OREANDA-NEWS. October 29, 2012. POSCO won the Innovation of the Year Award at the 46th annual World Steel Association steel industry conference held in New Delhi, India, reported the press-centre of POSCO.

The World Steel Association has been presenting `Steel Awards` at the annual conference each year since 2010 in 7 categories including innovation, website, sustainability and others.

POSCO was the first steel company globally to settle a digital information management system, and also commercialized the economical and environment friendly steel production technology, FINEX. Also, the Company has been introducing creative management techniques and culture through cooperation with global companies such as Google and GE, thus receiving positive reviews for leading innovation activities in the global steel industry.

During this year`s conference, POSCO presented its unique PBC-EV (POSCO Body Concept-Electric Vehicle) technology which allows light yet firm low-cost production, further exhibiting POSCO`s image as a global leader in technology innovation.

This award is another achievement of POSCO and the Korean steel industry in line with CEO Chung Joonyang`s appointment as officer of the World Steel Association, leading to outlooks of other steel companies to benchmark POSCO`s innovation activities.

Meanwhile, at this year`s World Steel Association annual conference, CEO Chung Joonyang and approximately 200 other major steel company CEOs and personnel attended, discussing and exchanging opinions the 2013 association business plan as well as the industry`s current issues including sustained growth and overcoming the crisis of the steel industry, new technology development and short-term demand prospect of steel, and safety and health of the steel industry.

Founded in 1967 and headquartered in Brussels, Belgium, the World Steel Association is the most influential and authoritative organization in the steel field, focusing on the interests and profit increasing activities of the steel industry. First founded by 18 companies from 11 countries, the organization currently consists of approximately 170 steel companies, related associations, and research institutions from around the world, and consists of subdivision committees in 8 different fields including technology, environment, public relations, and sustainability.