Korea Iron and Steel Corporation (KOSCO)
Korea Iron and Steel Corporation (KOSCO), founded in July 1954, is Koreas largest and oldest steelmaker with a wide variety of products. It has a leading potential in the domestic market as well as the global market and is a major exporter of steel products to many countries. The company is owned by both the Korean government and private sector investors and is actively engaged in R&D and innovation.
KOSCO has three major business areas: steel production, steel trading, and steel engineering. Their steel production business manufactures and sells a variety of products such as hot-rolled steel and cold-rolled steel, as well as pig iron. This part of the business accounts for most of its overall production. KOSCOs steel trading business involves the exporting and importing of steel products and other related products in the domestic and global market. Lastly, KOSCOs steel engineering business focuses on the planning, designing, and implementing of civil engineering projects.
KOSCOs products are widely used throughout the world in bridge and building construction, shipbuilding, automobiles, agricultural machinery, and many other products. The company is highly innovative and has developed many advanced products such as Automated Titanium Alloy Slicers and High-Strength Automated Boilers. KOSCO is an environmentally conscious company and has patented their Clean Steel production process which lowers emissions and improves efficiency.
Most recently, the company has been experimenting with unique business models such as virtual contracts and financial leasing. By utilizing these approaches, KOSCO is able to secure funding and customers in a more efficient manner. They also have plans to leverage their existing technologies in order to enter into new markets such as energy and manufacturing.
KOSCO has a strong commitment to safety and quality. As evidence of this, they have adopted the ISO 9000 quality management system and comply with international safety standards. KOSCO is also a member of the Asian Iron and Steel Association, a regional organization of steel companies with a shared commitment to raising the bar for quality and safety.
KOSCO maintains a network of offices and factories throughout the world. In addition to their headquarters in Seoul, KOSCO also has offices in Tokyo, Los Angeles, Milan, London, Dubai, and Australia. Their factories are located in Chonju, Incheon, and Pyongtaek. KOSCO employs over eleven thousand people and is committed to providing a safe and rewarding work environment.
KOSCO is on the cutting edge of steel manufacturing technologies and continues to innovate both in terms of products and processes. As of 2020, they continue to be one of the largest steel companies in the world and serve as a model of success for other Korean corporations.
