Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
POSCO returns to presidential events as new chairman takes office
POSCO Group Chairman Chang In-hwa, left, applauds with Kim Joo-hyun, senior presidential secretary for civil affairs, during President Yoon Suk Yeol's meeting with businesspeople from small and medium-sized enterprises at the presidential office in Seoul, May 23. Joint Press Corps
By Park Jae-hyuk
POSCO Group is expected to restore its relations with the Yoon Suk Yeol administration, as company Chairman Chang In-hwa has been invited to a series of recent events hosted by the president, unlike his predecessor, according to industry officials, Wednesday.
Chang joined Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Kwang-mo for a banquet hosted on Sunday by President Yoon Suk Yeol to welcome Japanese Prime Minister Fumio Kishida and Chinese Premier Li Qiang, both of whom visited Seoul for a trilateral summit.
This was the second time for the POSCO Group chairman to attend a meeting hosted by the president, since he was appointed the head of the nation’s fifth-largest business group in March.
Chang was also invited last Thursday to Yoon’s meeting with businesspeople from small and medium-sized enterprises (SMEs) at the presidential office, which the heads and senior executives of Samsung, LG, Hanwha, HD Hyundai and Shinsegae attended.
The POSCO Group chairman sat next to Kim Joo-hyun, senior presidential secretary for civil affairs. It remains uncertain whether Chang had a conversation with Yoon during the event.
Last year, former POSCO Group Chairman Choi Jeong-woo was absent from the event for SMEs.
Choi was also excluded from business delegations accompanying Yoon on his overseas trips, as well as from the president’s New Year’s greeting events with businesspeople in 2023 and 2024.
After the launch of a police investigation late last year into the use of company funds for lavish overseas trips by senior executives of the POSCO Group, the Yoon administration was observed attempting to replace Choi, who was appointed during the preceding Moon Jae-in administration.
Although POSCO was privatized in 2000, the government has continued to exercise influence over the steelmaker and its affiliates through the National Pension Service, the state-run pension fund which is the largest shareholder of POSCO Holdings.
POSCO Group has exercised caution in interpreting its new chairman's participation in events led by the president as indicative of the government's efforts to enhance cooperation with the company.
Industry officials, however, expect POSCO Group to resume playing major roles for Korea’s economic policies.
“Since his inauguration, Chang has been considered the right person to improve relations with the Yoon administration,” an industry official said. “The government will take a different stance on POSCO Group under Chang’s leadership.”