OREANDA-NEWS. February 19, 2014. POSCO established the new `Innovation POSCO 1.0` Execution Committee to establish a new management vision and determine necessary `core tasks` to realize its vision..

The `Innovation POSCO 1.0 Execution Committee` was established at a suggestion by new CEO Oh-joon Kwon at the Board of Directors meeting, POSCO Center. It comprises 5 teams: core competitiveness, new growth engine, financial innovation, and management infrastructure.

The `Innovation POSCO 1.0` Execution Committee will be in operation until May 16th, to implement innovation in 4 main areas to raise corporate value and determine core tasks. First, core steel competitiveness will be strengthened through the convergence of technology and marketing, while corporate value will be raised by selecting and focusing on new growth businesses. The business portfolio will be rearranged for financial structural improvement, and the management infrastructure will be innovatively reformed to promote a results-oriented corporate culture.

The `1.0` of the Innovation POSCO 1.0 Execution Committee stands for `basic`, `first`, `one`, `top`. It carries meaning in `recalling the spirit of assisting Korea through steel manufacturing and restoring a great company.`

The committee head will be new CEO Oh-joon Kwon, and POSCO and investing company officers will take on management and committee member positions for each team. All external directors will take on roles in the advisory committee to lend their strengths in the innovation.

The formation of the committee reflects POSCO`s strong determination to overcome internal and external difficulties in its management environment, including global oversupply and materials cost increases, stagnation in steel demand and increasing competition both at home and abroad, as well as decreasing profitability based on stronger ownership.

The committee will determine and establish core tasks in each field by March 14th, when the next shareholder meeting will be held, based on its strategic direction. Then, after the inauguration of the new CEO Oh-joon Kwon, the committee will establish detail management innovation execution plans until May 16th, promoting `Innovation POSCO 1.0` both internally and externally.

By determining core tasks and innovation activities through the establishment of a new execution committee, POSCO expects to bring competitiveness to a higher level.