POSCO to apply new strategies in the upcoming year
On January 2, 2003, POSCO's Chairman and CEO Sang-Boo Yoo announced POSCO's vision of becoming a continuously growing global company by three future strategies: business innovation, increased competitiveness in the steel market and securing a new growth engine in his New Year speech.
Chairman Yoo stated that POSCO performed very well in 2002 due to the continuous stable growth and transparent and responsible management, despite the myriad of changes and challenges that company faced last year. He also pointed out to the fact that efforts of the employees to persue business innovation and increase the company's revenue allowed POSCO to achieve the highest business results in the world-wide steel industry in year 2002, recording 11.7 trillion won (approximately $9.8 billion) in sales and 1.8 trillion won operating income.
To achieve the new goals Sang-Boo Yoo recommended that POSCO complete a total of 1.680 6-Sigma projects by 2005, based on the accumulated skills that employees have acquired through PI (Process Innovation). Besides, according to Chairman Yoo being in cooperation in stimulating the company's efforts to promote
automotive steel sheets, API steel, STS 400 steel and electrical steel sheets as key products, and also utilize the next-generation iron-making process in order to secure global leadership in prime costs, technologies and marketing is imperative for strengthening the company's competitiveness in the steel market. Furthermore, promoting business ties with
China and a win-win model for Korean-Chinese economic cooperation is seen as a must to secure a new growth engine.