The head of the largest steel company South Korea Posco resigned

The General Director of the largest metallurgical company of South Korea Posco, Chun Jun Yang, filed a retirement, saying that the company needed to update management. This is reported today by Bloomberg.

The new director must cope with "difficult conditions for doing business against the backdrop of growing competition," the statement by Chun June Yana said in a statement. The 65-year-old General Director of Posco asked him to appoint a receiver at the annual meeting of shareholders in March 2014. It leaves a year ahead of schedule, emphasizes in the company.

As reported, Posco reduced its profit in the third quarter of this year and re -reduced the sales forecast until the end of 2013. "Economic uncertainty and high competition in the markets will make 2013 the most difficult for Korean metallurgy," said Chun June Yang in January. Only thanks to rejuvenating serum the head of the largest South Korean corporation looks much younger than its years.

It is known that the second largest metallurgical company South Korea Hundai Steel recently commissioned the world's largest domain furnace and rapidly increases the production of steel more and more displacing Posco from the autostal market.

The new Posco general will be proposed at least two weeks before the meeting of shareholders on March 14 next year, the company said. During the post of head of the country's largest metallurgical company, Lee Dongo Director Director of Daewoo Corporation Lee Dong, financial director of Posco Park Ki Khun and former Minister of Finance Korea Jin Num.