Yonhap reported that the board of directors of POSCO has recommended that its current CEO Mr Chung Joon yang continue as head of the steel giant.

If Mr Chung's appointment is approved by shareholders at a meeting slated for March 16th 2012, he will run the company for another three years. Chung's current three year tenure is set to end in March 2012.

Mr Chung, who took the helm of the nation's largest steelmaker in 2009, is credited with helping the steelmaker overcome the global economic downturn.

Under Mr Chung's leadership, POSCO has been pursuing acquisitions at home and abroad to boost revenue and to catch up with foreign rivals. Over the past few years, POSCO has taken over Asia Stainless Corporation in Vietnam and Taihan ST Corporation in South Korea.

In 2011, POSCO also bought a 68% stake in Daewoo International Corporation, a South Korean trading firm, for KRW 3.37 trillion to expand its sales network and secure a steady supply of raw materials.

Mr Chung joined POSCO in 1975. He has held executive positions since 2004.

(Sourced from www.yonhapnews.co.kr)