Baptism of fire
Article Abstract:
South Korea's Pohang Iron and Steel Co (Posco) is facing the problems of shrinking world markets and stagnant domestic demand. The resignation of founder-chairman Park Tae Joon, a few days before the company was to offer 8% percent of its shares to foreign investors, has added to its problems. Most economic analysts consider Posco's diversification plan risky and believe that Park's departure may further discourage foreign investors. The company is, however, entering into joint ventures with neighboring countries and is optimistic that the new management will be able to manage successfully.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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Captain of industry: departure of Posco chief leaves a void
Article Abstract:
Park Tae Joon resigned as chairman of South Korea's Pohang Iron and Steel Co (Posco) in Oct 1992, to assume a more active political role. He resigned simultaneously as co-chairman of South Korea's Democratic Liberal Party (DLP.) Park is expected to launch a new political party and contest the presidential elections scheduled for December 1992. Park's reputation for managing Posco like a military camp may have a negative influence on his election prospects but his concern towards labor welfare and his management expertise are also expected to stand him in good stead.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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Born again and again
Article Abstract:
South Korea's Finance Ministry has agreed to rescue financially burdened Sammi Steel Company Ltd from its creditors. By arranging a Won 130 billion commercial-loan package for parent Sammi Group, the ministry averted what could have been serious damage to the overseas image of South Korea's corporate borrowers. In return for the loan, Sammi Group promised to merge or divest itself of smaller and less profitable subsidiaries.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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