Posco a steel manufacturing major headquartered in South Korea, has been ranked as the most competitive steel manufacturer in the world. The rankings announced every year by World Steel Dynamics (WSD), were finalized after assessing 36 steelmakers from across the world. The World-Class Steelmaker Rankings were announced during the 30th edition of the forum called Steel Success Strategies (SSS) this week. This is for the eight time running that Posco has topped the list of the most competitive steelmakers in the world.
Shortlisted companies were assessed on parameters such as technological innovation, cost savings, profitability, production size, procurement, cost-competitiveness, as well as financial stability. The rankings titled in favor of Posco because of the company’s recent efforts to improve its core business competitiveness by boosting sales of high-end, value-added products. The company has also actively been engaging in marketing based on tech solutions.
Posco bagged the highest points in as many as four segments, which also included human resource management and technological innovation. In the overall rankings, Posco won 7.91 on a scale of 10 points, putting it at the top of all other contenders.
The second on this list was Nucor Crop., a U.S.-based mini-mill steelmaker. The company fared well on account of its shale gas development licenses as well as the overall steel industry faring well in developed nations. The third rank was awarded to Sumitomo Metal Corp. and Nippon Steel, both Japanese steelmakers. The recent economic policies in Japan—which have earned the moniker Abenomics—have spurred competitiveness in exports and this has proven beneficial for the two companies. At fourth place was Gerdau, a South American steelmaker, followed in the fifth place by Russia-based Severstal.
At the forum, the WSD said that the global steel industry was projected to report a slow pace of growth for some time before recovering some momentum around 2017.