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Industry History | POSCO — The Mill Site at Goedong-dong, Pohang
· 1968-4
Personal memoryBy kevin · · updated · Report an issue
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Industry History | POSCO — The Mill Site at Goedong-dong, Pohang
kevin
4/1/1968
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People treat POSCO as a listed steel name that arrived already feeding shipyards and car plants.
The company was incorporated here, as Pohang Iron and Steel Co., Ltd., on 1 April 1968, with thirty-nine staff and Park Tae-joon as first president.
The Korean government had chosen Pohang, then a fishing port on the East Sea, as the site for an integrated mill in June 1967. The founding ceremony itself was held at UNESCO House in Myeongdong, Seoul. The work was always meant for this coast.
Capital at incorporation was 400 million won in 1968 currency: three-quarters from the state, one-quarter from Korea Tungsten, which Park had already run. Western consortium talks under the Korea International Steel Associates name had stalled. After the 1965 Japan-Korea normalization treaty, Japanese reparations and ODA funds, plus technology from Japanese steelmakers, filled the gap that KISA had not.
Groundbreaking for the works came in April 1970. Construction Office staff worked from a hut they called the Rommel House. Blast Furnace No. 1 tapped its first molten iron at 07:30 on 9 June 1973.
Four phases on this site ran through February 1981. Gwangyang later became the second integrated works. The state sold down its stake; privatization was completed in 2000. The English short name POSCO was adopted in 2002.
The headquarters address is 6261 Donghaean-ro, Nam-gu, Pohang, in Goedong-dong. A company history hall sits on Donghaean-ro 6213-beon-gil. The pin is the public edge of the works, not a furnace floor.
The mill is still an active steel plant. Photograph from designated public ground. Do not treat the furnaces as a walk-in exhibit.
Photo: Pohang industrial coast context, via Wikimedia Commons.
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