POSCO Eyes Next Growth in Global “UI” Areas and New Business Fields

Mr. Yu Seong, president of POSCO Japan and senior vice president of POSCO, made a speech in Tokyo on Friday and revealed POSCO’s global “UI Strategy” along which POSCO progresses its overseas businesses in U-shaped area including Ukraine, Middle East, India, Australia, Vietnam and East Asia as well as in I-shaped area including USA, Canada, Mexico and Brazil. The firm especially targets in emerging countries where raw ferrous resources are abundant and steel consumptions are active. The firm plans to establish an integrated steel plant in India as well as to enhance non-ferrous businesses.

Mr. Yu explained POSCO launched the new business plan “POSCO 3.0” this year, along which POSCO aims globalization, cultivation of new businesses and collaboration with POSCO Group companies. The firm seeks new growth engines in fields of environment, non-ferrous materials and ocean energy to establish 100-year survive basement.

Mr. Yu described about new steel plants constructed in India and Indonesia. In India, POSCO will start land preparation in the second half of this year for an integrated steel plant with an initial capacity at 4 million tonnes per year. In Indonesia, land development will start in September 2010 for a new steel plant with an initial capacity at 3 million tonnes per year. POSCO enters these local markets collaborating with the group companies for POSCO Group’s united growth.