MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	POSCO

Registered Office :	6261, Donghaean-ro, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea

Country :	South Korea

Financials (as on) :	30.09.2014

Date of Incorporation :	01.04.1968

Com. Reg. No.:	506-81-00017

Legal Form :	Listed Company

Line of Business :	Manufacture of Basic Iron and Steel

No. of Employees :	17,898

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

South Korea

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SOUTH KOREA - ECONOMIC OVERVIEW

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion-dollar club of world economies, and is currently the world's 12th largest economy. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP

Source : CIA

Company name and address

Basic

Company Name	POSCO (Korean Company Name : “(주)포스코”)
Registered Address	6261, Donghaean-ro, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea (Old Address System : 1, Goedong-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea)
Building
Zip Code	790-704
Tel	+82-54-220-0114
Fax	+82-54-220-6000
E-mail	ir@posco.co.kr,igohome@posco.co.kr
Website	www.posco.co.kr
Trading Address	POSCO Center, 892, Daechi 4-dong, Gangnam-gu, Seoul, Korea
Tel	+82-2-3457-0114
Fax	+82-2-3457-1999
Other Address-Gwangyang Works	Gwangyang Iron & Steel Co., 700, Geumho-dong, Gwangyang-si, Jeollanam-do, Korea
Tel	+82-61-790-0114
Fax	+82-61-790-7000
Other Address-Pohang Steelworks	5, Dongchon-dong, Nam-gu, Pohang-si, Gyeongsangbuk-do, Korea
Tel	+82-54-220-0114
Fax	+82-54-220-6000
Other Address	Songdo Centroad Bldg., 323, Incheon tower-daero, Yeonsu-gu, Incheon, Korea (Old Address System : Songdo Centroad Bldg., 30-3, Songdo-dong, Yeonsu-gu, Incheon, Korea)
Tel
Fax
Type	Export/Import
Industry	Manufacture of Basic Iron and Steel
Main Business	Hot Rolled Coil, Plate, Wire Rods, Cold Rolled Sheets, Electrical Steel Sheets, Stainless Steel Products
Sub Business
Established (mm/dd/yyyy)	04/01/1968

The Subject owns the premises of registered HQ address/Factory (11,379,000㎡).

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Steel plate(30102204)
Sell	Steel coil(30101904)
Sell	Steel(11101704)

CEO’s

Name	Kwon Oh-Joon
Address
Date of Birth	07/06/1950
Title	Chairman & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

482,403,125,000

Employees

17,898

Formation

Listed Company (Korea Stock Exchange : 005490) as of 06/10/1988

Listed at New York Stock Exchange as of 10/14/1994

Listed as London Stock Exchange as of 10/17/1994

A Company of POSCO Group

Bank Details

Woori Bank-Pohang Posco Branch

Corporate Registered No.

174611-0000741

Business Registered No.

506-81-00017

Permit & Licenses

12/09/1993 ISO 9002

11/2008 ISO 14001

Int’l Trade No.: 820280

Shareholder Position

Name	Shares	%
NATIONAL PENSION SERVICE(110171-0007134)	6,733,036	7.72
CITIBANK.N.A	13,529,307	15.52
OTHERS	66,924,492	76.76
TOTAL	87,186,835	100.00

Company History

04/01/1968 Incorporated as Pohang Iron and Steel Co., Ltd.

04/1970 Pohang Works, Phase 1 begun

12/1972 Headquarters moved to Pohang City

06/1973 Pohang Works No. 1 Blast Furnace tapped for the first time

07/1973 Pohang Works, Phase 1 completed (annual crude steel capacity: 1.03 million tons)

10/1973 Membership in World Steel Association (formerly International Iron and Steel Institute)

05/1976 Pohang Works, Phase 2 completed (annual crude steel capacity: 2.6 million tons)

12/1978 Pohang Works, Phase 3 completed (annual crude steel capacity: 5.5 million tons)

02/1981 Pohang Works, Phase 4-1 completed (annual crude steel capacity: 8.5 million tons)

11/1981 Gwangyang Bay selected as site for second steelworks

05/1983 Pohang Works, Phase 4-2 completed (annual crude steel capacity: 9.1 million tons)

03/1985 Gwangyang Works, Phase 1 begun

12/1986 Pohang University of Science and Technology (POSTECH) established

03/1987 Research Institute of Industrial Science and Technology (RIST) established

05/1987 Gwangyang Works, Phase 1 completed (annual crude steel capacity: 11.8 million tons)

06/1988 POSCO stock listed on the Korea Exchange (formerly Korea Stock Exchange)

07/1988 Gwangyang Works, Phase 2 completed (annual crude steel capacity: 14.5 million tons)

03/1989 Pohang Works No. 1 Stainless Steel Mill completed (annual stainless steel capacity: 0.32 million tons)

12/1990 Gwangyang Works, Phase 3 completed (annual crude steel capacity: 17.5 million tons)

10/1992 POSCO’s quarter-century of construction completed (Gwangyang Works, Phase 4 completed; annual crude steel capacity: 20.8 million tons)

12/1993 ISO 9002 certification acquired

10/1994 POSCO stock listed on the New York Stock Exchange

09/1995 POSCO Center in Seoul opened

10/1995 POSCO stock listed on the London Stock Exchange

11/1995 Pohang Works COREX plant completed (annual crude steel capacity: 600,000 tons)

08/1996 Pohang Works No. 2 Stainless Steel Mill completed (annual stainless steel capacity: 0.84 million tons)

10/1996 Gwangyang Works No. 5 Blast Furnace begun and No. 1 Mini Mill completed

03/1997 Introduction of outside director and outside auditor systems

03/1999 Gwangyang Works No. 5 Blast Furnace completed (annual crude steel capacity: 28 million tons)

04/2000 Gwangyang Works No. 5 Blast Furnace initiated

10/2000 Privatization completed

Company History

07/2001 Introduction of POSPIA, an integrated digital information management system

03/2002 Corporate name is legally changed to POSCO

03/2002 Pohang Works No. 3 Stainless Steel Mill completed (annual stainless steel capacity: 1.66 million tons)

06/2003 New POSCO code of conduct announced

07/2003 The POSCO Museum in Pohang opened

11/2003 POSCO-China established

06/2005 POSCO-India signs MOU with Government of Orissa for a mega steel plant

06/2006 Gwangyang Works No. 6 CGL completed (annual automotive steel sheet capacity: 6.5 million tons)

03/2007 Global POSCO Way vision announced

05/2007 Pohang Works FINEX Plant completed (annual crude steel capacity: 1.5 million tons)

04/2008 POSCO celebrated 40th anniversary

04/2008 Pohang Works accumulated cold-rolled steel production totals 50 million tons since first operation

04/2008 Global R&D Center established at the Incheon Free Economic Zone

09/2008 Pohang Industrial Complex completed construction of the world’s largest fuel cell plant for power generation

08/30/2010 Acquired DAEWOO INTERNATIONAL CORPORATION(110111-2137358)

Detailed Information

Management

Job Description	Title	Name	Nationality	Date of Birth	Date of Birth
Chairman & CEO	Mr.	Kwon Oh-Joon	Korean	1950.07.06	Seoul National University, Korea
President & CEO	Mr.	Kim Jin-Il	Korean	1953.02.	Seoul National University, Korea
Vice President & CEO	Mr.	Jang In-Hwan	Korean	1955.01.	Korea University, Korea
Vice President	Mr.	Yoon Dong-Joon	Korean	1958.10.	Sungsil University, Korea
Vice President	Mr.	Lee Young-Hoon	Korean	1959.08.	Seoul National University, Korea
Outside Director	Mr.	Lee Chang-Hee	Korean	1960.05.	Seoul National University, Korea
Outside Director	Mr.	James B. Bemowski	-	1954.01.	Mckenna College, USA
Outside Director	Mr.	Shin Jae-Cheol	Korean	1947.08.	Seoul National University, Korea
Outside Director	Mr.	Lee Myung-Woo	Korean	1954.01.	Seoul National University, Korea
Outside Director	Mr.	Kim Il-Sub	Korean	1946.07.	Seoul National University, Korea
Outside Director	Mr.	Sunwoo Young	Korean	1955.07.	Seoul National University, Korea
Outside Director	Mr.	Ahn Dong-Hyun	Korean	1964.03	Seoul National University, Korea

Financials

Year / Unit : KRW	Sales	Assets	Net Income
(*)09/2014	22,073,768,696,548	52,421,266,060,082	880,329,830,672
(*)2013	30,543,544,661,431	54,242,277,654,290	1,582,595,860,509
(*)2012	35,664,933,132,661	52,320,436,140,140	2,499,522,911,071
(*)2011	39,171,703,426,324	52,727,876,388,318	3,188,844,785,494
(*)2010	32,582,036,641,395	49,086,226,794,345	3,784,361,128,090
2009	26,953,944,910,907	39,992,764,984,726	3,172,263,501,288
2008	30,642,409,498,898	37,033,453,847,248	4,446,933,280,159
2007	22,206,684,973,468	30,492,797,703,851	3,679,431,381,143
2006	20,043,409,117,885	26,362,872,843,329	3,206,604,724,519
2005	21,695,043,976,451	24,206,949,907,109	4,012,932,261,385
2004	19,792,477,952,160	21,367,060,180,023	3,826,015,648,458
2003	14,359,329,407,460	18,406,599,888,114	1,980,572,153,105

(*)Figures are based on the K-IFRS Accounting System.

Financial Description

Authorized Capital(KRW)	1,000,000,000,000
Paid-Up Capital(KRW)	482,403,125,000
Total Issues Shares	87,186,835

Balance Sheet
Unit : Korean Won	01/01/2014~09/30/2014	As of 12/31/2013	As of 12/31/2012
Total Assets	52,421,266,060,082	54,242,277,654,290	52,320,436,140,140
Current Assets	10,697,155,563,811	11,953,479,013,538	12,609,470,891,553
Cash & Cash Equivalents	1,616,620,392,459	1,394,314,606,513	1,752,559,876,030
Trade Receivables	3,104,628,153,488	3,393,443,840,160	4,087,029,943,881
Other Receivables	280,051,781,872	281,161,487,736	394,761,626,553
Other Finance Assets	905,915,029,009	2,318,816,414,133	928,777,704,156
Inventories	4,741,217,524,138	4,538,656,597,682	5,403,660,260,325
Assets to be Sold		1,304,487,388
Other Current Assets	48,722,682,845	25,781,579,926	42,681,480,608
Non-Current Assets	41,724,110,496,271	42,288,798,640,752	39,710,965,248,587
Long-Term Trade Receivables	17,185,312,297	4,463,872,976	273,585,789
Other Receivables	26,625,716,051	45,738,065,356	60,652,378,770
Non-Current Financial Instruments	2,482,994,884,267	3,362,593,771,783	2,968,113,275,375
Investment_Related Companies	15,764,154,001,972	15,092,835,989,363	14,100,052,653,292
Investment_Real Estates	90,753,048,061	92,879,217,949	110,526,365,573
Tangibles	22,915,908,143,700	23,240,602,989,211	22,166,735,298,535
Intangibles	416,205,026,812	438,783,219,838	293,840,926,476
Other Non-Current Assets	10,284,363,111	10,901,514,276	10,770,764,777
Total Liabilities	10,333,553,076,607	11,930,816,153,137	13,155,887,688,593
Current Liabilities	3,304,070,637,038	3,704,519,818,809	4,543,512,089,525
Trade Payables	918,594,463,973	735,457,231,164	978,581,272,737
Short-Term Borrowings	1,195,704,501,975	1,931,282,565,078	2,116,539,596,368
Other Current Financial Debts	804,816,115,733	791,883,412,754	1,270,039,771,862
Other Finance Debts	43,755,291,994	46,009,398,862	16,891,992,633
Accrued Income Tax	257,185,962,047	153,277,502,207	84,354,893,795
Provisions	47,213,315,657	8,501,059,236	6,238,871,089
Other Current Liabilities	36,800,985,659	38,108,649,508	70,865,691,041
Non-Current Liabilities	7,029,482,439,569	8,226,296,334,328	8,612,375,599,068
Long-Term Borrowings	5,734,301,924,379	6,731,788,166,592	7,487,234,430,281
Confirmed Salaries	174,437,477,971	100,650,199,612	140,256,431,807
Other Liabilities	96,400,934,352	124,678,953,142	128,812,157,467
Other Non-Current Financial Debts	50,386,139,141	231,539,157,437	72,919,881,922
Deferred Income Tax Credit	931,244,209,733	1,034,102,300,708	779,311,882,258
Provisions	42,401,641,028
Other Non-Current Debts	310,112,965	3,537,556,837	3,840,815,333
Capital Stock	482,403,125,000	482,403,125,000	482,403,125,000
Capital Surplus	1,233,090,115,788	1,233,040,105,213	1,227,692,347,620
Capital Securities	996,919,000,000	996,919,000,000
Others	41,369,804,882	403,939,077,722	3,361,604,667
Treasury Stock	-1,578,986,216,869	-1,579,123,583,357	-2,391,406,055,168
Profit Surplus	40,912,917,154,674	40,774,283,776,575	39,842,497,429,428
Total Equity	42,087,712,983,475	42,311,461,501,153	39,164,548,451,547
Liab. & Shareholder’s Equity	52,421,266,060,082	54,242,277,654,290	52,320,436,140,140

Income Statement
Unit : Korean Won	01/01/2014~09/30/2014	As of 12/31/2013	As of 12/31/2012
Sales	22,073,768,696,548	30,543,544,661,431	35,664,933,132,661
Cost of Sold Goods	18,964,939,063,617	26,494,616,857,771	31,041,899,893,699
Gross Profit	3,108,829,632,931	4,048,927,803,660	4,623,033,238,962
Selling & Admin. Expenses	1,390,805,071,558	1,833,795,183,788	1,833,435,981,400
Admin. Expenses	679,972,109,098	892,965,811,213	853,907,541,115
Selling Expenses	710,832,962,460	940,829,372,575	979,528,440,285
Operating Income	1,718,024,561,373	2,215,132,619,872	2,789,597,257,562
Finance Profits	91,677,073,711	48,713,336,138	597,247,528,400
Finance Income	702,657,854,721	967,072,965,247	1,356,539,100,155
Finance Expenses	610,980,781,010	918,359,629,109	759,291,571,755
Other Non-Operating Profits	508,864,434,546	278,550,704,112	264,563,959,771
Other Non-Operating Income	18,724,557,356	140,048,533,262	69,737,192,440
Other Non-Operating Expenses	527,588,991,902	418,599,237,374	334,301,152,211
Income Before Taxes	1,300,837,200,538	1,985,295,251,898	3,122,280,826,191
Income Taxes Expenses	420,507,369,866	402,699,391,389	622,757,915,120
Net Income	880,329,830,672	1,582,595,860,509	2,499,522,911,071

Cash Flows
Unit : Korean Won	01/01/2014~09/30/2014	As of 12/31/2013	As of 12/31/2012
Operating Activities Cash Flows	2,989,124,866,279	4,763,525,974,463	5,670,889,311,465
Cash Flows from Operating	3,307,591,485,078	5,034,458,323,088	6,138,401,407,382
Net Income	880,329,830,672	1,582,595,860,509	2,499,522,911,071
Adjustment	2,378,342,642,400	2,763,882,321,587	2,168,438,670,129
Changes in Asset/ & Liability	48,919,012,006	687,980,140,992	1,470,439,826,182
Interests Received	67,200,582,903	109,073,383,893	111,309,023,653
Interests Paid	-240,903,073,356	-390,175,034,911	-443,470,018,674
Dividends Received	136,337,609,919	232,280,539,721	175,555,908,541
Income Taxes	-281,101,738,265	-222,111,237,328	-310,907,009,437
Cash Flows from Investing	-655,771,180,642	-4,768,063,720,046	-2,896,787,792,198
Cash Inflow from Investing	3,397,762,564,061	3,774,960,670,195	3,873,233,374,043
Cash Outflows for Investing	-4,053,533,744,703	-8,543,024,390,241	-6,770,021,166,241
Cash Flows from Financing	-2,111,047,899,691	-347,347,298,034	-2,159,423,866,862
Cash Inflows from Financing	1,403,939,881,251	3,451,242,947,859	3,858,965,436,730
Cash Outflows from Financing	-3,514,987,780,942	-3,798,590,245,893	-6,018,389,303,592
Increase/Decrease in Cash	222,305,785,946	-358,245,269,517	614,677,652,405
Cash at the Beginning of Year	1,394,314,606,513	1,752,559,876,030	1,137,882,223,625
Cash at the End of Year	1,616,620,392,459	1,394,314,606,513	1,752,559,876,030

Products, Technologies, Services Description

Main Products & Services

Electrical Steel Sheets

Electrical Component Materials, Electronic Component Materials Requiring advanced production technology, steel for use in the electric and electronics industries represents another value-added POSCO product category. Beginning with an annual capacity of 20,000 tons in 1980, we have continued to expand our electrical steel production facilities at the Pohang Works to reach production of 540,000 tons annually today. Of this total, 40,000 tons is grain-oriented electrical sheet used for power generators and transformers, while the remaining 500,000 tons is non-oriented electrical sheet for electric motors.

Hot Rolled Steel Coil

Structures and Building and Construction and Manufacturing Components and Supplies

Structural materials and basic shapes

Coil

Stainless Steel

Mineral and Textile and Inedible Plant and Animal Materials

Minerals and ores and metals

Base Metals

Cold Rolled Steel Sheets

Structures and Building and Construction and Manufacturing Components and Supplies

Structural materials and basic shapes

Plate

Brand Name : POSCO

Detailed Products Spec.

Factory	2009	2007	2006
Pohang Works	14,043	14,947	13,523
Kwangyang Works	14,200	16,890	16,204
Total	14,043	14,947	13,523

Technologies Acquired

Trade Partners & Competitors

Suppliers

BHPB(AUSTRALIA)

CVRD(BRAZIL)

BMA(AUSTRALIA)

RIO TINTO(AUSTRALIA)

EVCC(CANADA)

MACARTHUR COAL(AUSTRALIA)

NAMISA (BRAZIL)

TANGGUH LNG(INDONESIA)

Customers

HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386)

HYUNDAI HYSCO(110111-0302416)

HYUNDAI MOTOR CO(110111-0085450)

KIA MOTORS CORPORATION(110111-0037998)

DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.(110111-2095837)

POSTEEL(110111-0344591)

Competitors

DONGBU STEEL CO., LTD.

18TH FL., DONGBU FINANCIAL CENTER, 891-10, DAECHI 4-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-3450-8114 FAX:+82-2-3450-8500

HYUNDAI STEEL COMPANY

HYUNDAI STEEL, 1, SONGHYEON 3-DONG, DONG-GU, INCHEON, KOREA

TEL:+82-32-760-2114 FAX:+82-32-760-2813

CHINA STEEL CORPORATION

1 CHUNG-KANG ROAD HSIAO KANG DISTRICT KAOHSIUNG, TAIWAN

TEL:+1-212-6571853 FAX:+1-212-8255398

UNITED STATES STEEL CORPORATION

600 GRANT STREET PITTSBURGH, PA 15219 UNITED STATES - MAP

TEL:+1-412-4331121 FAX:+1-412-4334818

ARCELORMITTAL

19, AVENUE DE LA LIBERTE GRAND DUCHY OF LUXEMBOURG, 2930 LUXEMBOURG

TEL:+35247922414 FAX:+35247922675

(*)The subject is ranked as the 1^st player with over 60% domestic market share.

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates-Domestic	POSCO(174611-0000741) POSCO COATED & COLOR STEEL CO., LTD.(174611-0006492) POSCO REFRACTORIES & ENVIRONMENT CO., LTD.(174611-0001947) POS-A.C. CO., LTD.(174611-0003448) POSCO ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) POSCO RESEARCH INSTITUTE(110111-1042350) POSCO SPECIALTY STEEL CO., LTD. (194211-0025248) POSCO MACHINERY CO., LTD.(206411-0010175) POSMEC(POSCO MACHINERY & ENGINEERING CO., LTD.(174611-0012176) POSCO POWER CORPORATION(110111-1829576) PHP CO., LTD.(120111-0421545) POSBRO(110111-3528986) SUWON GREEN ENVIRONMENT CORPORATION(134811-0133794) POSCORE CO., LTD.(134811-0003343) RIZTECH BIZ CO., LTD.(171711-0076115) POSWITH CO., LTD.(171711-0075927) UITRANS CO., LTD.(110111-3792309) BASYS INDUSTRY CO. LTD.(110111-0954647) METAPOLIS CO., LTD.(134811-0094475) CHEONGNA IBT CO., LTD.(120111-0454520) POHANG FEUL CELL CO., LTD.(171711-0076256) MEGA ASSET CO., LTD.(161511-0097480) DAEWOO ENGINEERING COMPANY CO., LTD.(110111-0203268) MEDICAL MATERIALS CO.,LTD.(171711-0082766) DAEWOO INTERNATIONAL CORPORATION(110111-2137358)
Affiliates-Domestic	POSCO ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) (89.53% held by the subject company) POSDATA CO., LTD.(110111-0658637) (61.85% held by the subject company) SAMJUNG PACKING AND ALUMINUM CO., LTD.(174611-0000866) (9.0% held by the subject company) POSCON(174611-0002242) (88.04% held by the subject company) POSCO TERMINAL CO., LTD.(204611-0017575) (51.0% held by the subject company) POSTEEL(110111-0344591) (95.31% held by the subject company) POSTECH VENTURE CAPITAL COOPERATION(174611-0029080) (95.0% held by the subject company) POSMATE CO., LTD.(110111-0739841) (30.0% held by the subject company) SNNC CO., LTD.(204611-0023415) (49.0% held by the subject company) P&R CO., LTD.(171711-0076545) (70.0% held by the subject company) SEOUNG GWANG CO., LTD.(120111-0222844) (69.38% held by the subject company) ENTOB CORPORATION(110111-2059362) (17.5% held by the subject company) POSFINE (70.0% held by the subject company) POSCOAST CO., LTD.(131411-0191529) DAIMYUNG TMS CO., LTD.(110111-0803141) PURE GIMPO.CO., LTD.(110111-4290394)
Affiliates-Domestic	POSCO SOUTH EAST ASIA PTE. LTD. (50.0% held by POSTEEL(110111-0344591)) POSCO SPECIALTY STEEL CO., LTD. (194211-0025248) (100.00% held by the subject company) POSCON(174611-0002242) (88.04% held by the subject company) POSMEC(POSCO MACHINERY & ENGINEERING CO., LTD.)(174611-0012176) (100.00% held by the subject company) POSCO MACHINERY CO., LTD.(206411-0010175) (100.00% held by the subject company) POS-A.C.CO.,LTD.(174611-0003448) (100.00% held by the subject company) POSTEEL(110111-0344591) (95.31% held by the subject company) SEOUNG GWANG CO., LTD.(120111-0222844) (69.38% held by the subject company) POSCO RESEARCH INSTITUTE(110111-1042350) (100.00% held by the subject company) POSTECH VENTURE CAPITAL COOPERATION (174611-0029080) (95.00% held by the subject company) POSCO TERMINAL CO., LTD.(204611-0017575) (51.00% held by the subject company) POSCO ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) (89.53% held by the subject company) POSCO POWER CORPORATION(110111-1829576) (100.00% held by the subject company) POSWITH CO., LTD.(171711-0075927) (100.00% held by the subject company) PT.ISI (PT.INTERNATIONAL STEEL INDONESIA) (65.00% held by the subject company) PT. MRI (PT. MOTTA RESOURCES INDONESIA) (65.00% held by the subject company) POSCO CORE INDIA PVT. LTD. POSCO (YANTAI) AUTOMOTIVE PROCESSING CENTER CO., LTD.(POSCO-CYPC)
Affiliates-Overseas	POSCO AMERICA CORPORATION POSCO AUSTRALIA PTY LTD POSCO CANADA LTD. POSCAN ELKVEIW COAL LTD. POSCO ASIA CO., LTD. POSCO-CTPC CO., LTD. POSCO-JKPC CO., LTD. INTERNATIONAL BUSINESS CENTER CORPORATION POSCO E&C VIETNAM CO., LTD. ZHANGJIAGANG POHANG STAINLESS STEEL CO., LTD. POSCO(GUANGDONG) STEEL CO., LTD. POSCO (THAILAND) COMPANY LIMITED MYANMAR POSCO STEEL CO., LTD POSCO INVESTMENT CO., LTD. POSCO-MKPC SDN BHD QINGDAO POHANG STAINLESS STEEL CO., LTD. POSCO(SUZHOU) AUTOMOTIVE PROCESSING CENTER CO., LTD. POSCO BIOVENTURES I, L.P. PT. POSNESIA STAINLESS STEEL INDUSTRY POSEC HAWAII, INC. POSCO-CHINA QINGDAO PROCESSING CENTER CO., LTD. POS-ORE PTY LTD POSCO-CHINA HOLDING CORP. POSCO JAPAN CO., LTD. POS-CD PTY LTD POS-GC PTY LTD POSCO-INDIA PRIVATE LIMITED POSCO-INDIA PUNE PROCESSING CENTER. PVT. LTD. POSCO-JEPC CO., LTD. POSCO-CFPC CO., LTD. POSCO E&C CHINA CO., LTD. POSCO MPPC S.A. DE C.V. ZHANGJIGANG POHANG PORT CO., LTD. QINGDAO POS-METAL CO., LTD. POSCO-VIETNAM CO., LTD. POSCO MEXICO S.A. DE C.V. POSCO INDIA DELHI STEEL PROCESSING CENTRE PRIVATE LIMITED POSCO-POLAND WROCLAW PROCESSING CENTER SP. Z O. O. POS-NP PTY LTD
Affiliates-Overseas	POSCO-VIETNAM PROCESSING CENTER CO., LTD. POSCO(CHONGQING) AUTOMOTIVE PROCESSING CENTER CO., LTD. SUZHOU POSCO-CORE TECHNOLOGY CO., LTD. POSCO-MALAYSIA SDN. BHD. POS-MINERALS CORPORATION POSCO(WUHU) AUTOMOTIVE PROCESSING CENTER CO., LTD. POSCO ENGINEERING AND CONSTRUCTION INDIA PRIVATE LIMITED POSCO E&C SMART S DE RL DE CV POSCO PHILIPPINE MANILA PROCESSING CENTER, INC. POSCO GULF SFC LLC DALIAN POSCO ICT-DONGFANG ENGINEERING CO., LTD. SANPU TRADING CO., LTD. ZHANGJIAGANG BLZ POHANG INTERNATIONAL TRADING POSCO MEXICO HUMAN TECH S.A. DE C.V. POSCO MESDC S.A. DE C.V. POSCO ICT-CHINA DWEMEX, S.A.DE.C.V. POSCO MPC SERVICIOS S.A. DE C.V. POSCO-URUGUAY S.A POS-SEA PTE LTD POSCO EUROPE STEEL DISTRIBUTION CENTER POSCO ENGINEERING (THAILAND) CO., LTD. VECTUS LIMITED ZEUS(CAYMAN) POSCO VST CO., LTD. POSCO MAHARASHTRA STEEL PRIVATE LIMITED POSCO INDIA CHENNAI STEEL PROCESSING CENTRE PVT.LTD. POSCO TNPC OTOMOTIV CELIK SAN. VE TIC. A.S POSCO VIETNAM HA NOI PROCESSING CENTER CO., LTD. POSCO(LIAONING) AUTOMOTIVE PROCESSING CENTER CO., LTD. POSCO-INDONESIA JAKARTA PROCESSING CENTER POSCO E&C VENEZUELA C.A. MOTTA RESOURCES INDONESIA POSCO TMC INDIA PRIVATE LIMITED POSCO AMERICA ALABAMA PROCESSING CENTER CO., LTD. PT PEN INDONESIA
Affiliates-Overseas	POSCO(YANTAI）AUTOMOTIVE PROCESSING CENTER CO., LTD. POSCO INDIA STEEL DISTRIBUTION CENTER PRIVATE LTD. POSCO CHINA DALIAN PLATE PROCESSING CENTER CO., LTD. POSCO-SOUTH ASIA COMPANY LIMITED POSCO SS-VINA POSCO NCR COAL LTD. POSCO WA PTY LTD POSCO ENGINEERING AND CONSTRUCTION - UZ POSCO AUSTRALIA GP PTY LIMITED POSCO YONGXIN RARE EARTH METAL CO., LTD. HANJUNG POWER LTD. DAEWOO INTERNATIONAL (AMERICA) CORP. DAEWOO INTERNATIONAL (DEUTSCHLAND) GMBH. DAEWOO INTERNATIONAL JAPAN CORP. DAEWOO INTERNATIONAL SINGAPORE PTE. LTD. DAEWOO ITALIA S.R.L. DAEWOO (CHINA) CO., LTD. DAEWOO TEXTILE FERGANA LLC DAEWOO TEXTILE BUKHARA LLC DAEWOO INTERNATIONAL AUSTRALIA HOLDINGS PTY LTD DAEWOO PAPER MANUFACTURING CO., LTD. TIANJIN DAEWOO PAPER MANUFACTURING CO., LTD. POSCO MAURITIUS LIMITED PT. KRAKATAU POSCO MYANMAR DAEWOO LIMITED DAEWOO INTERNATIONAL MEXICO S.A. DE C.V. DAEWOO INTERNATIONAL GUANGZHOU CORP. DAEWOO (M) SDN. BHD. DAEWOO EL SALVADOR S.A. DE C.V. POSCO (ZHANGJIAGANG) STS PROCESSING CENTER CO., LTD DAEWOO INTERNATIONAL (M) SDN BHD DAEWOO INTERNATIONAL SHANGHAI CO., LTD. PGSF, L.P. XENESYS INC. DAEWOO INTERNATIONAL INDIA PRIVATE LTD. TECHREN SOLAR, LLC PT. POSCO E&C INDONESIA HUME COAL PTY LTD POSCO FOUNDATION EPC EQUITIES LLP SANTOS CMI CONSTRUCTION TRADING LLP SANTOS CMI INC. USA SANTOS CMI ENGENHARIA E CONSTRUCOES LTDA SANTOS CMI PERU S.A. SANTOS CMI CONSTRUCCIONES S.A. GENTECH INTERNATIONAL INC. EPC INVESTMENTS C.V. SANTOSCMI S.A. SANTOS CMI CONSTRUCCIONES DE CHILE S.A. COMPANIADEAUTOMATIZACION&CONTROL, GENESYS S.A. VAUTIDAMERICAS S.A. POSCO ASSAN TST STEEL INDUSTRY HONG KONG POSCO E&C (CHINA) INVESTMENT CO., LTD.
Affiliates-Overseas	POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. POSCO ELECTRICAL STEEL INDIA PRIVATE LIMITED DAEWOO INTERNATIONAL CAMEROON S.A. POSCO KLAPPAN COAL LIMITED DAESAN (CAMBODIA) CO., LTD. BRAZIL SAO PAULO STEEL PROCESSING CENTER POSCO(DALIAN) IT CENTER DEVELOPMENT CO., LTD. PT. POSCO RESOURCES INDONESIA PT.POSCO ICT INDONESIA PT. POSCO MTECH INDONESIA PT. KRAKATAU POSCO ENERGY POSCO RUS LLC POSCO THAINOX PUBLIC COMPANY LIMITED DAEWOO INTERNATIONAL SHANGHAI WAIGAOQIAO CO., LTD. PT. BIO INTI AGRINDO POSCO ENGINEERING AND CONSTRUCTION AUSTRALIA (POSCO E&C AUSTRALIA) PTY LTD POSCO-TISCO (JILIN) PROCESSING CENTER CO., LTD. HUNCHUN POSCO HYUNDAI INTERNATIONAL LOGISTICS COMPLEX DEVELOPMENT CO., LTD USA-SRDC DAEWOO INTERNATIONAL VIETNAM CO., LTD. PT.KRAKATAU POSCO CHEMTECH CALCINATION POSCO AFRICA (PROPRIETARY) LIMITED EPC INGENIERIA & SERVICIOS DE COSTA RICA SA POSCO ICT BRASIL LA-SRDC DONG FANG JIN HONG PRODUCTOS OFERTAS SISTEMAS Y COMERCIALIZADORA ORIENTAL S DE RL DE CV POSCO AMERICA COMERCIALIZADORA S DE RL DE CV POSCO(GUANGDONG) AUTOMOTIVE STEEL CO., LTD. POSCO MAPC SA DE CV PMM PIPE PT KRAKATAU BLUE WATER KRAKATAU POS-CHEM DONG-SUH CHEMICAL MYANMAR DAEWOO INTERNATIONAL CORPORATION DAEWOO POWER AND INFRA (PTY) LTD. POSCO-ITALY PROCESSING CENTER DAEWOO E&P CANADA CORPORATION YINGKOU PUXIANG TRADE CO.,LTD. POSCO ICT VIETNAM DAEWOO GLOBAL DEVELOPMENT. PTE., LTD. MYANMAR POSCO ENGINEERING&CONSTRUCTION CO., LTD. MYANMAR POSCO C&C CO., LTD. POSCO COATED STEEL (THAILAND) CO., LTD. DAEWOO AMARA COMPANY LIMITED POSMATE-CHINA CO., LTD DAEWOO PRECIOUS RESOURCES POSCO-MEXICO SILAO WIRE-ROD PROCESSING CENTER CONSTRUCTORA SCP SANTOS CMI CONSTRUCTION POSCO CHINA DALIAN STEEL FABRICATING CENTER CO., LTD.
Overseas Office	RIO DE JANEIRO TEL :+55-21-3431-3496 FAX :+55-21-3431-3497 MEXICO CITY TEL :+5255-5525-0845 FAX :+5255-5525-0815 DUBAI TEL :+9714-221-8280 FAX :+9714-221-8178 JAKARTA TEL :+62-21-3000-3809 FAX :+62-21-3000-3811 EUROPEAN UNION TEL :+49-211-435-3051 FAX :+49-211-435-3030 PRAGUE TEL :+420-246-088-360 FAX :+420-246-088-361
Liaison Office
Overseas Branch
Joint Venture	POSCO-NIPPON STEEL RHF JOINT VENTURE (70.00% held by the subject company)
Subsidiary	POSCO SPECIALTY STEEL CO., LTD. (194211-0025248) (100.00% held by the subject company) POSCON(174611-0002242) (88.04% held by the subject company) POSMEC(POSCO MACHINERY & ENGINEERING CO., LTD.)(174611-0012176) (100.00% held by the subject company) POSCO MACHINERY CO., LTD.(206411-0010175) (100.00% held by the subject company) POS-A.C.CO.,LTD.(174611-0003448) (100.00% held by the subject company) POSTEEL(110111-0344591) (95.31% held by the subject company) SEOUNG GWANG CO., LTD.(120111-0222844) (69.38% held by the subject company) POSCO Research Institute(110111-1042350) (100.00% held by the subject company) POSTECH VENTURE CAPITAL COOPERATION (174611-0029080) (95.00% held by the subject company) POSCO TERMINAL CO., LTD.(204611-0017575) (51.00% held by the subject company) POSCO ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) (89.53% held by the subject company) POSCO POWER CORPORATION(110111-1829576) (100.00% held by the subject company) POSWITH CO., LTD.(171711-0075927) (100.00% held by the subject company) POSCO-TOPC CELIK SANAYI VE TICARET A.S. (100.00% held by the subject company) POSCO (LIAONING) AUTOMOTIVE PROCESSING CENTER CO., LTD. (90.00% held by the subject company)
Subsidiary-Overseas	POSCO CHINA HOLDING CORP. TEL :+ 86-10-5166-6677 FAX :+86-10-8440-0323 POSCO INDIA PVT. LTD. TEL :+ 91-674-230-3690 FAX :+91-674-230-0058 ZHANGJIAGANG POHANG STAINLESS STEEL CO., LTD. TEL :+ 86-512-5856-9211 FAX :+86-512-5855-3680 QINGDAO POHANG STAINLESS STEEL CO., LTD. TEL :+ 86-532-8683-7020 FAX :+86-532-8683-7011 DALIAN POSCO STEEL CO., LTD. TEL :+ 86-411-8751-5003 FAX :+86-411-8751-4710 POSCO (GUANGDONG) COATED STEEL CO., LTD. TEL :+ 86-757-2660-3002 FAX :+86-757-2665-7760 POSCO VIETNAM CO., LTD. TEL :+ 84-64-923-014 FAX :+84-64-923-000 POSVINA CO., LTD. TEL :+ 84-8-731-3037 FAX :+84-8-731-3619
Subsidiary-Overseas	VSC POSCO STEEL CORPORATION TEL :+ 84-31-374-9133 FAX :+84-31-385-0123 MYANMAR POSCO STEEL CO., LTD. TEL :+ 95-1-635-367 FAX :+95-1-635-418 POSCO MEXICO S.A. DE C.V. TEL :+ 52-833-274-1400 FAX :+52-833-274-1405 POSCO CHINA SUZHOU AUTOMOTIVE PROCESSING CENTER CO., LTD. TEL :+ 86-512-5760-5952 FAX :+86-512-5760-5950 POSCO THAILAND BANGKOK STEEL PROCESSING CENTER CO., LTD. TEL :+ 66-2-256-6135 FAX :+66-2-256-6138 POSCO INDIA PUNE STEEL PROCESSING CENTER CO. PVT. LTD. TEL :+ 91-2114-308-100 FAX :+91-2114-308-146 POSCO INDIA DELHI AUTOMOTIVE PROCESSING CENTER CO. PVT. LTD. TEL :+ 91-124-421-6600 FAX :+91-124-421-6605 POSCO INDIA CHENNAI STEEL PROCESSING CENTRE PVT. LTD. (100.0% held by the subject company)
Subsidiary-Overseas	POSCO AUSTRALIA PTY. LTD. TEL :+ 61-2-9258-9807 FAX :+61-2-9241-2001 POSCO CANADA LTD. TEL :+ 1-604-688-9174 FAX :+1-604-669-5805 COMPANHIA COREANO-BRASILEIRA DE PELOTIZAÇÃO (KOBRASCO) TEL :+ 55-27-3333-4864 FAX :+55-27-3333-4762 POSCO JAPAN CO., LTD. TEL :+ 81-3-3546-0924 FAX :+81-3-3546-1215 POSCO AMERICA CORPORATION TEL :+ 1-201-585-3065 FAX :+1-201-585-6001 POSCO ASIA COMPANY LTD. TEL :+ 852-2827-8787 FAX :+852-2535-8290 POSCO CHINA FOSHAN STEEL PROCESSING CENTER CO., LTD. TEL :+ 86-757-2381-3998 FAX :+86-757-8387-1384
Subsidiary-Overseas	POSCO INVESTMENT CO., LTD. TEL :+ 852-2802-7188 FAX :+852-2845-7737 POSCO POLAND WROCLAW STEEL PROCESSING CENTER CO., LTD. TEL :+ 48-71-733-7262 FAX :+48-71-733-7257 POSCO MEXICO HUMAN TECH S.A. DE C.V. POSCO CHINA CHONGQING AUTOMOTIVE PROCESSING CENTER CO., LTD. TEL :+ 86-23-8903-6558 FAX :+86-23-8903-6556 POSCO VIETNAM HOCHIMINH STEEL PROCESSING CENTER CO., LTD. TEL :+ 84-8-520-2837 FAX :+84-8-823-7840 POSCO EUROPE STEEL DISTRIBUTION CENTER CO., LTD. TEL :+ 385-5-663-4161 POSCO CHINA WUHU AUTOMOTIVE PROCESSING CENTER CO., LTD. TEL :+ 86-553-593-6577 POSCO MALAYSIA KUALA LUMPUR STEEL PROCESSING CENTER SDN. BHD. TEL :+ 60-3-6092-5200 POSCO MALAYSIA SDN. BHD. TEL :+ 60-3-3101-2422
Corporate Ownership
Major Shareholders
Cooperative Enterprise	-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) DONGBU INSURANCE CO., LTD.(110111-0095285)

Sales by Region (Activity & Markets)

Sales/ Unit :100 Mil KRW	2010	2009	2008
Export	81,369	94,496	98,590
Domestic	152,885	175,305	208,400
Adjustment	(-)191	(-)262	(-)566
Total	234,063	269,539	306,424

The Subject exports to China, Japan and South East Asia.

Court Action

Case No.	Court	Plaintiff(s)/ Creditor(s)/ Applicant(s)	Defendant(s)/ Debtor(s)/ Respondent(s)	Cause	Amount (KRW)	Status
04/19/2012	Tokyo District Court, Japan	NIPPON STEEL & SUMITOMO METAL CORPORATION (JAPAN)	The Subject Company	Claim for Compensation from Damages	986,000,000,000	proceeding

There are 37 cases filed as Defendant(s)/ Debtor(s)/ Respondent(s) amounting 68,100,000,000KRW excluded of the above case as of 09/30/2014.

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIS

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.