Changing Company Name
The POSCO Group will get rid of a legacy of the Daewoo Group. The group took over Daewoo International, a former Daewoo Group affiliate, eight years ago, and changed its name to POSCO Daewoo. But it now plans to take off “Daewoo” from the company’s name.
The group believes that the post-merger integration (PMI) process has been completed as a long time has passed since its acquisition of Daewoo International in 2010.
In addition, since the inauguration of Choi Jung-woo as new POSCO chairman, the POSCO Group has pushed for reform, collecting agendas for across-the-board reforms from employees.
POSCO Daewoo’s new name is highly likely to be “POSCO International,” as the names of POSCO affiliates all have POSCO followed by the specific industries or businesses they are engaged in. Among them are POSCO Engineering and Construction, which is engaging in the construction business, POSCO Chemtech which produces materials for secondary batteries, and POSCO ICT focusing on information technology (IT) and engineering. The proposed name change for POSCO Daewoo will be finalized at a general shareholders meeting.