Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
POSCO Daewoo renamed as POSCO International
By Nam Hyun-woo
POSCO International
By Nam Hyun-woo
POSCO Daewoo has changed its name to POSCO International as part of efforts to enhance its connectedness as a unit of POSCO Group, the trading company said Monday.
At its shareholders meeting in Incheon, POSCO Daewoo shareholders approved the name change and other issues including dividend policy and reappointing CEO Kim Young-sang as an inside director.
“The name change will enhance its connectedness as a unit of POSCO Group and promote the company's identity as a global trader,” a POSCO Daewoo official said.
POSCO Daewoo, founded as Daewoo Industrial in 1967, became a member of POSCO Group in 2010 and grew to be one of the group's cash cows, shattering earnings records in 2017 and 2018. It changed its name to POSCO Daewoo in 2016, but has decided to change it again to drop Daewoo from its nameplate.
For this year, POSCO Daewoo has set a business goal of enhancing profitability in its liquefied natural gas and food businesses.
“The launch of POSCO International will be a stepping stone toward creating a synergy with the group's other overseas businesses,” Kim said.
Along with Kim, shareholders approved a dividend policy of 600 won per share and appointed POSCO Vice President Jeong Tak as a board member.