POSCO Chairman and CEO Kwon Oh-joon will serve another three-year term. Shareholders of POSCO approved current chairman Kwon Oh-joon’s reappointment to that position at the 49th shareholders’ meeting, held on March 10.
Kwon told the shareholders' meeting, held at POSCO's Seoul headquarters, "Though the immediate outlook remains bleak due to a low growth trend, a rise in raw material prices and the spread of protectionism, we will continue to improve our profitability in the steel business, while laying the foundation for future growth by successfully completing our ongoing restructuring.”
Kwon said POSCO will prepare itself for the 4th industrial revolution and reinforce the competitiveness of its non-steel business segments.
“First of all, we will turn all of our plants into smart factories by embracing big data technology, the IoT and AI in order to lower production costs and improve product quality,” Kwon added.