By Jhoo Dong-chan
POSCO has been named the world’s most competitive steelmaker this year. The nomination was the company’s ninth, and marks the seventh year in a row.
According to global steel information service provider World Steel Dynamics (WSD), the nation’s largest steelmaker topped the list with 8.02 points in this year’s World-Class Steelmaker Rankings, followed by Japanese Nippon Steel and Sumitomo Metal Corp. (NSSMC) at 7.77 points and U.S.-based steelmaker Nucor with 7.74.
“The company had a tough time last year, experiencing a global downturn followed by declining steel demand,” said a POSCO official.
“POSCO underwent a strong restructuring process to make itself smaller but more efficient last year. It has focused on higher value-added businesses such as automotive steel sheets to remain strong in the market.”
The WSD also gave credit for POSCO’s efforts to improve its core corporate competitiveness by increasing sales of value-added high-end products and engaging in technology-based solutions marketing.
Another Korean steelmaker Hyundai Steel took the 12th place on the list while U.S.-based Nucor yielded last year’s second place to Japanese NSSMC this year.
The WSD regularly analyzes and publishes reports on steel prices, steelmakers' costs, steel supply and demand and steel finances in a bid to provide critical and new perspectives on possible and probable developments in the steel industry.