President Kim Young-sang of the Daewoo International unveils the new name in a ceremony held on Feb. 18 from POSCO Daewoo, its old name. (Photo: POSCO International)

POSCO Group changed the name of POSCO Daewoo, its international integrated trading house, formerly Daewoo International, to POSCO International, to give its affiliate a brand-new start. The move is part of Chairman Choi Jeong-woo’s ambitious plan to change the names of the group’s affiliates to bring them in line with his strategy of boosting synergy among the company’s affiliates, officials of the group said Feb. 18.

POSCO Daewoo held a shareholder meeting at POSCO Tower in Songdo, where it was agreed to revise the company’s Principles of Association of governing, changing the name of the company.

The word “International” was adopted to signify the focus of the company around the world, leading the global businesses of POSCO Group, the officials explained.

President Kim Young-sang said the company, with its new name, will go straight ahead in accomplishing its objectives. The biggest, he said, is to be a global integrated trader by expanding its global market around the world.

The company will pursue the development of liquefied gas (LNG) and a crop terminal, among its new businesses envisioned, so that its operating profit would be boosted to 23 trillion won in 2030.

POSCO Chemtech, the second battery maker, also held its shareholders meeting on Feb. 18 to approve the change of its name to POSCO Chemical.

POSCO International goes back to the Daewoo Industry, the mother company of Daewoo Group in 1967, for its start. In 1982, the company’s name was changed to Daewoo Inc. to take charge of the international trade for the Daewoo Group and then changed again to Daewoo International when the group was dissolved.

In 2010, POSCO Group acquired the company and its name was changed to POSCO Daewoo in 2016.

POSCO International posted 25.173,9 trillion won in sales last year on a consolidated basis, with 472.6 billion won in operating profit, the largest since the company was founded and the second largest among the group’s affiliates coming next to POSCO’s 64.97,8 trillion won in sales.

POSCO has created greatness from nothing through its challenging spirit and power to take action over the past 50 years to overcome limits, while leading Korea's steel industry to this day. However, POSCO is not ceasing to go to beyond.

POSCO declared a new grand vision called 'POSCO the Great' including a strong will for future growth. POSCO will evolve into a company that is respected by all citizen of the world by promoting new growth engines based on permanent new material, steel and an ongoing commitment to upholding new values.

Under the vision of 'POSCO the Great', POSCO will move ahead to contribute to the coexistence and prosperity of human society by creating value beyond mere profits based on exemplary products and service, and heightened communication between corporate citizenship and stakeholders.

POSCO says it is establishing a leading family management system in which trust and communication, innovation and synergy all work in harmony. POSCO realizes the vision of Smart Workplace which will act as the foundation for creating new value, in addition to implementing an example of new marketing, which leads to the success of customers and also completes a system that discovers technologies in order to expand new growth engines. In addition, POSCO is conducting management based on sharing and coexistence for the goal of having mutual trust and shared growth, while taking the initiative in performing its social responsibilities as a corporate citizen.

POSCO will expand its fields of business activities in any place in the world where there are customers, markets, opportunities and future potential in order to leap forward to become a true global player.

POSCO is solidifying its global steel leadership by further expanding the steel industry in the Eurasia region, which encompasses Eastern Europe, Asia and the Far East, as well as pursuing growth in the Americas, which connect North America and South America, while securing a new level of competitiveness for the future by trailblazing into frontier areas, including Africa, Siberia, and in the South and North Poles where raw materials and resources are in abundance.