POSCO named World’s Most Competitive Steelmaker 13th year in row

POSCO's Gwangyang steel plant in South Jeolla Province / Courtesy of POSCO Group
POSCO’s Gwangyang steel plant in South Jeolla Province / Courtesy of POSCO Group

By Kim Hyun-bin

POSCO has been ranked as the World’s Most Competitive Steelmaker by World Steel Dynamics (WSD), a world-renowned steel analyst, for the 13th consecutive year.

Established in 1999, WSD evaluates global steelmakers annually on 23 items and announces a comprehensive ranking of competitiveness.

POSCO received perfect scores in seven categories, including eco-friendly technological innovation, high value-added products, processing costs, human capabilities, new growth businesses, investment environment and national risk factors, and ranked first overall with an average of 8.5 points out of 10.

In addition, POSCO’s unique ability to operate steel mills, continuous profit generation and financial soundness were cited as the reasons it has achieved the top position for the 13th consecutive year.

This year, 35 steelmakers were evaluated. The ranking serves as an important reference index for determining the management performance and future development potential of major global steelmakers.

Earlier this year in April, POSCO was selected as the Sustainability Champion of the World Steel Association for the first time as a domestic steelmaker. It also formed the HyREX R&D Partnership, a platform for the joint development of hydrogen reduction steel technology and performance sharing, to achieve carbon neutrality in the global steel industry.

POSCO Group Chairman Choi Jeong-woo

In October, POSCO Group Chairman Choi Jeong-woo was appointed as the chairman of the World Steel Association, and he also won in the “Technical Innovation” and “Sustainability” categories at the 2022 Steelie Awards.

In addition, POSCO was recognized as the world’s best steelmaker by winning the “Best Steelmaker” award in 2018 and 2020 at the 10th Global Metals Awards, hosted by S&P Global Commodity Insights. He was selected as CEO of the Year with the most outstanding performance and leadership in the metal and mining industries.

Previously, POSCO’s Pohang and Gwangyang Works were the first in Asia to obtain the ResponsibleSteel Workplace certification at the Future Strategy Forum held in Memphis, Tennessee, on Oct. 31 (local time).

ResponsibleSteel is a non-profit organization that develops global environmental, social and corporate governance (ESG) standards for the steel industry and runs a certification program. It was established in 2016 to realize a sustainable society through steel and build trust with stakeholders.

“This certification was an opportunity to prove the excellence of POSCO’s ESG management,” said Kim Hag-dong, vice chairman of POSCO. “We will become a company that creates a sustainable tomorrow together with stakeholders based on the management philosophy of corporate citizenship.”


Source: Korea Times