POSCO controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2022
Criticism over continued Russian operations
POSCO’s continued presence in Russia after the invasion of Ukraine drew criticism from observers who argued that the company’s operations conflicted with efforts to economically isolate Russia.
2021
POSCO chairman apologizes over fatal accidents
Company response
POSCO Chairman Choi Jeong-woo apologized to the bereaved family and the public over a series of fatal accidents at POSCO mills and plants. He said POSCO would cooperate with the government investigation and explore ways to strengthen workplace safety.
Company response
Apology — POSCO
“Regardless of the cause of the accident, I sincerely apologize to the bereaved family as the chief executive of POSCO,” Choi said during his visit.
Investigation — POSCO
He added that the group will fully cooperate with the government investigation on recent fatal accidents
Source excerpt
A 35-year-old contractor died in an accident involving an iron ore conveyer at the pier on Feb. 8.
POSCO Chairman Choi Jeong-woo apologized on Wednesday over a series of fatal accidents that have occurred at the steelmaker's mills and plants in recent months.
2020
South Korea FTC fines logistics firms over POSCO contract collusion
Fine or penalty
South Korea's Fair Trade Commission imposed a combined 46.04 billion won in fines on seven logistics firms, including CJ Logistics, for colluding on logistics contracts assigned by POSCO from 2001 to 2018. The FTC said the firms selected winning bidders before bidding began; CJ Logistics was fined 9.46 billion won.
South Korea’s Fair Trade Commission imposed a combined 46.04 billion won in fines on seven logistics firms, including CJ Logistics, for colluding on logistics contracts assigned by POSCO from 2001 to 2018. The FTC said the firms selected winning bidders before bidding began; CJ Logistics was fined 9.46 billion won.
Source excerpt
CJ Logistics was fined the most at 9.46 billion won, followed by Samil with 9.34 billion won and Hanjin, 8.69 billion won.
The Fair Trade Commission (FTC) imposed a combined 46.04 billion won in fines on seven logistics firms which colluded in 3,769 logistics contracts assigned by POSCO from 2001 to 2018.
POSCO started receiving bids from contractors for the domestic transportation of steel products, and the companies colluded by selecting the winner before the bidding began, according to the FTC.
2012
Nippon Steel electrical-steel technology dispute
Nippon Steel alleged that POSCO improperly acquired confidential technology for grain-oriented electrical steel sheets, including through former employees. The litigation was settled in 2015, with POSCO agreeing to pay 30 billion yen.
2005
Odisha land, environmental and community controversy
POSCO’s proposed large integrated steel project in Odisha generated sustained opposition concerning land acquisition, forest rights, displacement, environmental effects, mineral access and regulatory clearances. The company suspended the project in 2016 and exited India’s Odisha project in 2017.