POSCO will weiter in afrikanischen Märkten expandieren
POSCO seeks to expand further in African markets. POSCO recently upgraded its Johanesburg office to POSCO-Africa, making it a corporation operating under the wing of the global steel giant.
The new African company is expected to play a vital role in reshaping POSCO into a global resource company. It will also considerably increase the company`s resource self-sufficiency rate.
POSCO has long eyed resource-rich Africa to gain a foothold for further growth. Securing resources will be a crucial driving force for its future success.
The establishment of the corporation in Johanesburg has been in the works since a team was formed early last year to prepare for the launch of the POSCO-Africa branch.
Africa`s real GDP growth rate was around 4 percent year-on-year at the beginning of the millennium. That rose to near 6 percent a few years later.
At the center of the growth are natural resources.
Oil-rich Angola, for example, typically records over 10 percent annual GDP growth.
According to a recent report by Korea Resources Corporation, a state-owned mining company, Algeria, Nigeria, Angola and Libya are rich in petroleum, while the Democratic Republic of Congo, South Africa and Madagascar are rich in cobalt, chrome and nickel.
Last January, POSCO CEO Chung Joon-yang visited four African countries – Mozambique, Zimbabwe, South Africa and Ethiopia – which are strategically important for the company`s investment in resources.