Virtues of POSCO
Hebei Iron & Steel Group Chairman Yu Yong extolled POSCO as a leading example of energy conservation and eco-friendly steel production, and a future role model for Chinese steelmakers. The Hebei Iron & Steel Group is the largest steelmaker in China, and the second-largest in the world, following Arcelor Mittal, with an annual crude steel production of 87 million tons.
“Restructuring is a must if we are to further develop ourselves and aggressive investment in environment, energy-saving technologies, and the like has to be made during the course,” he said, continuing, “Then, we will be able to find new growth opportunities not just in China but also across the world.”
Recently, Hebei Provincial Governor Zhang Qingwei came up with a drastic steel industry restructuring plan to halve the steel manufacturing facilities in the region within the nexy three years, based on an environmental evaluation. “Steel is an important pillar for any industry, and this means that the steel industry’s growth potential is limitless,” the chairman said. He added, “Efforts to tackle environmental and energy-related problems are not an option for us.”
In the meantime, Tangshan Iron and Steel and POSCO recently announced that they would set up an LED lighting joint venture. The former is a subsidiary of the Hebei Iron & Steel Group. “If POSCO’s advanced technology and the world’s second-largest production capacity and marketing capabilities of my company are blended well with each other, we will be able to accomplish many things in the near future in the global market,” the chairman explained.