- CEO Kwon met with GE Chairman Jeffrey Immelt on March 13
- CEO Kwon visited PT. Krakatau POSCO in Indonesia which received POSCO's largest overseas investment on March 14
As soon as Ohjoon Kwon's second term as POSCO CEO
was confirmed, CEO Kwon began to step up his global management to enhance POSCO's
CEO Kwon met with GE chairman Jeffrey Immelt, who
was visiting Korea on March 13, to discuss ways to cooperate in digital transformation
and POSCO-type smart industries which is emerging throughout the industrial
▶ CEO Kwon of POSCO greets chairman Jeffrey Immelt of GE.
Since February 26, CEO Kwon had visited Siemens of Germany, a leading industrial
digital transformation company, and GE in the US to discuss their strategies
and best practices and share opinions on business collaborative measures but
failed to meet with Immelt. So, CEO Kwon took the chance to meet with Immelt
this time in Korea.
On this day, Kwon and Immelt agreed that they will create new smart solutions
by combining the core strengths of GE facilities with POSCO's steel expertise
and seek collaborative opportunities for group-level smart industries such as
POSCO’s material, energy and construction sectors through the solutions.
▶ Executives of both companies including CEO Kwon and chairman Geoffrey Immelt discuss the fourth industrial revolution and digital transformation.
After meeting with Immelt, CEO Kwon took off for
Indonesia. On his arrival in Indonesia, CEO Kwon attended the Korea-Indonesia
Economic Development Forum in Jakarta. Then, CEO Kwon visited PT. Krakatau POSCO
located in Cilegon to encourage field employees who are striving to secure competitiveness
despite difficult business environments.
Krakatau POSCO is POSCO's first overseas integrated
steel mill with a total capacity of 3 million tons and started operating in
December 2013 to cut down on operating loss and secured competitiveness through
innovative cost reduction activities and technology development.
Last year, the Overseas Steel Business Division's
operating profit reached KRW 218.2 billion, up by KRW 648.1 billion from 2015
as a result of higher sales of high-margin products and efforts to cut costs.
POSCO plans to focus on strengthening its financial
structure by expanding sales of world-premium products to strengthen its competitiveness
in overseas steelmaking and strengthening its viability by optimizing local
sourcing of product materials.