The Pohang Iron & Steel Company was established in 1968. As at end-2010, POSCO was the third largest steelmaker in the world.
The timeline below covers the history of the firm.
1968: Pohang Iron and Steel Co., Ltd. founded.
1970: Construction commenced of the Pohang Works.
1983: Construction started of the Gwangyang Works.
1987: Construction of headquarters completed in Pohang.
1988: Pohang Iron and Steel Co part privatised.
1988: Stock of Pohang Iron and Steel listed stock exchange in Korea.
1994: ADRs listed on the New York stock exchange.
1994: Creation of two subsidiary companies, POSTEEL and POSTRADE.
1995: Construction of Corex plant completed.
2000: Privatisation of Pohang Iron and Steel Company completed.
2002: Change of company name to POSCO.
2003: Opening of the POSCO Museum.
2004: Participation in Benxi jv [China, cold rolling].
2005: Orissa state and POSCO sign agreement on new plant in India.
2005: Construction of Zhangjiagang stainless plant in China.
2005: Completion of Gwangyang LNG Terminal.
2005: POSCO ADRs listed on the Tokyo stock exchange.
2006: Construction of #1 Finex plant 1.5 mt/year capacity.
2008: Rumours of prospective bid for Daewoo Shipbuilding.
2009: Acquisition of Asian Stainless Corp in Vietnam.
2009: Coating line completed in Mexico [galvanized auto sheet].
2010: Indian government orders suspension of Posco project work.
2011: Purchase of stake in Thainox - large stainless steel producer.
Notes
Creation of POSCO was as the result of Government deliberations during the 1960s that self-sufficiency in iron and steel and construction of an integrated steel plant were essential to Korea's economic development.
Construction of the first steel works at Pohang was funded by money received from Japan. This funding was part of a compensation payment received from Japan for its colonial rule of Korea.
In 1986 US Steel entered into a 50:50 joint venture with Pohang Iron and Steel Company to modernize its Pittsburg plant (California) - to supply the facilty with high quality steel. This venture is now known as USS-Posco Industries, and operates cold rolling and coating plant on the West Coast.
1988: Until the part privatisation, ownership of POSCO was held by the Ministry of Finance and the Government-owned Korea Development Bank.
1988: Posco's Indian project centres on a $12 billion steel-making complex, which includes a power plant and a port.
1994: POSTEEL is the domestic sales distribution company, whilst POSTRADE handles POSCO's foreign distribution and product sales.
