Case Study: POSCO
Introduction
POSCO is a South Korean steel making company that is headquartered in Pohang, South Koorea and operates in multiple nations. It is the world’s fourth largest steel producer in terms of production and the largest by market value. It ranked 146 on the Forbes 500 list of 2012. It operates two integrated steel mills in South Korea, of which one is located in Pohang and the other in Gwangyang. This apart, it is also into a joint venture with the US Steel and operates from Pittsburg, United States of America. Additionally, it has a number of subsidiaries that operate worldwide. To mention a few noteworthy ones, Daewoo International, POSCO Energy, Busan E&E, POSCO Chemtech, POSRI and United Spiral Pipe LLC fall under its umbrella of companies.
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It has a capacity to produce 39 million metric tons of crude steel per year. It is also one of the few big steelmakers to make profits. One of its competitors, Nippon Steel has gone on to admit that POSCO is the most efficient of the steel makers. POSCO is 65 per cent privately and 35 per cent government owned. POSCO produces high-quality steel products at low cost using the most modern facilities and advanced technologies. POSCO’s steel products are sell at 20-40 per cent less than comparable Japanese products. POSCO has two plants, one at Kwangyang which produces a small variety of steel products in large volume, while the Pohang plant produces a wide variety of products in small volumes. POSCO exports about 30 per cent of its output, while 70 per cent goes to the large South Korean market. POSCO’s size has enabled it to make South Korea the world’s fourth largest steelmaker. Its management style, employee education, training and welfare and environment protection policies are second to none. Over the years, POSCO changed its management team in order to create a culture with a more humanistic approach, in which the creativity and self-reliance of individual employees are fully respected and encouraged. In the new POSCO, customer satisfaction and the employees themselves are management’s top priority. POSCO’s management philosophy is based on the “three-best” and “three-zero” principles. The three best principle includes best quality, best productivity and best cost. The three-zero includes zero waste, zero defects and zero
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