51 years for the reason that first forged iron was produced… Korean metal meets Chinese language dumping with low carbon and excessive added worth

The metal trade celebrated the twenty fifth ‘Iron Day’ on the ninth. Iron Day was established in 2000 to commemorate the day when the primary molten iron was produced at POSCO Pohang Works, the primary fashionable blast furnace in Korea. POSCO’s late Honorary Chairman Park Tae-joon, who succeeded in lighting the primary blast furnace hearth on June 8, 1973, instructed the metal mill staff, “You may have taken an motion an achievement that can go down in historical past, and to me, you’re a lifesaver.” The primary molten iron poured in at 7:30 a.m. on June 9, 21 hours after the fireplace was extinguished. mild up

At 7:30 a.m. on June 9, 1973, staff, together with Honorary Chairman Park Tae-jun (far proper) and Park Jong-tae (contained in the dotted line), succeeded in first director of Pohang Metal, the primary to supply. molten iron from the blast furnace, and everybody cheered and rejoiced We’re doing it./Offered by POSCO

As POSCO produced metal, home industries started to construct giant ships and create distinctive car fashions. June 1974 HD Industries Hyundai Heavy (329180)launched the primary giant ship in Korea, the oil tanker ‘Atlantic Baron’, utilizing heavy POSCO plates (thick metal plates). Hyundai Motors (005380) In the identical 12 months, the primary particular car mannequin in Korea, Pony, was developed.

Just lately, home metal firms are experiencing issues as a result of low value assault in China. The metal trade is making an attempt to distinguish itself with environmentally pleasant and excessive worth merchandise. POSCO plans to determine a hydrogen discount metal manufacturing system by step by step altering the prevailing manufacturing methodology. Hyundai Metal (004020)plans to determine an annual provide system of 5 million tons of low carbon metal merchandise by 2030 and introduce the low carbon product model ‘HyECOsteel’.

A metal trade official stated, “For the Korean metal trade to outlive, you will need to speed up the event of carbon discount expertise and to be acknowledged as a low carbon product within the international market.”

POSCO Group Chairman Jang In-hwa (second from proper) listens to a proof from staff on the Pohang No. blast furnace restore website. 4 / Offered by POSCO Holdings

The home metal trade is struggling a disaster resulting from China’s ‘export push out’. As a result of the home economic system is sluggish, China is sending metal merchandise to Korea at low costs. In accordance with the Korea Metal Affiliation, 4.21 million tons of Chinese language heavy plates have been imported from January to April this 12 months, a rise of 104% from the identical interval final 12 months.

POSCO Holdings (POSCO Property (005490)) working revenue within the first quarter was solely KRW 583 billion, down 17% from the earlier 12 months resulting from POSCO’s sluggish efficiency. Gross sales decreased 6.9% to KRW 18.052 trillion. Hyundai Metal’s first quarter gross sales fell 6.9% from the identical interval final 12 months to KRW 5.95 trillion, whereas working revenue fell 83.3% to KRW 55.8 billion.

Some within the metal trade consider that if home firms promote merchandise processed from Chinese language supplies overseas, international locations that elevate commerce obstacles with China may additionally tighten sanctions on Korean merchandise. The European Union (EU) and the US are elevating questions concerning the eco-friendliness of Chinese language merchandise by selling a decarbonisation coverage. It isn’t identified how a lot carbon Chinese language firms emit by their native manufacturing course of. In accordance with the Korea Commerce Funding Promotion Company (KOTRA), the US started investigating 4 instances of Korean aluminum merchandise from July to October final 12 months on suspicion of passing exports to China.