POSCO Steel for World’s Largest FPSO

POSCO has accelerated in preoccupying the energy steel market that is the future new growth engine. It has successfully won an order for supplying 88,000 tons of 11 types of thick plate steel for FPSO (Floating Production Storage and Offloading), which is one of the world’s largest oil prospecting ships that Daewoo Shipbuilding Marine & Engineering Construction (DSMEC) is currently constructing.

This is the first time that thick plates for building an FPSO have been supplied exclusively by one steel company.

POSCO has invested more in research and development in energy steel since 2000, which has led to the development of 23 new types of steel.

This has resulted in the successful contract with the multinational oil and chemical company Shell in September 2011, which made POSCO a supplier for a variety of offshore structural steel plates for all of Shell’s marine plant projects by 2016.

Furthermore, POSCO completed an MOU on energy and infrastructure with GE in May of 2012, agreeing to supply steel plate for energy plants and the technology for using it through joint research and development.

POSCO has accelerated its enter into the energy steel market.

The energy steel industry is expected to see high growth of an average of 6 percent per annum, which would be the battleground for the future steel industry.

POSCO has participated in annual OTCs (Offshore Technology Conferences) in the US since 2008 in order to preoccupy the energy steel market, promoting its quality competitiveness and rapidly increasing its market share.

In addition, POSCO has actively been engaging in business activities including joint business development in the energy industry at the level of the POSCO family and strengthened its marketing activities by holding receptions for client companies in the energy sector.

POSCO aims to complete the development of sixty types of energy steel to win orders of energy plants for POSCO family companies such as POSCO E&C, Daewoo International and Sungjin Geotec and to supply steel at the same time, and aims to have a 10 percent market share of the global energy steel market by 2020.

[mappress]

Press Release, February 25, 2013