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CEO Ohjoon Kwon Makes Strides in Global Management to Increase POSCO's Competitiveness

Date
Mar. 13, 2017
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  • - 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 overall competitiveness.

     

    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 world.

     

    ▶ 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.



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