Posco has saved 1.2 trillion won ($1 billion) so far in the process of achieving 100 reform tasks highlighted by the firm’s chairman in November last year, the steelmaker said Sunday. 

The reform tasks included reinforcing premium steel product sales, enhancing cost competitiveness, establishing a growth foundation for energy materials and building a shared growth ecosystem based on fairness, transparency and ethics. The project was shared publicly in time for the 100-day anniversary of the inauguration of Chairman Choi Jeong-woo.

Posco said it saved about 240 billion won by implementing the “Cost Innovation 2020” project, which aimed to improve productivity and eliminate waste. The company also generated cost savings of about 800 billion won by reshuffling its key businesses.

“In order to grow into a 100-year-old company, it is a great achievement for employees to have challenged together based on the new management philosophy of corporate citizenship, and to seek changes and innovation beyond the existing framework,” Chairman Choi said.

The steelmaker said it has reviewed issues every month since the announcement of the 100 reform tasks and kept track of solutions and results through quarterly inspection meetings. 

By Shin Ji-hye (shinjh@heraldcorp.com)