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[September 2002]
POSCO Reports Latest Figures
POSCO Refractories & Environment Co Ltd (Pohang, Kyung Puk, South Korea) recorded sales of 96.5976 billion Korean won for the period to 30 June 2002, against 90.0994 billion Korean won for the previous year.
Gross profit also increased, from 12.4085 billion won to 13.8543 billion won and operating profit leapt by around 28% - from the previous period's 5.5222 billion won up to 7.0639 billion won.
POSCO manufactures total basic refractories under the brand SUMAG (magnesium hydroxide product) - which is an environmental neutraliser and the SEFREMA SSSS sea fresh magnesia product which remedies slurry, as well as engineering various types of industrial furnaces and maintaining the Pohang and Kwanyang works.
In opening a liaison office in China, POSREC says it has proven its technological excellence in South-East Asian countries and also in Mexico in the areas of industrial furnace building and technology transfer concerning refractories.
Labour and management policy has seen the company reach agreement with its workforce on a wage increase without bargaining for five consecutive years and has seen the introduction of e-POSREC, an electronic settlement system which enables the company to rapidly respond to new IT technologies.
ENDS