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Pohang Furnace Selected as Korea’s Top Economic National Treasure
01/11/2011 - Pohang Steelworks’ 1st Furnace was selected as Korea’s Economical National Treasure No. 1, based on its support of Korea’s growth in the shipbuilding, automobile, and home appliance industries to lead the country’s industrialization.
Pohang Steelworks’ 1st Furnace has been selected as Korea’s Economical National Treasure No. 1.
Evaluation of candidates for “Korea’s Economical National Treasures” was based on contribution to Korea’s growth from a factory-less country to a new economic power. The advisory committee, which comprised economics and industrial specialists, said the Pohang Steelworks 1st Furnace produced an accumulative of 43.6 million tonnes of steel since its start-up on June 8, 1973. The committee said the furnace had served as the starting point of Korea’s growth into becoming the world’s 4th largest steel manufacturer, and becoming a top-10 international economic power.
Posco’s furnace especially supported Korea’s growth of the shipbuilding, automobile and home appliance industries to lead the country’s industrialization. The furnace allowed Posco to provide steel at lower prices, further contributing to increasing the country’s competitiveness.
The Pohang Steelworks’ 1st Furnace also has a symbolic importance in that it “created something from nothing” when the furnace was developed in a country where none of the four elements of steel manufacturing — money, technology, iron ores and coal — existed at the time. This can-do mindset was desperately needed by Korea, which had been seeking a new growth engine.
Joongang Ilbo introduced the Pohang Steelworks 1st Furnace which was selected as the Economical National Treasure No. 1 in detail in its January 1st newspaper, noting that this furnace provided an opportunity for Korea to transform from a primary industry country in the 1960s to a modern industrial country, thus helping to place Korea on the highway for industrialized growth.
Posco employees who built the steelworks were recognized as the “nameless heroes” of Korea’s industrialization. Pohang’s 1st furnace produced first produced molten iron on June 9, 1973, designated as the Day of Steel by the Korea Iron & Steel Association.
Hyundai’s “Pony” and Samsung’s “64KD RAM” were selected as the No. 2 and No. 3 Economical National Treasures respectively.
Evaluation of candidates for “Korea’s Economical National Treasures” was based on contribution to Korea’s growth from a factory-less country to a new economic power. The advisory committee, which comprised economics and industrial specialists, said the Pohang Steelworks 1st Furnace produced an accumulative of 43.6 million tonnes of steel since its start-up on June 8, 1973. The committee said the furnace had served as the starting point of Korea’s growth into becoming the world’s 4th largest steel manufacturer, and becoming a top-10 international economic power.
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Korea’s Economic National Treasures
Economic National Treasures were selected after on-site review of each candidate’s value and meaning by the advisory committee comprising 55 economic and industrial specialists. Industrial products as well as social infrastructure, and intangible assets were considered, and only those with indisputable results were selected.
Only those candidates that were developed after the 1948 establishment of the Republic of Korea were considered for recognition as an Economic National Treasures.
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Posco’s furnace especially supported Korea’s growth of the shipbuilding, automobile and home appliance industries to lead the country’s industrialization. The furnace allowed Posco to provide steel at lower prices, further contributing to increasing the country’s competitiveness.
The Pohang Steelworks’ 1st Furnace also has a symbolic importance in that it “created something from nothing” when the furnace was developed in a country where none of the four elements of steel manufacturing — money, technology, iron ores and coal — existed at the time. This can-do mindset was desperately needed by Korea, which had been seeking a new growth engine.
Joongang Ilbo introduced the Pohang Steelworks 1st Furnace which was selected as the Economical National Treasure No. 1 in detail in its January 1st newspaper, noting that this furnace provided an opportunity for Korea to transform from a primary industry country in the 1960s to a modern industrial country, thus helping to place Korea on the highway for industrialized growth.
Posco employees who built the steelworks were recognized as the “nameless heroes” of Korea’s industrialization. Pohang’s 1st furnace produced first produced molten iron on June 9, 1973, designated as the Day of Steel by the Korea Iron & Steel Association.
Hyundai’s “Pony” and Samsung’s “64KD RAM” were selected as the No. 2 and No. 3 Economical National Treasures respectively.
