Since its foundation as Daewoo Industry Co., Ltd in 1967, POSCO DAEWOO has been taking a leading role in the center of Korean national economic development through the outstanding export enlargement. Renamed as Daewoo Corporation in 1982, it began to devote itself to international trade. POSCO DAEWOO Corp. was a spin-off of Daewoo Corporation in December 2000, and specialized in international trade, project organizing, and resource development. Subsequently, POSCO DAEWOO Corp. reported remarkable annual sales growth of 30% prior to being incorporated into POSCO Group in 2010.
With over 100 global networks around the world, POSCO DAEWOO does various business with local and international customers, carrying a wide range of products including steel, metal, machinery, automotive component, Industrial electronics, steel raw material, non-ferrous metal, chemical and agro-fishery product. In addition, POSCO DAEWOO Corp. not only engages in the export and triangular trade of industrial machines and equipments, but also plays a critical role as a project organizer in the implementation of overseas development project such as power generation, railroad, ports, plants and IT facility.
In an effort to improve its business structure to strengthen what has been a weak bottom line, POSCO DAEWOO Corp. has embarked on overseas resource development project. Starting with offshore gas field development in Vietnam in 1992, POSCO DAEWOO Corp. has engaged in 15 projects such as oil, gas, mineral and food resource throughout the world, including bituminous coal in Narrabri, Australia and palm oil in Indonesia. Such efforts leads POSCO DAEWOO Corp. to establish a solid foothold as a leading global resource developer in the world market. Myanmar offshore gas field that started its commercial production in June 2013 and POSCO DAEWOO Corp. has the rights to explore, develop and produce as well as operate.