Jang In-hwa, POSCO Chairman, "Must Achieve Results Through Localized Investment"

Commemorative Speech for 57th Anniversary on the 1st of Next Month
Message Urging Overcoming Domestic and Global Crises
"Enhance Execution and Build a Culture of Trust"

Jang In-hwa, Chairman of POSCO Group, said on the 31st, "We must achieve meaningful results through local integrated investments in high-growth, high-profit steel regions such as India and the United States, and by promoting new businesses centered on future materials."

In a commemorative speech marking the 57th anniversary of POSCO's founding on the 1st of next month, Chairman Jang stated, "As the industrial paradigm rapidly changes, expanding the market for core businesses and entering promising new businesses that will lead the group's new growth cannot be delayed even for a moment." He added, "We must boldly innovate productivity and quality so that no one can surpass us, and develop technologies that change the market landscape to lead the future."

Jang In-hwa, Chairman of POSCO Group. Provided by POSCO Holdings

Chairman Jang's commemorative speech was a message to employees to overcome the worsening domestic and international management conditions caused by the global economic recession, the onslaught of low-priced Chinese products, and the U.S. steel and aluminum 25% tariff imposition. In particular, the local integrated investment he mentioned is interpreted as an investment in the upstream process sector within the United States currently under review. The upstream process refers to the process of melting iron ore through a blast furnace or electric furnace to produce semi-finished products. It is considered an alternative to reduce the tariff burden on steel products entering the U.S. and to supply steel stably to U.S. customers.

Chairman Jang emphasized that execution capability must be enhanced to promote such businesses. He said, "No matter how excellent a plan is, it cannot succeed if it remains just an idea," and added, "Each employee must earnestly check whether they are faithfully executing the given tasks, including the seven future innovation tasks, and if there are shortcomings, they should not delay any longer but take action now."

The seven future innovation tasks focus on securing ultra-competitive manufacturing capabilities in steel and actively investing in secondary battery materials. These are also the blueprint for the group that Chairman Jang has presented since his inauguration last year. Specifically, they include ▲rebuilding steel competitiveness ▲achieving fundamental competitiveness and pioneering innovative technologies that match the market value of secondary battery materials ▲establishing a responsible management system for business companies and diversifying new business discovery systems ▲innovating fair and transparent governance ▲enhancing employees' ethical awareness and strengthening compliance management ▲fulfilling corporate responsibilities based on principles ▲organizational and personnel reform and establishing a horizontal organizational culture.

Chairman Jang also emphasized a culture of trust within the group. He said, "At the center of POSCO Group's growth to its current state is a labor-management culture that has built trust by sweating together toward a single goal," and added, "We must remember that the trust built between the company and stakeholders has been the driving force behind our success so far and is the key to overcoming the current crisis." This appears to be a cautionary message with a domestic steel company in mind, which experienced a decline in plant operating rates and subsequent performance deterioration due to labor-management conflicts.

Furthermore, Chairman Jang urged employees, saying, "Throughout our history, we have never faltered in the face of any adversity and have boldly taken one step at a time," and added, "Let us progressively inherit the proud POSCO Spirit accumulated from the founding generation to the present, trust and rely on each other, and vigorously run toward a sustainable future for POSCO Group."

This content was produced with the assistance of AI translation services.