Pulse News has reported that South Korea’s largest steelmaker POSCO has launched Vice Chairman Mr Kim Hag-dong led task force for its steel operations as concerns of a global recession could slow demand. POSCO said “Last year, we braced for the global economic downturn group-wide, following higher interest rates, a strong won and higher prices. This time, we launched a steel-specific task force to look into cost reductions, better profitability, and liquidity.” POSCO has traditionally put a high value on cash in terms of management, the group’s steel affiliates, including POSCO Steeleon and POSCO M-Tech and relevant foreign subsidiaries, are participating in the group’s emergency operations. In September, POSCO’s Pohang plant was hit by Typhoon Hinnamnor, with a large part of the facility submerged by a flooding river. All of its steel plants were back in operations on 20 January 135 days after the flooding, but the steelmaker announced its emergency operations taking into account all other various risks and threats to the company’s key segment. POSCO Holdings saw 11% increase to KRW 84.8 trillion in sales in operating profits in 2022, but its operating profit almost halved compared with the year before, seeing a 47% dip to KRW 4.9 trillion.
Pulse News has reported that South Korea’s largest steelmaker POSCO has launched Vice Chairman Mr Kim Hag-dong led task force for its steel operations as concerns of a global recession could slow demand. POSCO said “Last year, we braced for the global economic downturn group-wide, following higher interest rates, a strong won and higher prices. This time, we launched a steel-specific task force to look into cost reductions, better profitability, and liquidity.” POSCO has traditionally put a high value on cash in terms of management, the group’s steel affiliates, including POSCO Steeleon and POSCO M-Tech and relevant foreign subsidiaries, are participating in the group’s emergency operations. In September, POSCO’s Pohang plant was hit by Typhoon Hinnamnor, with a large part of the facility submerged by a flooding river. All of its steel plants were back in operations on 20 January 135 days after the flooding, but the steelmaker announced its emergency operations taking into account all other various risks and threats to the company’s key segment. POSCO Holdings saw 11% increase to KRW 84.8 trillion in sales in operating profits in 2022, but its operating profit almost halved compared with the year before, seeing a 47% dip to KRW 4.9 trillion.
