Shareholders approve Chung as new POSCO CEO

SEOUL, Feb. 27 (Yonhap) -- Shareholders of POSCO Friday approved the appointment of Chung Joon-yang as the new chief executive officer for the world's fourth-largest steelmaker.

Chung, 61, replaces Lee Ku-taek, and will serve as the head of the steelmaker for
three years.
His appointment came at a time when the global steel industry is facing a sharp
downturn on falling demand from automakers and shipbuilders.
POSCO, which cut its steel production for the first time in its 40-year history
in December, said last month it would cut its steel output in February for the
third consecutive month amid the global economic slump.
It also warned that it may have to extend its first-ever output cut through the
current quarter due to reduced demand.
POSCO reported a record profit of 4.45 trillion won (US$2.93 billion) last year
on sales of 30.64 trillion won. Its operating profit surged more than 50 percent
to a record of 6.5 trillion won. But its fourth-quarter result of 721 billion won
in profit was lower than expected.
The steelmaker forecast earlier this month that sales would fall by up to 12
percent this year and steel output could drop by as much as 12 percent to 29
million tons.
Chung joined POSCO in 1975 and has held executive positions since 2004 ,starting
as head of the Gwangyang mill. He switched to POSCO Engineering & Construction
only in November last year as chief executive of the construction unit.
sam@yna.co.kr
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