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POSCO Holds 49th Regular General Shareholders' Meeting

Date
Mar. 10, 2017
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  • - CEO Kwon launched his second term and vice presidents In-hwa Chang and Seong Yu were appointed as new inside directors.
    - In-hwan Oh and Jeong-woo Choi were elected as new presidents and outside director Byoung-won Park was eleceted as chairman of the board of directors.
    - CEO Kwon expressed his will for a new leap forward to lay the foundation for profitability and future growth.

    CEO Ohjoon Kwon's second term was launched in full scale. CEO Kwon was reappointed as CEO for a term of three-years at the 49th general meeting of shareholders held on March 10 at the POSCO Center. In addition, president In-hwan Oh and vice president Jeong-woo Choi were re-elected as inside directors at the general shareholders'

    CEO Ohjoon Kwon's second term was launched in full scale. CEO Kwon was reappointed as CEO for a term of three-years at the 49th general meeting of shareholders held on March 10 at the POSCO Center.

     

    ▶ On March 10, POSCO held its 49th general shareholders' meeting at the POSCO Center. More than 200 domestic and overseas shareholders, including representatives of overseas shareholders and institutional investors, attended the general shareholders' meeting.

     

    In addition, president In-hwan Oh and vice president Jeong-woo Choi were re-elected as inside directors at the general shareholders' meeting, and vice presidents In-hwa Chang and vice president Seong Yu were newly appointed as inside directors. Those appointed as new outside directors were Shin-bae Kim, former vice chairman of the SK Group, Seung-hwa Jang, a professor of law at Seoul National University, and Moon-ki Jung, an associate professor of business administration at Sungkyunkwan University.

     

    CEO Kwon, who took office as the Group's eighth CEO in 2014, greatly enhanced its corporate structure and profitability by focusing on strengthening POSCO's core competitiveness as a steel company, its financial soundness and group restructurings for his first three years in the role.

     

    Kwon, who worked as CTO(Chief Technology Officer) before becoming the CEO, is a steel technology expert who had previously served as director of the Technology Research Center and director of the Research Institute of Industrial Science and Technology. Under his leadership, POSCO not only secured exclusive technology competitiveness by leading the world's first and best technology development but went ahead with solution marketing which combines hardware, steel products with software elements such as application technology, commercial support and human solutions. POSCO significantly drove up its operating profits by 19% to KRW 2.6 trillion at the end of last year from KRW 2.2 trillion in 2013, Kwon's first year as CEO. During the same span, its operating profit ratio also increased from 7.3% to 10.8%, recording a double-digit operating profit ratio in five years. Since Kwon's inauguration as CEO, a total of 126 restructurings had been implemented to achieve a cumulative financial improvement of KRW 5.8 trillion by the end of last year. Its debt ratio stood at 17.4 percent, the lowest level since the foundation of POSCO.

     

    As CEO Kwon succeeded in improving POSCO's structure while enhancing its financial soundness and profitability, the company's credit ratings by international credit rating agencies also improved. In October 2016 and in February 2017, Moody's and Standard & Poor's upgraded POSCO's long-term credit rating outlooks from Baa2(negative) to Baa2(stable), BBB+(negative) to BBB+(stable), respectively.

     

    "A low growth rate, a burden of raw material costs and the spread of protectionism throughout the overall domestic industry are all expected to force us to face a tough business environment," CEO Kwon said at the general shareholders' meeting. "But we will strengthen the profitability of steel and complete restructurings. At the same time, we will lay the foundation for future growth." To this end, Kwon suggested future visions -- strengthening the steel business by reinforcing WP products based on proprietary technologies such as high-manganese steel and giga-grade steel, solidifying the group's business structure through structural improvements and efficiency, discovering and promoting new synergy projects among group affiliates and preparing a future growth engine based on smart solutions.

     

    In-hwa Chang, who was newly appointed as an inside director, is responsible for steel production sites such as Pohang Works and Gwangyang Works after serving as head of the New Business Management Office, head of the Steel Solution Marketing Office and head of the Technology Investment HQ. Vice president Seong Yu is heading up new business endeavors such as high value-added product technology and lithium and cathode materials as head of the Technology Investment HQ. Before, Yu served as head of the New Business Management Office, head of ESM Business Office and head of the PosLX Business Group.

     

    Outside director Shin-bae Kim is a high-profile IT business entrepreneur who served as president of SK Telecom and vice chairman of SK C&C. His excellent management skills promoted him to vice chairman of the SK Group.

     

    Outside director Seung-hwa Chang is a professor of law at Seoul National University. He served as a judge of the Seoul District Court and previously worked as a lawyer in the United States. Chang is a specialist in international trade law. He worked as an arbitrator for the International Court of Arbitration and was appointed as the first Korean judge of the WTO Appellate Court.

     

    Outside director Moon-gi Jeong is an associate professor of business administration at Sungkyunkwan University. Jeong worked at Samil PwC as a member of the Financial Supervisory Service's Accounting Review Committee for many years and served as vice chairman of the Korean Accounting Society.

     

    The meeting was attended by about 200 domestic and overseas shareholders including representatives of overseas shareholders and institutional investors.

     

    At a board of directors meeting held after the general meeting of shareholders, POSCO elected outside director Byoung-won Park as chairman of the board of directors. In-hwan Oh and Jeong-woo Choi were appointed as new presidents.

     

    In-hwan Oh, promoted as president in a routine personnel reshuffle in February, is serving as Chief Operating Officer(COO) of the Steel Division and COO of the Steel Business Division. Before, Oh served as head of the Marketing HQ, and the head of Steel Business Strategy Office. President Jeong-woo Choi is currently the head of the Corporate Strategy & Finance Center after serving as chief financial officer, head of the Corporate Audit Department and vice president of POSCO Daewoo.

     

    Byoung-won Park, chairman of the board of directors, is now chairman of the Korea Employers' Federation and has been working as an outside director of POSCO since 2015. Park also served as chairman of the Woori Financial Group, chairman of the Korea Federation of Banks, and chairman of the National Happiness Fund.



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