2023-08-17 00:27:09
I Promote change in corporate constitution by phase and sector through internal change management (PMI) process
I Proving the integrated synergy effect in the market by leading the first half of the year since its foundation
I Plan to complete the IT system integration in the second half of the year and establish an internal integration foundation as soon as possible
POSCO International is receiving positive reviews from the market for flexibly leading to changes in the corporate structure following half a year of integration.
At the beginning of this year, POSCO International (Vice Chairman Tak Jeong) took on the challenge of becoming a ‘global eco-friendly general business company’ by strengthening its expertise in the energy business with POSCO Energy, an energy company within the group.
From the beginning of the merger, the merger of the two companies aroused great interest in the market. This is because it was the first case in Korea where a general trading company merged with a private power company. Accordingly, POSCO International proved the synergistic effect of the integration by achieving sales of KRW 17.172 trillion and operating profit of KRW 636.7 billion in the first half of the year following the merger, the “highest performance in the first half of the year since its foundation.”
The share price also rose from the previous box range of 20,000 won to the 90,000 won level recently, gradually recognizing the company’s undervalued value.
POSCO International analyzes that these merger synergies are due to thorough pre- and post-internal change management (PMI, Post Merger Integration) activities. It led the physical and chemical integration by gradually implementing regarding 80 integration tasks selected through the ‘PMI Consultative Body’ composed of major related departments.
▲ Process of POSCO International PMI
First of all, physical integration of the two companies was promoted as a major task in the ‘PMI Phase 1′, which is the stage before the integration. It focused on integrating major management standards such as management plans, budgets, and accounting processes of the integrated organization, as well as fulfilling the legal and formal requirements necessary for integration, such as approval from the FTC for business combination and merger approval at the shareholders’ meeting.
Subsequently, in the second stage of PMI this year, the two companies have been accelerating the chemical integration (synergy) and stabilization of operations. After announcing the integrated vision of ‘Green Energy & Global Business Pioneer’ and the business direction, as concrete measures to achieve this goal, we have focused on integrating systems such as HR/IT, strengthening internal communication, and changing the way we work.
Accordingly, communication between the top and bottom was strengthened through town hall meetings supervised by each leader, and a total of 13 ‘PMI workshops’ were held in which common organizations from both sectors participated. In addition, exchanges between the two divisions were activated by operating various communication programs such as sharing meals with employees of other departments and sharing thank-you letters with employees and their families visiting both business sites.
In addition, active communication has also contributed to change management. In order to publicize the company’s unified vision internally and externally, the integrated on-media channels such as the in-house webzine, official blog ‘Pointerlog’, official YouTube ‘Pointer TV’, and KakaoTalk channel have been established and consistent brand communication has been carried out. In addition, promotional posters, promotional videos, brochures, and websites containing the integrated vision were sequentially produced and released to the public.
An official from POSCO International said, “Through the successful second-phase PMI, we plan to finally complete the establishment of company-wide IT systems such as EP (corporate portal) and ERP (enterprise resource planning system) by the second half of the year.” By improving shareholder value, we will leap forward as a new eco-friendly comprehensive business platform company from next year.”
▲ Employees participating in the pre-event for the integrated vision declaration ceremony last April
▲ Tak Jeong, Vice Chairman of POSCO International, communicating through the ‘Food Truck of Support’ at the Incheon Power Plant last July
▲ Employees who visited the Gwangyang LNG Terminal business site through the ‘three, three, five’ program in March
▲ POSCO International Songdo headquarters CI
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