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Inter-Korean summit to create new opportunities for steel industry: POSCO CEO

September 21, 2018

SEOUL, Sept. 21 (Yonhap) — Choi Jeong-woo, new CEO of South Korea’s leading steelmaker POSCO Co., said Friday that the inter-Korean summit can create new opportunities for the steel industry.

The executive was part of the business delegation that accompanied President Moon Jae-in on his trip to North Korea earlier this week. Choi and other businessmen discussed various inter-Korean economic cooperation projects that can be pursued going forward if conditions are right.

“It will be a big opportunity not only for POSCO but for the steel industry as a whole,” Choi said. “I think POSCO will be able to find chances for growth.”

The company recently created a new task force to prepare for potential business opportunities in North Korea. POSCO Daewoo, POSCO Engineering & Construction Co. and POSCO Chemtech Co. are participating in the task force.

The steelmaker said it wants to play a key role in railroad and other infrastructure projects in line with the changes in the geopolitical environment in Northeast Asia.