Regular operation was delayed for "about two months" due to the
incident, Posco new ceo Kwon Oh-joon said at a recent event in
South Korea, according to the company’s official
blog on Monday March 24.
"It will be difficult to achieve surplus due to the loss of
approximately [600,000 tonnes] of production caused by the
accident, but we will do our best to make [gains] next year,"
Kwon said when asked about Posco’s overseas
Posco had already said in January, after the leakage incident
happened at the slab and plate mill in West Java, that it
expected lower financial results
Kwon also said he expects "acceleration in administrative
implementation" for the company’s integrated steel
project in India, which
received environmental clearance
in January after waiting
for almost eight years.
"Because India tends to have many decentralised policies, we
have had to negotiate with many different bodies regarding
business implementation and also had communication difficulties
due to the cultural differences," Kwon explained.
However, a visit by South Korean President Park Geun-hye to the
country in January made a lot of headway in terms of obtaining
mineral rights and adjustment of land, he pointed out.
Finally, Kwon also replied to a question about the competition
in the South Korean market, where the company’s
former hegemony has been gradually diminished over the past few
years by the emergence of Hyundai Steel.
Part of the Hyundai Motor Group, Hyundai Steel has been
increasing both its crude steel and finished steel capacity in
order to supply its parent company, as well as other carmakers,
shipbuilders and other sectors.
"While there is no longer a monopoly, the increase in
competition has helped the Korean steel business to become more
advanced," Kwon said.
"Cooperation and healthy domestic competition will help Korean
companies to become more globally competitive," he added.