POSCO has once again been named the world’s No. 1 steelmaker. Global steel information service provider World Steel Dynamics (WSD) announced the World-Class Steelmaker Rankings on June 13 in New York. POSCO has topped the list as the world’s best steelmaker for the eighth consecutive year.
This year’s achievement is especially meaningful, as the company faced a tough business environment in 2015 due to global oversupply, a downturn of major demand industries and import restrictions on exporting countries. POSCO also underwent a strict restructuring process to improve its financial structure.
The WSD assessed 37 steelmakers around the world in 23 categories, including technological innovation, cost competitiveness, financial stability and procurement. POSCO ranked at the top with a score of 8.02. The company was credited for attracting an investment by Saudi Arabia’s sovereign wealth fund and the reorganization of its corporate structure, including its sale of POSCO Specialty Steel.
POSCO was also applauded for making use of innovative technologies such as FINEX and CEM, improving the technical skills and productivity of its engineers, increasing sales of value-added high-end products such as World Premium products and reducing costs.
Japanese Nippon Steel and Sumitomo Metal Corp. ranked second, having improved export competitiveness thanks to a weak yen. U.S.-based steelmakers Nucor and SDI ranked third and fourth, respectively, having improved competitiveness in energy costs through the use of shale gas.
Russian steelmaker NLMK, who boasts iron ore and coal mines, was came in fifth, while Severstal, another Russian company, ranked sixth. Hyundai Steel placed twelfth this year. POSCO, Korea’s biggest steelmaker, suffered a dip in its global standing by coming in as the fifth-largest steel-producing firm, industry data showed on May 31.
The data from the World Steel Association showed the Pohang-based company produced 41.56 million tons of crude steel in 2016. This caused its ranking to move down one notch from the previous year. The downgrade in the ranking is due to China’s Wuhan Iron and Steel, and the Shanghai-based Baosteel joining hands, data showed.
ArcelorMittal, headquartered in Luxembourg, maintained its top position with 95.45 million tons of production, followed by China’s newly merged entity, which produced 63.81 million tons of crude steel, and China’s Hebei Iron & Steel Group, which produced 46.18 million tons, the latest findings showed. Hyundai Steel, ranked 13th by producing 20.9 million tons.
POSCO, Korea’s largest steelmaker, said recently that it was selected as the world’s most influential steelmaker of the year by United States-based steel industry information provider World Steel Dynamics.
The WSD held its 29th Steel Success Strategies meeting in New York and announced its World-Class Steelmaker Rankings, which put POSCO as the top performer, scoring 7.91 out of 10 points. POSCO has made the No. 1 ranking for the past five years. American electric furnace-based steel company Nucor was the runner-up followed by Nippon Steel and Sumitomo Metal Corporation. The WSD evaluates the world’s 36 major steelmakers in 23 categories including productivity, profitability and technology.
Hyundai Steel, Korea’s second-largest steelmaker was ranked ninth.
POSCO, South Korea's biggest steelmaker, has regained its status as the world's fourth-largest steel-producing firm, data from the World Steel Association showed May 31, 2016. The Pohang-based company produced 41.9 million tons of crude steel in 2015, ranking as the world's fourth largest steel producer, up one notch in the ranking.
It ranked fourth by output in 2011, but it remained fifth for three years till last year.
A view of POSCO's steel complex in Pohang.(Photos: POSCO)