POSCO to Cut Its Affiliate Numbers to Half by 2017
POSCO to Cut Its Affiliate Numbers to Half by 2017
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2015.07.16 10:55
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POSCO has revealed a high-intensity restructuring plan to cut the number of its affiliates by a half until 2017.

According to the plan unveiled on July 15, the group would close or divest unprofitable units out of the current 48 companies. It will also cut back on overseas businesses by about 30 percent after taking huge losses last year.

The steel-making group said this at a briefing session held at the Korea Exchange as part of the "Innovate POSCO 2.0" plan. The new blueprint reorganized the group's business portfolios into four domains including materials, energy, infrastructure, and trading with steel making at the center. By 2017, POSCO will be able to save more than 500 billion won a year from the restructuring effort.

In addition, it will focus on selling high value-added steel products while increasing investment in automotive steel plate plants, steel service centers, and overseas processing centers away from new integrated mills.

Earlier in May this year, POSCO began its reorganization effort after all executives tendered their resignation while creating an emergency business renovation committee. On the same day, the group reported its preliminary second-quarter consolidated operating profit at 686.3 billion won, down 18 percent from the same period last year. Its sales revenue and net profit also shrank 9 percent and 75 percent, respectively, to 15,189.4 billion won and 117.3 billion won.


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