POSCO Steel’s Fourth Quarter Executive Board Meeting in India
New Delhi, October 18, 2007: World’s fourth largest steel producer, POSCO is scheduled to hold its 6th Board Meeting of 2007 in India on October 19. The POSCO Board consisting of six Standing Executive Directors including Mr. Ku-taek Lee, Chief Executive Officer, POSCO; Mr. Soung-sik Cho, Senior Executive Vice President & CMD, POSCO-India and nine independent directors would be meeting in New Delhi to discuss regular affairs of the company.
During this visit, the board members and senior executives would be making a trip to POSCO-India corporate office at Bhubaneshwar to review the progress of POSCO-India project.
Mr. Ku-Taek Lee, Chief Executive Officer, POSCO is scheduled to meet and discuss the progress of the project with high level officials of the government at Centre and Orissa.
The Company is keen on setting up the first integrated steel plant outside Korea in Orissa, India and aims it to be the most competitive steelworks in the world. The proposed 12 million tons, mega Greenfield project in Orissa intends to develop the economy of the state & living standard of the people and is strategic for POSCO’s competitive edge and leadership in the global steel industry.
POSCO is world’s No. 4 steel producer and one of the most competitive steel companies. POSCO in South Korea operates two of the world’s premier steel works having a combined production capacity of 31 million tons per annum (mpta) – the Pohang and Gwangyang works. Gwangyang steelworks is the single location largest steelworks in the world and the Pohang works is world’s second largest steelworks. POSCO signed a Memorandum of Understanding (MoU) with the Government of Orissa in June 2005, to set up a 12-mtpa green field steel plant near Paradip, Jagatsinghpur District, Orissa, with an estimated investment of USD12 billion.