Posco history

The Japanese steelmakers involved in the plans, Nippon Kokan (NK) and Nippon Steel Corporation (NSC) benefited considerably from the arrangements made in 1970 for provision of the underlying technology needed.

POSCO first began to sell plate products in 1972 and focused its sales policies on the domestic market to improve steel self-sufficiency at home.

When the first stage of construction was completed in 1973, a month ahead of schedule, the major plant consisted of a blast furnace and two steel converters.

The second phase of construction at Pohang began in 1974, and Korean engineers were still only involved in specification inspection.

The development of high tensile strength steel production in 1975 laid the foundation for the first major expansion of overall production, but domestic demand for special steels remained too low to justify attempts to develop them.

However, by the time the third phase had begun in 1976, Koreans had taken over material balance and facilities specification and inspection of drawings.

POSCO produced 6,200,000 t (6,100,000 long tons; 6,800,000 short tons) of raw steel in 1980, recording a 13% increase over the previous year, and was one of the few exceptions when almost all areas of the Korean economy were in economic depression.

February, 1981 – Construction of Pohang Works Phase 4 completed (annual crude-steel capacity: 8.5 million tons)

In 1983, it recorded annual crude-steel capacity of 9.1 million tons.

March, 1985 – Construction of Gwangyang Steelworks Phase 1 begun

December, 1986 – POSTECH opened

1987: Construction of headquarters completed in Pohang.

POSCO completed its second-phase mill at Gwangyang in August 1988.

POSCO took another great leap forward in 1989, when the company opened itself to foreign ownership.

POSCO had exported only about 200,000 tons of steel to China in 1991.

In 1992, company Chairman Park suddenly resigned.

Changes in managerial systems and organizational structure accelerated in 1993 when POSCO's president and founder, Park Tae-Joon, who had wielded absolute managerial authority for more than 25 years, resigned.

Both subsidiaries commenced full operation in September 1994, with all international POSCO affiliates transferred to POSTRADE by the end of that year.

December, 1995 – POSCO Center opens in Seoul

In 1997, Seoul announced that it was going to transform POSCO into a private company in line with the government's new policy of privatizing state-owned enterprises.

Late in 1999, POSCO announced it would sell its entire stake in Shinsegi, thereby cutting itself loose from the new sector it had so eagerly sought to enter a few years earlier.

2000: Privatisation of Pohang Iron and Steel Company completed.

In 2001 POSCO joined with Nippon Steel and China's Baoshan Iron & Steel Works to fulfill this goal.

March, 2002 – Company name changed to POSCO Co,. Ltd.

The landmark Posteel Tower on Tehran Street, in Seoul's Gangnam district (not to be confused with the POSCO Center, also on Tehran Street) was completed in 2003.

Net earnings from POSCO's array of steel products – used in everything from screws to skyscrapers – shot up 80% to $1.66 billion in 2004 from the previous year.

In June 2005, POSCO signed a memorandum of understanding with the State of Odisha in India.

2008 Sep Completed the fuel cell BOP manufacturing facility (Pohang / annual capacity of 100MW)

Following allegations that the ministry had not adhered to Forest Rights Act, Ministry of Environment and Forests (MoEF) set up the N.C. Saxena committee in July 2010 to review the clearance.

2011 Sep Completed Units 5 and 6 at Incheon LNG Combined Cycle Power Plant (1,252MW) Mar Completed the fuel cell stack manufacturing facility (Pohang) Founded the Women’s Table Tennis Club

2012: India suspends POSCO plant environment licence in March.

In November 2013, the completion of steel plant construction in Cilegon, Indonesia is scheduled.

The Central Government of India came out confident on 15 January 2014 that with the renewal of environment clearance, South Korean steel giant POSCO's project in Odisha would take off soon.

A mining law enacted in March 2015 would also have required POSCO to purchase a mining license in an auction.

2016.07 Built the fourth anode material plant

POSCO finally exited from this project on March 18, 2017 (Saturday)

2018.11 Construction complete for the first anode production plant for secondary batteries.

2019 Nov Launched new fuel cell corporation named “Korea Fuel Cell”

2020.04 Completed phase 2 of construction of the cathode material plant in Gwangyang

2021: Announces $12 billion plan for integrated steel plant in North Indian state of Odisha.