Jin Yil Kim, vice president of South Korean steel giant POSCO, visited Chinese steelmaker Hubei-based Wuhan Iron & Steel Co., Ltd. (WISCO) on May 19. The two sides held in-depth discussions regarding measures to respond to the financial crisis, improvements in corporation management and the strengthening of communication and cooperation between the companies.
Speaking of his company's competitiveness, the senior official ascribed POSCO's ability to maintain its profitability under the current financial crisis to two factors: first, to the company's adjustment of its product structure by increasing the proportion of high value-added products, and, second, to the greater emphasis placed by the company on corporation management in order to achieve transparent and effective management of production.