POSCO news and business reports.

POSCO News

Hyundai Steel sets insourcing precedent, launches three new units
Wed, 01 Sep 2021 00:00:00 GMT
Hyundai Steel is launching three new subsidiary companies as part of an insourcing drive aimed at enhancing its competitiveness and the well-being of around 7,000 affiliated workers, the firm said Tuesday. It is the first major manufacturer in the country making the move to directly hire workers from partner companies and provide them with the same benefits, the steelmaker said. The new entities are established at the locations of the firms major production bases Incheon, Pohang, North


Iron ore collapses as sentiment overwhelmed
Fri, 20 Aug 2021 00:00:00 GMT
Seaborne iron ore prices collapsed on Thursday, falling sharply below expectations. Weak steel demand, production restrictions and a lack of support from overseas markets have all weighed on prices. TheKallanishKORE 62% Fe index slumped a record $25.55/tonne to $132.37/dry metric tonne cfr Qingdao, the lowest level since November 2020. The Kallanish KORE 65% Fe


China launches new anti-dumping probe into steel products from ...
Mon, 26 Jul 2021 00:00:00 GMT
China on Friday launched an anti-dumping investigation into grain oriented flat-rolled electrical steel imported from Japan, South Korea and the European Union following the expiry of tariffs in place for the last five years. Those tariffs will, however, be reinstated during the investigation which is due to be completed within a year, Chinas Ministry of Commerce said. The probe comes after China Baoshan Iron and Steel and unit of Beijing Shougang petitioned the ministry in May, arguing


South Koreas POSCO posts record profit on strong steel demand ...
Fri, 23 Jul 2021 00:00:00 GMT
South Korean steelmaker POSCO posted its highest ever quarterly profit on Thursday, as strong industrial demand and surging steel prices boosted its revenue. The worlds sixth-biggest steelmaker by production as of 2020 unveiled a plan to raise its annual steel production capacity to more than 60 million tonnes by 2030, from 46 million tonnes as of 2020. It also lifted its 2021 revenue target to 37 trillion won from 32.8 trillion won as it expects tight supply to continue for the rest of


POSCO Slips to 6th Place in Global Steel Production
Wed, 09 Jun 2021 00:00:00 GMT
POSCO fell to sixth place in the worlds crude steel production in 2020, down one notch compared with 2019. Chinese steelmakers moved up the rankings by sharply increasing crude steel production as they quickly overcame the COVID-19 crisis. POSCOs crude steel production amounted to 40.58 million tons in 2020, down 5.9 percent compared to 2019, according to Steel in Figures 2021 published by the World Steel Association (WSA) on June 7. Hyundai Steel saw its crude steel production fall 8.1


EUs anticipated safeguard extension set to hit Korean steelmakers
Mon, 07 Jun 2021 00:00:00 GMT
The local steel industry is expected to continue to suffer an export contraction as the European Commission is likely to extend a safeguard measure on steel imports for an additional year. According to the Korea International Trade Association (KITA) and foreign media, Sunday, the European Commission is slated to announce the results of an investigation to assess the need for an extension of the safeguard measure on June 7 (local time). The European Commission introduced the safeguard


Korean steel makers to make first price hike in steel plates ...
Tue, 01 Jun 2021 00:00:00 GMT
Korean steel makers are raising prices of automotive steel sheets for the first time since 2017 amid jumping commodity prices. Posco, Hyundai Steel and other major steel makers in Korea have reached an agreement with automaking majors Hyundai Motor Co. and Kia Corp. to increase fixed prices for supplies of automotive steel sheet by 50,000 won ($44.93) per ton, according to industry sources on Monday. The last hike was made in the second half of 2017. The increase comes amid rapid


Steel prices continue to rise but domestic concerns may derail ...
Tue, 18 May 2021 00:00:00 GMT
The global steel industry is witnessing an unprecedented rally as steel prices continue to rise. A Motilal Oswal report says that regional hot-rolled coil (HRC) steel prices have continued to rise and was at Rs 66,750 per tonne at traders markets on May but was still at a discount of Rs 15,300 per tonne in comparison to the landed cost of imports from Korea. As per a Credit Suisse report, China and FTA (free-trade agreement) export HRC prices rose $50 and $10 per tonne, respectively, in the


Iron ore retreats, scrap jumps in uncertain market
Fri, 14 May 2021 00:00:00 GMT
Seaborne iron ore prices fell back on Thursday, while scrap prices were still catching up rapidly. Strong Chinese steel output continues to support raw materials prices, but speculators took a hit to their confidence, sending futures prices lower. TheKallanishKORE 62% Fe index fell $5.34/t to $220.64/dry metric tonne cfr Qingdao. The Kallanish KORE 65%


Liberty ore/nickel sales raise conduct questions
Thu, 08 Apr 2021 00:00:00 GMT
London-headquartered metals trader Liberty Commodities, part of the vast Gupta Family Group Alliance of companies owned by UK businessman Sanjeev Gupta, made multiple sales of nickel and iron ore pellet to Indian cold-rolled and hot-dip galvanised coil steel producer Uttam Galva between July 2014 and October 2015, according to documents obtained by Argus


STEEL Talk How Does the Tower Crane Become Taller
Fri, 26 Mar 2021 00:00:00 GMT
POSCO Newsroom's STEEL Talk reveals the secret behind the gigantic tower cranes


Exploring Hydrogen with POSCO #3 The Future of Steel Hydrogen-based ...
Wed, 03 Mar 2021 00:00:00 GMT
Join POSCO Newsroom on the journey to the future hydrogen steelworks of 2050, constructed with POSCO's unceasing



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