Choi Jung-woo, Chairman of POSCO Group, Receives '2022 Korea Negotiation Award'

Successfully Persuading Stakeholders to Transition to a Holding Company Structure

Choi Jung-woo, Chairman of POSCO Group, received the '2022 Korea Negotiation Award' from the Korean Negotiation Society.

On the 23rd, the Korean Negotiation Society selected POSCO Group Chairman Choi Jung-woo as the recipient of the '2022 Korea Negotiation Award' at Korea University in Seongbuk-gu, Seoul.

Choi Jung-woo, Chairman of POSCO Group, received the '2022 Korea Negotiation Award' hosted by the Korean Negotiation Society on the 23rd. From the right in the photo, Chairman Choi Jung-woo and Kwon Sung-woo, President of the Korean Negotiation Society, are taking a commemorative photo. Photo by POSCO Group

In March last year, POSCO Group transitioned to a holding company system to achieve balanced growth and maximize corporate value. Through seven core businesses?▲Steel ▲Secondary Battery Materials ▲Lithium & Nickel ▲Hydrogen ▲Energy ▲Construction & Infrastructure ▲Food (Agri-Bio)?the group presented a vision to become a 'leading eco-friendly future materials company.'

The Korean Negotiation Society stated the reason for awarding Chairman Choi was "his demonstration of win-win negotiation skills that foster coexistence, persuading all stakeholders and garnering overwhelming approval."

They also added, "He led carbon neutrality in the global steel industry based on global leadership and cooperation, achieved tangible results in the secondary battery materials business, and was recognized for restoring the steel mill to normal operations in a short period after an unprecedented natural disaster last year."

In 2021, Chairman Choi led the world's first Hydrogen-based Ironmaking International Forum (HyIS), laying the foundation for a global alliance for carbon neutrality with leading steel companies worldwide. Last year, he further solidified international cooperation by co-hosting forums consecutively with Swedish steel company SSAB. His collaborative leadership in promoting decarbonization in the global steel industry was internationally recognized, leading to his appointment as President of the World Steel Association in October last year.

Chairman Choi also demonstrated negotiation leadership in the secondary battery materials business. To secure stable supplies of lithium and nickel and successfully advance the business, he met with the President of Argentina and the Prime Minister of Australia last year, gaining support and cooperation for POSCO Group’s eco-friendly future materials business. This became the driving force that established POSCO Group as the only company in the world to build a complete supply chain from raw materials to products for secondary battery materials.

The Negotiation Society also highly praised the case of overcoming the unprecedented crisis of the cold river flood through global cooperation last year. When it was necessary to replace the motor drive, a device controlling the motor of the rolling mill, to operate the Pohang No. 2 Hot Rolling Mill, POSCO secured a promise of support from JSW, with whom it had a cooperative relationship, to provide a motor drive originally being manufactured for JSW’s hot rolling mill. This laid the foundation for the miracle of 135 days.

The approval of the proposal to relocate the holding company’s headquarters was also evaluated as a significant achievement. Since launching the 'Win-Win Cooperation TF' with the local community last year, POSCO Group’s management, led by Chairman Choi, has been steadily persuading shareholders regarding the relocation of the holding company’s headquarters. The company’s policy is to harmoniously pursue coexistence and symbiosis with the local community alongside the group’s future development.

Chairman Choi expressed his thoughts, saying, "Going forward, POSCO Group will strengthen global solidarity and cooperation based on the corporate citizenship management philosophy and take a leading role in realizing a sustainable future for Korea."

Meanwhile, since 1996, the Korean Negotiation Society has annually awarded the Korea Negotiation Award to individuals who have demonstrated outstanding negotiation skills domestically and internationally and contributed to national interests.