Word: posco
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...more companies are coming around to Lheem's thinking. Near Hyundai's plant, Nokia opened the first phase of a $150 million mobile-phone factory in March. In the state of Orissa on India's east coast, South Korean steel giant Posco plans to construct a $12 billion mill. SemIndia, a company formed by chip-industry executives, will break ground in June on a $3 billion semiconductor factory in the southern state of Andhra Pradesh. Others are coming around, too. Dell Computer recently announced its intention to build a factory in India, joining those it already has in China...
...capital-equipment manufacturers-the companies you'd expect to be most despondent about reduced demand from the mainland-are philosophical. China's big appetite resulted in supply shortages and inventory disruptions. A respite from the insatiable dragon will give them an opportunity to reload. Says a spokeswoman for POSCO, Korea's largest steel company, "These constraints will have a short-term negative influence, but long-term, this is actually progress." Likewise, Japan's and Korea's giant electronics conglomerates are sanguine. Toshiba, for example, sold $1.3 billion worth of goods in China last year, so "obviously we are concerned about...
When U.S. steelmakers raise the bogeyman of unfair foreign competition, one firm they have in mind is POSCO of South Korea, which last year passed Japan's Nippon Steel to become the world's top producer. Churning out 27.8 million tons of steel products, POSCO earned $620 million, with exports accounting for 25% of revenues. But does it owe its competitive edge to government handouts? Its ties to Seoul are certainly cozy, and its exports still face countervailing duties abroad, to offset subsidies it received years ago. But analysts say POSCO now operates independently and succeeds through smart management...
...like a big assembly line, with barges transporting raw materials like iron ore in one end and finished steel out the other end. Capacity in the blast furnaces matches capacity in rolling mills down the line, yielding efficiencies. The plant is highly computerized, workers aren't unionized, and POSCO doesn't bear heavy pension costs...
...brewing trade war, POSCO's exports to the U.S. could shrivel. Yet in the twisted calculus of steel politics, the company lobbying hardest for tariffs, USX-U.S. Steel, also has a stake in cheap POSCO imports. USS-POSCO, a California-based joint venture between the firms, buys most of the Korean steelmaker's hot-rolled coil imports, which the venture uses to make other products sold in the U.S. A spokesman for U.S. Steel wouldn't comment on the joint venture's viability should tariffs be imposed. But, says POSCO's Lee Chun Hwan, "[The venture] might...