POSCO has been named the world's most competitive steelmaker for seven straight years
World Steel Dynamics (WSD) gave high marks on POSCO’s achievement of reorganizing its corporate structure,making use of innovative technologies and increasing sales of value-added high-end products.
POSCO has been selected as the world’s No.1 steelmaker for seven straight years in the assessment of “world-class competitive steelmakers”. The global steel information service provider, WSD, published the World-Class Steelmaker Rankings in New York on June 13 and selected POSCO as the world’s best steel maker.
Accordingly, POSCO boasts its continuing competitiveness by having maintained its position at No.1 for seven straight years since 2010. Its achievement is especially meaningful in that the company faced a tough business environment last year with global oversupply, a downturn of major demand industries and import restrictions on exporting countries. The company also had to go through a strict restructuring process to improve its financial structure.
WSD makes assessments across 23 categories including technology innovation, cost competitiveness, financial soundness and procurement of raw materials for 37 steel makers across the world, and publishes the rankings of comprehensive competitiveness once or twice a year.
POSCO ranked top with the highest score of 8.02 this year. The company was credited for its investment attraction of Saudi Arabia’s sovereign wealth fund, reorganization of its corporate structure, such as the sale of POSCO Special Steel, making use of innovative technologies including FINEX and CEM, improving technical skills and productivity of engineers, increasing sales of value-added high-end products such as World Premium products, and reducing costs.
Other top ranking companies include Japanese Nippon Steel and Sumitomo Metal Corp (2nd), which has improved export competitiveness thanks to a weak yen, the U.S.-based steelmakers Nucor (3rd) and SDI (4th), which have improved competitiveness in energy costs through the use of shale gas, Russian steel maker NLMK (5th), which has iron ore and coal mines and another Russian steelmaker, Severstal (6th). Hyundai Steel ranked 12th this year.
source: POSCO
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