Bangkok--22 Dec--POSCO-Thainox
Thainox Public Company Limited (POSCO-Thainox) announces its aggressive business plan to increase the annual production capacity of cold-rolled steel to 300,000 tons within the next four years, and to take up a dominant share in the domestic market, following its Korean parent company in becoming one of the best organizations at both local and global levels.
POSCO-Thainox’ was formed through the acquisition of Thainox Stainless Public Company Limited (Thainox) by POSCO — the world's fourth largest steelmaker based in South Korea -- with an investment of over 15 billion Baht. The newly formed company was officially inaugurated on 14 December 2011 at its production plant in Rayong Industrial Park.
Under the leadership of POSCO-Thainox President Dr. Hyo-Seok Song and his highly experienced management team from POSCO, South Korea— the company has been recognized for successfully establishing steel industry as a pillar of South Korea’s growth on the global industrial scene, POSCO-Thainox has announced its vision of becoming one of Thailand’s leading organizations, and a prominent representative of POSCO’s stainless steel division in Southeast Asia. To move towards its vision, POSCO-Thainox is committed to continued investment in production facilities — with the aim of expanding its annual production capacity to achieve the maximum of 300,000 tons. In addition, POSCO-Thainox expects to capture a major market share in the domestic cold-rolled steel industry within the next four years, through the introduction of new stainless steel grades that will not only provide greater alternatives to end-users, but also better response to the demand of domestic industries. POSCO-Thainox’s business growth resulting from this strategic plan is expected to help drive relevant industries in Thailand forward together.
Dr. Hyo-Seok Song, President of POSCO-Thainox, revealed that POSCO has acquired shares in Thainox with an ownership of approximately 15% in 2007. POSCO’s strong production and marketing potentials, plus its business growth that was the highest in ASEAN, led to an acquisition aimed to build on business values of each other. As the current majority shareholder of POSCO-Thainox with an approximately 95 % stake, POSCO has put in place a new management team from South Korea, who brought with it POSCO’s model of success to be applied to and implemented in the Thai market for further development.
POSCO-Thainox’s strengths lie in cost management, raw material supply, production and high-quality products, marketing and distribution channel, and its worldwide network. These strengths are deemed to greatly contribute to POSCO-Thainox’s market coverage expansion and to promote business linkages for export, creating a solid ground for higher growth and strength.
“POSCO-Thainox has now become a significant production base and an industrial representative of POSCO in Thailand. In today’s announcement of our vision, we pledge before our clients, the communities in which we
operate, and all employees that we are committed to conducting operations to attain trust from the clients and to foster mutual growth. We are determined to take an active part in Thailand’s economic development, creating jobs for Thais and building pride among employees. This is also what our parent company has always been adhering onto, earning it a high acceptance from the general public — nationally and internationally,” said Dr. Hyo-Seok Song.
POSCO is the world's fourth largest steelmaker with annual revenue of 53 billion US Dollars. The company has an annual production of 33 million tons of steel to supply the global market. With more than 94 subsidiary companies together with another 88 companies under its affiliate Daewoo International, POSCO has been recognized as one of Asia’s and the world’s highest potential companies in the steel industry, playing a significant role in driving industries around the globe with its high-quality steel products from one of the world’s best production facilities and techniques. In addition, POSCO was named one of the most reliable organizations, and was voted one of the most desirable workplaces for Koreans.