Formerly known as Pohang Iron and Steel Company, POSCO is a South Korean steel group that was the world’s fifth largest steel maker in terms of out put in 2010. 

  • Estimated daily losses of US$224 million as supplies of cement and fuel run short
  • It is likely that the government will legally force the strikers to return to work

The storm made landfall in the country’s southern regions on Tuesday, unleashing heavy rains and winds of up to 155km/h, and leaving 10 people dead.


Petrochemical firms joined automobile and steelmakers in cutting operations due to inventory issues from transport disruptions from the truckers strike. The 22,000-strong union is protesting soaring fuel prices and demanding minimum pay guarantees.

Posco, South Korea's biggest steelmaker, has cut its sales forecast for this year for a second time after reporting a 22 per cent slump in third-quarter profit.