November 29, 2024
Market Now
Posco named world's most competitive steelmaker for 13th year
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Posco Group Chairman Choi Jung-woo (Posco) |
South Korean steel giant Posco said Tuesday it was named the world’s most competitive steelmaker for the 13th consecutive year.
In an annual global industry assessment of 35 steelmakers from around the world, steel information service provider World Steel Dynamics (WSD) gave Posco an average score of 8.5 points out of 10, according to the Korean company.
Established in 1999, the WSD is the only organization to announce the competitiveness index among the world's steelmakers. Based on its analysis of 23 categories, Posco received the highest score in seven segments, including sustainable technology innovation, higher-value production and human resources.
US-based Nucor Corp. came next, followed by Luxembourg’s ArcelorMittal, Japan’s Nippon Steel and China’s BaoWu.
The WSD said the Korean steelmaker was able to maintain the top position for 13 years straight due to its ability to operate steel mills with sustainable profit-making structure and financial stability.
“Posco’s Hydrogen Iron & Steel Making Forum has played a pivotal role in the steelmaking industry. It has enhanced cooperation throughout the industry value chains to achieve the goal of carbon neutrality,” Philipp Englin, chief executive officer of WSD said.
“The company’s $40 billion worth of investment to secure eco-friendly raw materials for steel and hydrogen in Australia was also highly evaluated," he added.
Posco was named Sustainability Champion of the year by the World Steel Association, the largest steelmakers’ association worldwide, in recognition of its sustainable management, in April.
With its commitment to go carbon neutral by 2050, the company also launched a platform, dubbed, HyREX R&D Partnership, which allows global steelmakers to join hands to develop technologies on hydrogen-based steel manufacturing and share the results of them.
In October, Posco Group Chairman Choi Jung-woo has been elected to lead the World Steel Association. The chief was also selected as CEO of the Year at the 10th Global Metals Awards held by S&P Global Commodity Insight in London, in the same month.
By Jie Ye-eun (yeeun@heraldcorp.com)
