POSCO to replace five CEOs

POSCO Group is to replace CEOs at five of its six business units as part of the newly-named chairman Kwon Oh-joon’s reform plan to overhaul the world’s fifth-largest steel maker. On Friday, POSCO affiliates announced the key agenda of their shareholders’ meeting planned on March 17, including candidates of new in-house directors who are likely to be named their new CEOs. According to their statement, POSCO's Shin Jung-suk is the only one who will retain his job due to his successful management performance.

Wow!  Might steel producers in European benefit from similar treatment? I bet they would...

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Signs of steel market recovery?

As ArcelorMittal report improving profits [see http://uk.news.yahoo.com/arcelormittal-cautiously-optimistic-2014-prospects-062335547--finance.html#tJMPAt2], should we assume that European steel is on the road to recovery?

European steel demand is expected to grow by up to 4 per cent this year, compared to a decline in demand of 0.6 per cent last year. The United States, ArcelorMittal's largest market, is expected to do even better, up by as much as 4.5 per cent in 2014 compared to a contraction of 0.5 per cent during last year. For discussion about this, see http://www.thisismoney.co.uk/money/markets/article-2554313/Steel-giant-ArcelorMittal-pins-hopes-Europe-US.html?ITO=1490&ns_mchannel=rss&ns_campaign=1490

Nonetheless, with steel demand increases of 4-5 per cent plus additional price improvements (feeding straight through to the bottom line) 2014 should indeed be a much better year for the big steelmakers.