Top 10 Domestic Companies by Sales
On the 2nd, POSCO International and POSCO Energy announced that their integrated corporation officially launched the previous day.
[Asia Economy Reporter Oh Gyumin] On the 2nd, it was announced that the integrated corporation of POSCO International and POSCO Energy officially launched the day before. Following the absorption merger, the company name will be maintained as POSCO International, and Vice Chairman Jeong Tak is expected to be appointed as the CEO of the integrated corporation at the shareholders' meeting.
The company explained that the significance of this merger lies in strengthening the foundation to advance into a comprehensive business company with global competitiveness by adding an energy-specialized company to the existing title of a general trading company.
The integrated corporation has an annual sales scale exceeding 40 trillion KRW and operating profit exceeding 1 trillion KRW, ranking around 11th among domestic companies by sales last year. Additionally, their cash generation capability (EBITDA) is expected to improve from about 1.3 trillion KRW last year to 1.7 trillion KRW this year, and the debt ratio will be reduced from 200% to around 160%, thereby improving financial soundness.
Through this merger, the integrated corporation aims for effects such as ▲increased management stability through strengthening business structure ▲leap to a global eco-friendly energy specialized company ▲acceleration of new growth business promotion.
Due to the absorption merger, the company name will be maintained as POSCO International, and Vice Chairman Jeong Tak is expected to be appointed as the CEO of the integrated corporation at the shareholders' meeting.
Vice Chairman Jeong, who took the helm of the integrated corporation, is regarded as a leading sales and marketing expert within the POSCO Group. He joined Daewoo and served as head of Daewoo International's Kuala Lumpur branch, head of POSCO's steel business division, head of the marketing division, and CEO.
In his inauguration speech on the 2nd, Vice Chairman Jeong stated, “We will strengthen competitiveness by adding trading capabilities to our core businesses of energy, steel, food, and eco-friendly future businesses and through bold investments,” and added, “All employees will unite to evolve and develop from a general trading company into a global comprehensive business company.”
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