POSCO entered Toyota Motor; Challenged its rival Nippon Steel
Current Affair 2012. POSCO entered Toyota Motor and challenged its rival Nippon Steel on 28 June 2012
The first non-Japanese steelmaker POSCO on 28 June 2012 entered a group of Toyota Motor Corporation closest suppliers and challenged its rival Nippon Steel in Kyohokai. Posco is the first South Korean company in the group. POSCO started supplies to the Asia no.1 carmaker Japanese factories in 2009 and its plants in Indonesia and India in 2003.
The weakness of won(South Korea) made South Korean products cheaper than Japanese goods. It will make POSCO over its rivals. A POSCO steel mill will operates in Pohang, South Korea.
POSCO sheet shipment rose after the merger between Nippon Steel and Sumitomo Metal Industries Ltd in October 2012.
POSCO (Pohang Iron and Steel Company) is a multinational steel making company in Pohang, South Korea. Currently, it operates two integrated steel mills in South Korea in Pohang and Gwangyang. POSCO operates a joint venture with U.S. Steel, USS-POSCO in California. In 2010, it was the largest steel mill by market value in the words.