which has sought to expand its foothold as a global business coordinator, will be able to provide the fast-growing Southeast Asian market with comprehensive marketing solutions. POS-SEA is also expected to become a stable sales base for POSCO as its fourth steel plate factory is scheduled to open in June 2010.
POSTEEL will own 51 percent stake in the j.v. while HG Metal and Novo Group will each own 24.5 percent. The j.v. will enable all three investors to gain synergies in the marketing of premier steel products for the energy industry and steel plates for maritime construction in southeast Asia. The signing ceremony, which took place in Singapore, featured more than 80 participants, including POSTEEL CEO Jeung Joon-yang, Senior vice President Choi Jung-tak, and also Korean commercial attache Lee Yong-hwan, and local media people and businessmen.
POSCO celebrated the 6th year of its code f ethics, which was announced in June 2003 as part of its effort to develop into a trustworthy and respectful company. Based on the fundamental beliefs and principles of its efforts on preventing and removing unethical actions throughout the POSCO family, which encompasses its affiliates, partners and key suppliers, in an effort to increase synergistic effects.
POSCO held its first Young board Reporting Session June 3. The session was attended by CEO Chung Joon-yang and the 9th and 10th Young Board members. At the reporting session entitled, "Speed Management"and "What We Need: Rearrangement and Orders."Young board members presented their ideas on developing a speedy decision-making process as a means to overcome the global economic crisis and also how to apply the management and order minder of GSS in a business operation index, system and technology know-how management.
After the presentation, CEO Chung encouraged the member to leverage key capabilities to develop and materialize constructive ideas in various fields.
The Young Board system was introduced in 1999 as means to identify internal creative ideas, to improve the work process, and to add vitality to the organization. A total of 107 members have been appointed so far, with 20 currently active members from POSCO and its affiliates. The Young Board selects two work tasks and reports to the CEO every six months and participates in annual capability building programs and six Young Board workshops each year.
In the meantime, Ms. Li Ryi, who works for POSCO's Chinese affiliate BX Steel POSCO Cold Rolled Sheet Co. received the tile as the Top 10 Women from the Liaoning provincial government. The prize is given to 10 leading female workers who have made achievements in their respective sectors and fields. The winners are annually selected and awarded by the local government to celebrate Labor Day.
Ms.Li Ryi, who joined the company in 1999, is the only female engineer in the Facilities Department at the Computer Work Office. In 2001,Ms. Li Ryi passed the company test to take an Advanced English class at Northeastern University. She also passed the national foreign language proficiency test in 2002 to be trained in computer skills and to work as an English translator in Japan and Austria. nw

Officials of POSCO Specialty Steel and Vietnam Steel got together after signing an MOU to jointly build a steel plant in Vung Tao, Vietnam May 29 at Shilla Hotel in Seoul in the presence of Vietnamese Premier Nguyen Tan Dung.