POSCO International Corporation (Korean: 포스코인터내셔널[5]) is South Korea's largest trading company[6] and a subsidiary of POSCO.
 | |
Native name | 주식회사 포스코인터내셔널 |
|---|---|
Romanized name | Jusikhoesa Poseuko Inteonaesyeoneol |
| Formerly | Daewoo Corporation (1967–2000) Daewoo International (2000–2016) Posco Daewoo (2016–2019)[1] |
| Company type | Public |
| KRX: 047050 | |
| Industry | Energy & Resource Development, International Trading & Investment, Project Organization |
| Founded | 1967 |
| Founder | Kim Woo-choong(founder) |
| Headquarters | Seoul, South Korea Incheon, South Korea |
Area served | Worldwide |
Key people | Jeong Tak (Vice Chairman & Chief Executive Officer)[2] |
| Products | Steel, LNG, Automotive components, Agro/Crop[3] |
| Services | Energy(Gas, LNG, Solar, Wind, Hydrogen) Steel&Metal Infrastructure Chemicals Mineral resources Food Consumer Goods Automotive[3] |
| Revenue |  US$ 30 billion (2022
)[4] |
| US$ 712.2 million (2022)[4] | |
| US$ 477.3 million (2022)[4] | |
Number of employees | 1,208 (2022) |
| Parent | POSCO Daewoo Group (Formerly) |
| Subsidiaries | POSCO MOBILITY SOLUTION |
| Website | poscointl.com |
The company was founded by Kim Woo-choong in 1967 as Daewoo Industrial Co., Ltd, which ran its business in trading and construction. In 1999, the company faced at least $50 billion in debt, and Daewoo became formally dismantled.[7] In 2000, as Daewoo Group faced work-out program, Daewoo Industrial Co., Ltd's trading segment was split and established as "Daewoo International Corporation". Afterwards, it succeeded in general trading license and was listed on the stock market again. In 2016, the Company name changed from "Daewoo International" to "POSCO Daewoo". After merging with Posco P&S in 2017,[8] the company name was changed to what it is currently, "POSCO International Corporation" in 2019[9]
On 2 November 2020, POSCO International and Erae AMS was to supply the Vietnamese carmaker VinFast with electrical vehicle (EV) components.[10]
It aimed to issue ESG bonds for first time for Korean trading companies in year 2021.[11]
In the year 2022, Posco International acquired Australian gas and energy company Senex.
In the year 2023, Posco International merged with its sister company Posco Energy, integrating upstream and downstream LNG movement. The company announced a new vision "Green Energy & Global Business Pioneer" to create, connect, and complete business to enrich the future. POSCO International is making its way towards becoming a global eco-friendly integrated corporation.[citation needed]
Operations
editPOSCO INTERNATIONAL Corporation has its head office in 134, Teheran-ro, Gangnam-gu, Seoul, Korea. Its global network consists of over 80 overseas branches and subsidiaries.
Business sectors
editAs of Jan 2023, after the merge with POSCO Energy, the company restructured in the following ways. The main purpose of organizational change was to boost energy business through the completion of LNG value chain, and global trading in the sectors steel/agro/eco-friendly materials.
Energy - E&P, Gas operations, Energy(LNG, Solar, Wind, Hydrogen), Resource development
Steel - Export/Import/Triangular sales: Semi-finished Goods & Long Products, Wire Rods, Thick Steel Plates, Steel Products for the Energy Industry, Hot-Rolled Steel Sheets, Cold-Rolled Steel Sheets. Coated Steel Sheets, Color Steel Plates, Electrical Steel, Automotive Steel Sheets, Stainless Steel, Steel Building Materials, Lithium-ion Battery Materials. Domestic processing and distribution: POSCO Mobility Solution, eSTEEL4U
Agro - Grain trading, Palm oil, Cotton business
New Growth Business - Bioplastics, Eco-friendly car parts, Public infrastructure
Splits steel processing and manufacturing sectors as subsidiary, and names POSCO SPS, which changed its name to POSCO Mobility Solution.[12][13]
Criticism
editPosco has been criticised for running gas projects in Myanmar that financially benefit the country's military junta.[14] Posco runs the Shwe gas project, and have been named by the Guardian as one company profiting from its "operations that have helped prop up the military regime".[15] The EU has also sanctioned MOGE, which owns a 15% stake in the Shwe gas project run by Posco.[16]
Posco's subsidiary company, PT Bio Inti Agrindo (BIA) has faced criticism in Papua New Guinea for clearing 270 square kilometres of rainforest for a palm oil plantation between 2012 and 2018. The company has also been involved in disputes with indigenous communities about land rights.[17] In 2020 the company adopted a new deforestation policy and said it would compensate some areas that it had deforested.[18]
According to eco-business.com, "Posco International, which has 34,000 hectares of palm oil plantations in Papua and produced about 80,000 tonnes of palm oil last year, will also require third-party suppliers to observe its No Deforestation, No Peatland, No Exploitation (NDPE) policy."[18]
History
edit| Year | Accomplishments |
|---|---|
| 1967. 03 | Daewoo Corporation was established |
| 1982 | Trade Division was incorporated into Daewoo Corp. |
| 1999. 08 | 12 companies under Daewoo Group including Daewoo Corporation begin workout program |
| 2000. 12 | Daewoo International Corporation was spun off from Daewoo Corporation |
| 2003. 12 | The company completes the workout program |
| 2004. 12 | Sales amount exceeded 5 trillion won |
| 2005. 01 | Received the grand prize for transparent management |
| 2005. 03 | Receives the decoration of gold tower on the Day of Commerce and Industry |
| 2005. 05 | Company was incorporated into KRX100 Index |
| 2005. 08 | Receives a Global Management Grand Prize (from the Korea Economic Daily) |
| 2005. 11 | Acquired credit rating BBB+ |
| 2005. 12 | Acquires certification for excellence in information systems |
| 2006. 06 | Receives prize for excellence in corporate governance |
| 2006. 07 | Receives the prize of merit commemorating the 60th anniversary of the International Trading Day |
| 2006. 12 | Receives the best prize in the sector of future management in the management grand prize |
| 2006. 12 | Acquired Certification for an excellent company in information systems |
| 2007. 05 | Acquired credit rating of "A" |
| 2007. 06 | Awarded grand prize for shareholder value (The Money Today) |
| 2007. 10 | Awarded grand prize in the sector of global management (Korea Management Association) |
| 2007. 10 | Awarded grand prize for digital knowledge management (National Information Society Agency) |
| 2008. 02 | Secured exploration rights of 35&36 blocks in Uzbekistan |
| 2008. 12 | Daewoo International Japan Corp. acquires ISO 14001 certification |
| 2010. 08 | The contract for a takeover was signed by POSCO and Korea Asset Management Corp |
| 2010. 10 | Appointment of Lee Dong – Hee as CEO & Chairman of BOD |
| 2013. 06 | Began commercial production of gas in Myanmar |
| 2014. 05 | Held a groundbreaking ceremony for a hotel in Myanmar |
| 2015. 01 | Relocated its headquarters to POSCO TOWER SONGDO in Songdo, Incheon |
| 2016. 02 | Discovered gas reserves in Myanmar's offshore block AD-7 |
| 2016. 03 | Changed company name to POSCO DAEWOO |
| 2017. 03 | Acquired the steel business unit of POSCO P&S |
| 2017. 03 | Won gas exploration rights in Bangladesh's deep sea block 12 |
| 2019. 03 | Renamed as POSCO INTERNATIONAL[9] |
| 2020. 04 | Splits steel processing divisions as subsidiary POSCO SPS[13] |
| 2022. 03 | Acquired Senex Energy of Australia |
| 2023. 01 | Merged with POSCO ENERGY |
References
edit- ^ "세계경영 호령하던 '대우' 브랜드, 역사의 뒤안길로". 2021-03-23.
- ^ "POSCO names new CEOs for trade, E&C, energy units". 20 December 2019.
- ^ a b "corporate website".
- ^ a b c "Financial Statements for daewoo international corp". Archived from the original on 2013-01-18.
- ^ 김동현 (2019-03-18). "포스코대우, 사명에서 '대우' 떼고 포스코인터내셔널로". Yonhap News Agency (in Korean). Retrieved 2021-03-22.
- ^ "저무는 종합상사 시대…"이젠 그룹 '新사업 돌격대'로 진화"". The Korea Economic Daily (in Korean). 2021-03-09. Retrieved 2021-03-23.
- ^ "History of Daewoo Group – FundingUniverse". www.fundinguniverse.com. Retrieved 2020-03-25.
- ^ "POSCO Daewoo beefs up competitiveness with merger of POSCO P&S's key units". koreatimes. 2017-03-01. Retrieved 2021-03-22.
- ^ a b "POSCO Daewoo renamed as POSCO International". koreatimes. 2019-03-18. Retrieved 2021-03-22.
- ^ "POSCO Int'l to supply EV component to Vietnam's VinFast". The Korea Times. 9 November 2020. Retrieved 9 November 2020.
- ^ "POSCO Int'l becomes first Korean trading company to issue ESG bonds". koreatimes. 2021-03-14. Retrieved 2021-03-23.
- ^ "CEO's message | COMPANY | POSCO SPS". www.poscosps.com. Retrieved 2021-03-23.
- ^ a b "포스코인터내셔널, STS·TMC·후판가공 사업부문 분할 - 스틸데일리". m.steeldaily.co.kr. 28 October 2019. Retrieved 2021-03-23.
- ^ "Will South Korea stop bankrolling Myanmar's military?". KOREA EXPOSÉ. 2022-05-01. Retrieved 2023-04-23.
- ^ Rushe, Dominic; Mathiason, Nick (2023-02-01). "Revealed: how world's biggest fossil fuel firms 'profited in Myanmar after coup'". The Guardian. ISSN 0261-3077. Retrieved 2023-04-23.
- ^ "Myanmar executions revive pressure for more sanctions". AP NEWS. 2022-08-15. Retrieved 2023-04-23.
- ^ "South Korea's POSCO vows zero deforestation in Papua palm oil operation". Mongabay Environmental News. 2020-03-05. Retrieved 2023-04-23.
- ^ a b "South Korean trading giant to compensate for past deforestation in Papua". Eco-Business. 4 March 2020. Retrieved 2023-04-23.
External links
edit- Official website
- Daewoo International (archived)
- Business data for POSCO International:
