Daewoo International to diversify portfolio

Resource from: Daewoo International Likes:237

Oct 23,2014

Daewoo International, a trading arm of Korea's biggest steelmaker POSCO, is seeking to diversify its business portfolio to ensure the firm's sustainable growth. Its CEO Jeon Byeong-eal drew up a roadmap during a recent workshop with some 140 executives and team leaders, which focused on broadening operations in overseas energy development, power plant construction and making its way into the promising food, mineral, steel and auto parts businesses. Daewoo posted a record high operating profit of 161 billion won in the first half of the year, which was attributable primarily to its successful gas exploration in Myanmar. The company is currently looking for another overseas energy development project in which to invest. "We've secured a stable source of income in Myanmar. Now we need plan on how to invest what we've earned to have a brighter future," Jeon said. "New business needs new strategy. We shouldn't be pleased too much by the success in Myanmar. We should make a concerted effort again to take another successful step." In August, Daewoo secured a 24.1 percent stake in an Indonesia copper mine for 46 billion won, ramping up efforts to widen its operation in overseas development of natural resources. In May, a Korean consortium led by the company launched a project to develop infrastructure of a luxury hotel in Yangon, Myanmar. A Daewoo spokeswoman said the company will make full use of its international network to generate new business opportunities. "We will concentrate on areas where we are proven to be competitive," she said. "Separately, we will continue to increase our contribution to overseas sales of POSCO's products."

(Daewoo International)

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