The World Steel Dynamics, a leading agency specializing in the analysis of the steelmaking industry, announced on June 16 that Posco won the 1st place in the assessment of competitiveness of steelmakers worldwide this year. In this year`s assessment, it evaluated top 35 steelmakers worldwide in terms of 23 criteria including production output, profitability, technical innovation, price power, cost-cutting measures, financial soundness and securement of raw materials.
Posco won the highest scores for high skill levels of its workforce, productivity, and innovative technologies such as radiating heat steel sheets for LED TVs, Bismuth (Bi) free cutting steel and UV high-gloss steel plate. In addition, it received the highest grades in the fields of expanding of high value-added products and eco-friendly management. Posco held the top spot from 2002 to 2004 but was dethroned by its Russian and Indian rivals that own iron ore mines such as Severstal and Tata Steel. It reclaimed the crown in six years in 2010 through its consistent efforts for cost reduction, profitability improvement, technological enhancement and securement of iron ore mines and has maintained the number one spot for three consecutive years since then.
Russia`s Novolipetsk Steel took second place in the latest rankings, followed by Brazil`s CSN, Russia`s Severstal and China`s Baoshan Iron and Steel. Meanwhile, ArcelorMittal and JFE Steel which entered the top 10 rankings last year dropped to 16th and 21th in the ranking respectively, due to the poor performance in labor cost reduction and exploration into emerging markets.
Sourced from Stahleisen.de