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( POSCO)
The Pohang Iron and Steel Company, or POSCO (KRX 005490) (NYSE&_160;PKX) (TYO 5412) (LSE PIDD), based in Pohang, South Korea, is the fourth largest steel producer in the world. Currently, POSCO operates two steel mills in the country, one in Pohang and the other in Gwangyang. In addition, POSCO operates a joint venture with U.S. Steel, USS-POSCO, which is located in Pittsburg, California. Along with Samsung Electronics, POSCO is viewed by many Koreans as a symbol of national pride and 'can do' spirit. With the strong Korean shipbuilding and automobile industry dependent on POSCO for steel, it has been seen as the bedrock of Korea's industrial development over the past 40 years. In the 1950s, South Korean President Park Chung-hee's administration concluded that self-sufficiency in steel and the construction of an integrated steelworks were essential to economic development. Since South Korea had not possessed a modern steel plant prior to 1968, many foreign and domestic businesses were skeptical of Seoul's decision to invest so heavily in developing its own industry. Despite the skepticism, under founder Park Tae-Joon's lead, POSCO began production in 1972 just four years after the company's inauguration in April 1968 with thirty-nine employees.
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