[Asia Economy Reporter Onyu Lim] POSCO Engineering & Construction has risen one rank each year for four consecutive years since 2018 in the construction capability evaluation, reaching 4th place.
POSCO Engineering & Construction announced on the 29th that it ranked 4th in the domestic construction companies' construction capability evaluation this year, receiving high marks in construction performance and management status among the evaluation criteria.
In the urban maintenance business sector, it achieved orders exceeding 2 trillion won for two consecutive years following the year before last, and secured the Shinbanpo 21st project in the Gangnam area, a battleground for major construction companies, thereby gaining recognition for the value of the ‘The Sharp’ brand. In particular, it successfully completed the Busan LCT, the second tallest building in Korea, and Park One in Yeouido, Seoul, which has become a landmark, proving its technological capabilities.
A POSCO Engineering & Construction official self-assessed, "We have demonstrated competitiveness in overseas markets by successfully completing challenging projects not only in Asia such as the Indonesia Tanjung Sekong LPG project, the Philippines multi-family housing, and Mozambique road construction, but also in Latin America and Africa."
Despite the adverse conditions of COVID-19 last year, operating profit increased by 53.4%, and financial soundness continuously improved, making it the only construction company to have its credit rating upgraded to A+ by all domestic credit rating agencies.
POSCO Engineering & Construction first reported its ranking at 23rd in 1995, the year after its founding, and rose to 7th place just two years later in 1997. It attracted attention by climbing to 3rd place in 2012, a year with many group orders such as the Brazil and Indonesia integrated steelworks. However, in 2018, it fell to 7th place due to difficulties in overseas projects and safety accidents.
In response, Chairman Choi Jung-woo, who took office in July 2018, emphasized the management philosophy of ‘Corporate Citizenship Growing Together’ and supported the active competitiveness improvement of affiliates. POSCO Engineering & Construction employees also renewed their mindset and made every effort to expand orders and prevent safety accidents.
In 2019, POSCO Engineering & Construction established a comprehensive safety management improvement plan, fostering a safety-first atmosphere across all areas including technology, site management, infrastructure, organization, and culture. As the consensus that ‘Safety is the highest value that cannot be compromised with anything’ spread, the accident rate has reached the industry's lowest level.
In particular, Kim Yoon-jung, the employee representative of the Labor-Management Council whose three-year term ends next month, deeply listened to the opinions of frontline employees at domestic and overseas construction sites and sales offices, proposing a total of 73 system improvement ideas such as preferential personnel systems for sites and regularization of employment type conversion, leading a corporate culture where employees themselves take the lead in enhancing company competitiveness.
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