November 23, 2024

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(Yonhap)

Chang In-hwa, a company veteran, officially took office as chairman of South Korean steel giant Posco Group, the nation’s fifth-largest conglomerate, on Thursday after winning unanimous approval from shareholders.

It marked the group’s first change in leadership in almost six years, following the conclusion of the second term of Choi Jeong-woo.

No objection was made against the appointment during the general meeting of shareholders held in Seoul earlier in the day.

Right after the general meeting, Chang headed to the group’s headquarters in Pohang, North Gyeongsang Province, to attend his inauguration ceremony in the afternoon.

“I first plan to spend the next 100 days visiting the company’s worksites, including Pohang and Gwangyang, to meet and communicate with our employees,” Chang said during a press conference held after the shareholders meeting.
Chang hinted that he might seek some changes to the corporate structure, saying he plans to streamline operations to speed up the decision-making process.

“The global steel market will continue to struggle for a while as the global economy remains in the doldrums. The dip in the battery materials market too may extend further,” Chang said. “But I believe that there is an opportunity in every crisis. An opportunity will come if we continue to make efforts in cost-saving and increasing its competitiveness.”

When asked what businesses Posco will mainly focus on under his leadership, Chang answered that Posco will continue to concentrate on mainly steel and battery materials.

“Posco has been nurturing its battery materials business for a decade, and it has been the most successful among the new businesses that Posco has tried. I think we must score a success with the battery materials business,” Chang said. “Posco will make timely investments in the battery materials area in the future.”

Posco Group's new chairman, Chang In-hwa, speaks during a press conference at Posco Center in Gangnam, Seoul. (Yonhap)

Chang added that the group will continue to take initiatives in green transformation and hydrogen business.

Born in 1955, Chang studied shipbuilding engineering at Seoul National University and received a doctorate from the Massachusetts Institute of Technology.

In 1988, Chang joined Posco Group as a researcher at the Research Institute of Industrial Science & Technology under the company-sponsored advanced research college, Pohang University of Science and Technology.

Chang held several key positions at the group, including director of the RIST Steel Structure Research Institute, head of Posco’s new business department and steel marketing solutions department, chief technology investment officer, director of the Technical Research Laboratories and head of the steel production division.

In 2018, Chang became head of Posco’s steel division. He became an adviser in 2021.

Chang’s first term is set to end in 2027.

By Shim Woo-hyun (ws@heraldcorp.com)
The Korea Herald