Introduction of POSCO
The POSCO story began with a group of men who shared a grand vision of building a prosperous nation. And although every difficulty and adversity imaginable stood in their way, they refused to give up.
TIn 1953, The Korean war ended with a cease-fire but the country was divided and much of it was in ruins. For the next 8 years, development and recovery happened slowly. People were still poor and the country remained economically weak. In 1961, the first serious reconstruction plan was put together under President Park Chung Hee. But there were many basic infrastructure problems. Problems like food and shelter. POSCO wad planed as part of the solution to those problems. If Korea could produce its own steel, Korea would put itself on the path to self sufficiency. Rebuilding the country meant steel it meant POSCO.
POSCO was officially incorporated on April 1, 1968 POSCO Founder Park Tea Joon had the idea to use some the reparations money from Japan after WWII. The Pohang steelworks began construction in 1970 and was completed in 1981, during which production rose from zero to 8.5 million tons per year. Domestic industries absorbed POSCO’s major products such as automobile and home appliance manufactures consuming hot rolled products, shipbuilding, construction and engineering companies consuming plates.
In 1994 and 1995, POSCO became the first Korean business to be listed on the NEW YORK Stock Exchange(’94) and the London Stock Exchange (’95), successfully going global in terms of market capitalization.
POSCO started just over 40 years ago in Korea, but has been growing rapidly globally. POSCO has more than 181 overseas companies in more than 50 countries such as The United States, China, Vietnam, Brazil and Thailand.