DOCSLIB.ORG

POSCO Solution Marketing .. Greativity 16P

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
POSCO Solution Marketing .. Greativity 16P KPI(Korea Policy Insight) Special Edition MEK September 2015 Marine Economy Korea 9 Vol.4-39 Offshore & Shipbuilding Marine Equip & Steel Ports & Logistics Shipping Related Industries Policy & Rule Tech & Certs Finance Region & Cluster Country People Exhibition From Steel Supplier to Solution Provider POSCO Solution Marketing .. Greativity 16P ‘Greativity’ (Great Creativity & Connectivity) is embedded in the DNA of POSCO, an icon of Korea’s economic modernization as well as the creator of dreams and a brighter future, contributing to the inclusive, sustainable growth of the global village economy. Solution marketing is the latest example of the application of POSCO’s Greativity to breathe in consonance with clients. Components of Solution Marketing Solution Steel Application Commercial Heart-to-Heart Technology Support Relationship Technological Activities that support customers with the development of parts or final products Solution using application technology Commercial Activities that support the creation of customer's commercial value beyond normal Solution business activities Human Activities that earn the customer’s trust by forming an intimate relationship Solution Shipbuilding Caps Korea-India Economic Honeymoon 10 Newsformation (180) Tech & Certificates 34 US$42 Billion in Indian Naval Ship Orders Expected 12 Offshore & Shipbuilding 30 Global 35 Promoting Development of LNG-Fueled Ships 23 Shipping & Logistics 31 Rosy Prospects for Guatemalan Ports Development 24 Ports & Logistics 32 Directory Cruise Industry Promotion Drive Picks Up Steam 29 Policy & Rule 33 KOMEA Member Companies 36 (Nat’l Publicity Strategy, Korea) Steel Industry From Steel Supplier to Solution Provider POSCO Solution Marketing .. Greativity 'Greativity' (Great Creativity & Components of Solution Marketing Connectivity) is embedded in the DNA of POSCO, an icon of Korea's economic modernization as well as Solution Steel Application Commercial Heart-to-Heart the creator of dreams and a brighter Technology Support Relationship future, contributing to the inclusive, Technological Activities that support customers with the development of parts or final products sustainable growth of the global Solution using application technology village economy. Commercial Activities that support the creation of customer's commercial value beyond normal Solution business activities Solution marketing is the latest Human example of the application of Activities that earn the customer’s trust by forming an intimate relationship Solution POSCO's Greativity to breathe in consonance with clients. Regarding this initiative, POSCO Chairman innovation." Kwon Oh-Joon said: "We will never stop providing the steel products With the full-scale rollout of solution marketing, POSCO offers that customers need, but we will go differentiated value to customers while at the same time pursuing a beyond product supply to create rebound from the current economic recession. greater value by offering tailored solutions based on constantly Evolving Greativity Solution Marketing listening to their ever-evolving needs. In this era of creative POSCO's technology-based solution marketing blends technology connectivity, solution marketing is support with marketing activities to solve customer problems, which one of the four pillars of POSCO's creates customer added-value. It consists of five steps: 1) Industry & 16 Marine Economy Korea Steel Industry Market Analysis, 2) Solution Development & Care, 3) Solution Release & Promotion, 4) Support and Accelerated Sales, 5) Enhanced Customer Relationship Management. The steel industry provides solutions with the combination of rolled steel (hardware) and utilization technology (software), which can be customized based on the market situation and customer demand. By offering solution marketing, POSCO not only meets customer demands but also achieves greater profitability by aggressively expanding sales of high- grade steel. needs. After the customer confirms the proposed Organizing for Solution Marketing solutions, the department, depending on the scope of the requirements, will either submit the solution, To effectively implement its solution marketing along with its designs for quality/process program, POSCO created a Steel Solution Marketing improvement, to the steel works at Pohang or Department comprised of three centers and one Gwangyang for production or turn the work over to division. POSLAB for development of new steel grades. At the end of the process, POSCO delivers the complete The Planning Division is responsible for developing solution to the customer. solution marketing strategies, while the three centers complete the cycle: the Technical Service Center Solution Marketing Records Industry Successes (TSC) identifies customer needs and the required support; the Global Technical Center (GTC) performs POSCO has already recorded numerous successes steel product design and quality assessments; and the with its solution marketing initiative. The successful Product Application Center (PAC) adapts the solutions references for application technologies range from to the needs of each customer. the shipbuilding sector to other industries such as automotive and steel construction, etc. In addition to the above department, POSCO added a Solution Group to its Steel Product Sales Responding to the requirements of ship designers, Department. This group is responsible for POSCO offered a solution to prevent the brittle coordination and collaboration with customers. fracture of ship welds. POSCO was the first to provide "Arrest Hole" technology for containerships, supplying Executing the Solution Marketing Process 61,000 tons of EH40 and EH47 for the solution application. In addition to integrating the Steel Solution Marketing Department into the POSCO organization, A second example of solution marketing in this the company established a standard process for sector shows how POSCO quickly created steel solution development. products for shipbuilders to use after the International Association of Classification Societies (IACS) In this process, everything starts with the customer. established new regulations to improve ship vessel The customer begins the cycle by bringing its stability. Soon after the IACS announced its regulation technical issues to the new department, which then revisions, POSCO developed technologies to provide develops specific solutions to meet the customer's steel products and technology that would meet the Marine Economy Korea 17 Steel Industry new standards. As a result, customers in the shipbuilding and steel industries must strengthen shipbuilding industry were able to utilize POSCO's mutual trust and cooperate for a quick rebound." solutions to design new ships. The preemptive technology development and quick response from On April 21, 2014, CEO Kwon went to Geoje Island, POSCO allowed domestic shipbuilders to design and which is where one of the dockyards of POSCO construct ships without delay and helped POSCO customer Daewoo Shipbuilding & Marine customers increase their value. Engineering is located, and met with DSME CEO Ko Jeho. There, CEO Kwon emphasized, "POSCO is The final example of an application technology focused on strengthening its competitiveness to be a solution is POSCO's supply of arctic grade high top global steel company. Using technology-based strength steel plates to a dometic shipbuilder. POSCO solution marketing, we hope to substantially provided a welding solution together with high contribute to improving value for our customers." performance steel plates. As the result, the customer could meet the delivery schedule with the timely How Solution Marketing Fits into the Future of assistance of POSCO. POSCO and Its Customers CEO Visits Domestic Shipbuilders to Put Solution Daewoo Shipbuilding & Marine Engineering and Marketing into Action other Korean shipbuilders are pursuing development of LNG vessels for polar regions, deep sea offshore POSCO has sought to support improvements in the plants, and eco-friendly and fuel-efficient ships. domestic shipbuilding industry by building trust, Therefore, it is crucial that POSCO continuously sharing visions, and providing win-win technology- supply the necessary materials to support those based solution marketing to increase value for advancements. In the past, POSCO's technology customers. advancements were based on meeting client needs. However, in the present, it is important for POSCO to In order to strengthen solution marketing, mutually anticipate material developments to grow and beneficial to both POSCO and its clients, CEO Kwon advance together with clients. made in-person visits to clients in the shipbuilding industry, including Hyundai Heavy Industries, Daewoo POSCO also plans to reinforce R&D strategies and Shipbuilding & Marine Engineering (DSME) and consolidate strategic partnerships. In addition, it aims Samsung Heavy Industries, in order to explain and to provide materials required for individual customer promote solution marketing. projects. Responsiveness to customer needs in terms of product quality, scale, delivery and other factors is Listening to Client Needs a POSCO Priority necessary to improve the overall satisfaction of POSCO's customers. Therefore, reinforcing solution On April 4, 2014, CEO Kwon went to Ulsan to meet marketing will be an important tool in creating with Jaesung Lee, CEO of Hyundai Heavy Industries. added-value. After the meeting and touring the facilities, he made his way to meet with the head of Samsung Heavy Into The Future Industries to discuss ways to strengthen cooperation. In the coming months and years, POSCO will During these meetings, CEO Kwon was able to listen continue its efforts toward advancements for to client needs and explain how POSCO's solution customers across various industries. Solution marketing could meet those needs. Following his marketing is a strategy that will help POSCO become meetings with clients, CEO Kwon said, "In order to "POSCO the Great." recover from the global economic downturn, the 18 Marine Economy Korea.
Load more

Recommended publications
  • FTSE Korea 30/18 Capped
    2 FTSE Russell Publications 19 August 2021 FTSE Korea 30/18 Capped Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) Alteogen 0.19 KOREA Hyundai Engineering & Construction 0.35 KOREA NH Investment & Securities 0.14 KOREA AmoreG 0.15 KOREA Hyundai Glovis 0.32 KOREA NHN 0.07 KOREA Amorepacific Corp 0.65 KOREA Hyundai Heavy Industries 0.29 KOREA Nong Shim 0.08 KOREA Amorepacific Pfd. 0.08 KOREA Hyundai Marine & Fire Insurance 0.13 KOREA OCI 0.17 KOREA BGF Retail 0.09 KOREA Hyundai Merchant Marine 1.02 KOREA Orion 0.21 KOREA BNK Financial Group 0.18 KOREA Hyundai Mipo Dockyard 0.15 KOREA Ottogi 0.06 KOREA Celltrion Healthcare 0.68 KOREA Hyundai Mobis 1.53 KOREA Paradise 0.07 KOREA Celltrion Inc 2.29 KOREA Hyundai Motor 2.74 KOREA Posco 1.85 KOREA Celltrion Pharm 0.24 KOREA Hyundai Motor 2nd Pfd. 0.33 KOREA Posco Chemical 0.32 KOREA Cheil Worldwide 0.14 KOREA Hyundai Motor Pfd. 0.21 KOREA Posco International 0.09 KOREA CJ Cheiljedang 0.3 KOREA Hyundai Steel 0.33 KOREA S1 Corporation 0.13 KOREA CJ CheilJedang Pfd. 0.02 KOREA Hyundai Wia 0.13 KOREA Samsung Biologics 0.92 KOREA CJ Corp 0.11 KOREA Industrial Bank of Korea 0.22 KOREA Samsung C&T 0.94 KOREA CJ ENM 0.15 KOREA Kakao 3.65 KOREA Samsung Card 0.08 KOREA CJ Logistics 0.12 KOREA Kangwon Land 0.23 KOREA Samsung Electro-Mechanics 0.81 KOREA Coway 0.36 KOREA KB Financial Group 1.78 KOREA Samsung Electronics 25.36 KOREA Daewoo Engineering & Construction 0.12 KOREA KCC Corp 0.12 KOREA Samsung Electronics Pfd.
    [Show full text]
  • Coating-Drillships OGCP 2013.Pdf
    COATING SOLUTIONS FOR Korean shipyards are currently in the midst of a newbuilding boom for offshore drill ships. With the predicted opening up of exploration rights in the Arctic Circle, where it is believed about 30% of the world’s unexploited gas and 13% of oil lie, drilling companies are busy future proofing their fleets. Semi submersibles and jackup drill rigs were Stena Drilling chose a coating system of “AkzoNobel are traditionally built in Singapore. However, with the Intershield® 163 Inerta 160, the first ice abrasion DrillShips move into deep water exploration, state-of-the-art resistant coating to achieve class society Type able to offer drill ships are now necessary. Due to the complex Approval, to protect the hull of their ice strengthened us a complete Ballast tanks play a crucial role in drill ship operations; The onsite technical service that can be provided by nature of these vessels there has been a shift Arctic drill ship Stena Drillmax ICE. Stena Drilling product range they are critical to providing stability during drilling AkzoNobel was a critical reason in the selection process towards the more high tech yards of South Korea. specifically requested Inerta because of its 35 year and full technical operations offshore. The tanks create a very corrosive of the paint vendor by Ocean Rig. Vessels are built at Samsung Heavy Industries proven track record; with 1,300 applications to date support, and with environment as they experience cyclic conditions of and, more recently, Hyundai Heavy Industries and it has been used by numerous marine and offshore Intershield 300 we wet (full) and dry (empty) periods.
    [Show full text]
  • Posco International Corporation
    POSCO INTERNATIONAL CORPORATION Sustainability Report 2019 About This Report The 2019 POSCO INTERNATIONAL Sustainability Report, the forth annual publication, illustrate the Company’s performance fulfill- ing its economic, social, and environmental responsibility. POSCO INTERNATIONAL aims to transparently disclose its sustainability management activities for the year 2019 and communicate with wide-ranging stakeholders. Reporting Guidelines Global Reporting Initiative(GRI) Standards: Core Option Reporting Period January 1, 2019 ~ December 31, 2019 * 2017 ~ H1 of 2020 for a portion of the performance data Reporting Scope Economy: On a consolidated basis in accordance with the K-IFRS 〮 Society & Environment: POSCO INTERNATIONAL Headquarters, 〮 POSCO SPS1), and overseas worksites (Myanmar, Indonesia, and Uzbekistan) Areas where major operations are based: Republic of Korea 〮 1) This refers to the STS Division, the TMC Division and the Plate Fabrication Division that were split off as subsidiaries in April 2020. Reporting Cycle Annually(publication of the most recent report: 2019) Assurance Financial data: Earnst & Young Han Young 〮 Non-financial data: DNV GL 〮 Contact Details Address: 165 Convensia-daero(POSCO Tower-Songdo), Yeonsu-gu, Incheon, Republic of Korea Tel: +82-2-759-2861 Department in charge: Sustainability Management Section E-mail: [email protected] POSCO INTERNATIONAL CORPORATION Sustainability Report 2019 03 Global CSR Activities 01 We Make Sustainability 02 Sustainability Management Strategy 102 Global CSR Overview
    [Show full text]
  • Holdings-Report.Pdf
    The Fund is a closed-end exchange traded management Investment company. This material is presented only to provide information and is not intended for trading purposes. Closed-end funds, unlike open-end funds are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. Changes to investment policies, current management fees, and other matters of interest to investors may be found in each closed-end fund's most recent report to shareholders. Holdings are subject to change daily. PORTFOLIO HOLDINGS FOR THE KOREA FUND as of July 31, 2021 *Note: Cash (including for these purposes cash equivalents) is not included. Security Description Shares/Par Value Base Market Value (USD) Percent of Base Market Value SAMSUNG ELECTRONICS CO 793,950 54,183,938.27 20.99 SK HYNIX INC COMMON 197,500 19,316,452.95 7.48 NAVER CORP COMMON STOCK 37,800 14,245,859.60 5.52 LG CHEM LTD COMMON STOCK 15,450 11,309,628.34 4.38 HANA FINANCIAL GROUP INC 225,900 8,533,236.25 3.31 SK INNOVATION CO LTD 38,200 8,402,173.44 3.26 KIA CORP COMMON STOCK 107,000 7,776,744.19 3.01 HYUNDAI MOBIS CO LTD 26,450 6,128,167.79 2.37 HYUNDAI MOTOR CO 66,700 6,030,688.98 2.34 NCSOFT CORP COMMON STOCK 8,100 5,802,564.66 2.25 SAMSUNG BIOLOGICS CO LTD 7,230 5,594,175.18 2.17 KB FINANCIAL GROUP INC 123,000 5,485,677.03 2.13 KAKAO CORP COMMON STOCK 42,700 5,456,987.61 2.11 HUGEL INC COMMON STOCK 24,900 5,169,415.34 2.00 SAMSUNG 29,900 4,990,915.02 1.93 SK TELECOM CO LTD COMMON 17,500 4,579,439.25 1.77 KOREA INVESTMENT 53,100 4,427,115.84
    [Show full text]
  • Certain Cold-Rolled Steel Flat Products from the Republic of Korea: Final Results of Antidumping Duty Administrative Review; 2018-2019
    This document is scheduled to be published in the Federal Register on 07/29/2021 and available online at federalregister.gov/d/2021-16172, and onBILLINGgovinfo.gov CODE: 3510-DS-P DEPARTMENT OF COMMERCE International Trade Administration [A-580-881] Certain Cold-Rolled Steel Flat Products from the Republic of Korea: Final Results of Antidumping Duty Administrative Review; 2018-2019 AGENCY: Enforcement and Compliance, International Trade Administration, Department of Commerce. SUMMARY: The Department of Commerce (Commerce) determines that certain cold-rolled steel flat products (cold-rolled steel) from the Republic of Korea were not sold in the United States at prices below normal value during the period of review (POR), September 1, 2018, through August 31, 2019. DATES: Applicable [INSERT DATE OF PUBLICATION IN THE FEDERAL REGISTER]. FOR FURTHER INFORMATION CONTACT: Michael J. Heaney, George McMahon, or Marc Castillo, AD/CVD Operations, Office VI, Enforcement and Compliance, International Trade Administration, U.S. Department of Commerce, 1401 Constitution Avenue, NW, Washington, DC 20230; telephone: (202) 482-4475, (202) 482-1167, or (202) 482-5019, respectively. SUPPLEMENTARY INFORMATION: Background On January 25, 2021, Commerce published the Preliminary Results of this administrative review.1 We invited interested parties to comment on the Preliminary Results. Between February 24, and March 5, 2021, Commerce received timely filed case briefs and rebuttal briefs from United States Steel Corporation (U.S. Steel), additional domestic parties,2 Hyundai Steel 1 See Certain Cold Rolled Steel Flat Products from the Republic of Korea: Preliminary Results of Antidumping Duty Administrative Review; 2018-2019, 86 FR 6871 (January 25, 2021) (Preliminary Results), and accompanying Preliminary Decision Memorandum (PDM).
    [Show full text]
  • Hyundai Heavy Industries
    A Report on Workplace Injuries at HHI HYUNDAI HEAVY INDUSTRIES SHOULD TAKE RESPONSIBILITY FOR THE DEATHS OF SUBCONTRACT WORKERS Korea Trans-National Solidarity for Worker’s In-house Subcontract Corporation Watch Health Workers’ Union in HHI (KTNC Watch) (SWH) (an affiliate of Korean Metal Workers` Union) April 13, 2015 Executive Summary In 2014, a total of 13 workers were killed in their workplace, while working for Hyundai Heavy Industries (HHI). The death toll was the highest in recent years. It is believed that workplace injuries have increased, although we cannot confirm it because HHI did not report all the injury cases to the authorities. In-house subcontract workers are particularly vulnerable to occupational injuries. Indeed, all of the 13 casualties in 2014 were in-house subcontract workers. In addition, workers’ healthcare costs are usually paid by the subcontractors or workers themselves, i.e. neither by HHI nor through insurance. Accordingly, workers cannot get adequate treatment or receive compensation for their loss. Subcontractors and their employees usually do not report workplace injuries or claim the workers’ compensation, for fear of discontinuation of their contracts or being fired, though they are under the national workers’ compensation system by law. The recent increase of death toll among subcontract workers is associated with the “risk-outsourcing” policy of HHI. HHI has never openly taken responsibility for injuries of in- house subcontract workers. HHI has also denied illegal cover-ups of such cases. Rather, HHI asserts that the subcontractors are responsible for workplace injuries and the purported cover- ups. However, all workers and their tasks are clearly under the control of HHI and it has not taken adequate health and safety measures for workers.
    [Show full text]
  • Korean Multinationals Show Solid Recovery After Global Crisis
    Korean multinationals show solid recovery after global crisis Report dated November 16, 2010 EMBARGO: The contents of this report must not be quoted or summarized in the print, broadcast or electronic media before November 16, 2010, 10:00 a.m. Seoul; 1 a.m. GMT, and 9:00 p.m. November 15, 2010, New York. Seoul and New York, November 16, 2010 The Institute of International Affairs of the Graduate School of International Studies (GSIS) at Seoul National University in Seoul, and the Vale Columbia Center on Sustainable International Investment (VCC) at Columbia University in New York, are releasing the first annual report on leading Korean multinationals. The research for this report was conducted in 2010 and covers the period 2007 to 2009. 1 Highlights The Republic of Korea (henceforth ‘Korea’), the 11 th largest economy in the world, has now become one of the leading investors abroad. The number and the size of the corporate giants that dominate the economy have increased over the years, boosting and diversifying their investments around the world. Korea’s multinational enterprises ranked by their foreign assets (see table 1 below) show about USD 93 billion in assets held abroad. 2 Samsung Electronics Co., Ltd. (SEC), a member of a leading Korean conglomerate, ranked 1 st with slightly over USD 18 billion, followed by another top conglomerate member, LG Electronics, with over USD 10 billion dollars. Hyundai Heavy Industries Co., Ltd, and DSME Co., Ltd, had foreign assets of over USD 8 billion each and LG Display had over USD 6 billion. The top five firms together accounted for just over half of the total foreign assets of the top 20 companies.
    [Show full text]
  • Samsung Heavy Industries
    SHI SUSTAINABILITY REPORT 2015 SAMSUNG HEAVY INDUSTRIES OVERVIEW Message from the CEO Company Profile Management Philosophy Business Introduction Business Operation Process Governance Stakeholder Communication Aspect Boundary Materiality Test 1 Overview Message from the CEO Samsung Heavy Industries, which has shown continuous growth and remarkable development through turning countless adversities into valuable opportunities, now prepares for an even bigger leap forward on the basis of its decisive innovations. Dear Stakeholders, who trust and value Samsung Heavy Industries, Samsung Heavy Industries (hereinafter referred to as SHI), which has successfully executed various projects in shipbuilding and offshore fields since its foundation in 1974, consistently endeavors to reflect the voices of its stakeholders, including clients, subcontractors, employees, and local communities. Moreover, as a global industry leader, SHI is investing much effort in building reliable and eco-friendly ships and offshore production facilities. 2015 has been by far the most difficult business year for SHI due to significant challenges, such as the global economic recession, low oil prices, and a series of trials & errors in executing offshore projects. Despite such difficult conditions, however, SHI employees endeavored to maintain safety and quality as well as comply with delivery schedule by showing concerted commitment and dedication, thereby transforming the crisis into opportunities. th Not only has SHI promoted the importance of safety awareness by announcing January 19 as the official Safety Awareness Day, but it has also received the highest level of recognition in the Safety Assessment Evaluation, conducted by ExxonMobil, for 6 consecutive years. Moreover, SHI significantly improved quality by enforcing its 10 Quality Rule Implementation Check on a weekly basis for flawless delivery.
    [Show full text]
  • Federal Register/Vol. 86, No. 53/Monday, March 22, 2021/Notices
    15184 Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Notices VI. Adjournment Scope of the Order 3 there is a subsidy, i.e., a government- Dated: March 16, 2021. The product covered by the Order is provided financial contribution that David Mussatt, CTL plate from Korea. For a complete gives rise to a benefit to the recipient, and that the subsidy is specific.4 For a Supervisory Chief, Regional Programs Unit. description of the scope of the Order, full description of the methodology [FR Doc. 2021–05841 Filed 3–19–21; 8:45 am] see the Issues and Decision Memorandum. underlying our conclusions, see the BILLING CODE P Issues and Decision Memorandum. Analysis of Comments Received Rate for Non-Selected Companies All issues raised by parties in the case Under Review DEPARTMENT OF COMMERCE and rebuttal briefs are addressed in the Issues and Decision Memorandum. A International Trade Administration The statute and Commerce’s list of the issues addressed in the Issues regulations do not directly address the [C–580–888] and Decision Memorandum is provided establishment of rates to be applied to in the appendix to this notice. The companies not selected for individual Certain Carbon and Alloy Steel Cut-to- Issues and Decision Memorandum is a examination where Commerce limits its Length Plate From the Republic of public document and is on file examination in an administrative review Korea: Final Results and Partial electronically via Enforcement and pursuant to section 777A(e)(2) of the Rescission of Countervailing Duty Compliance’s Antidumping and Act. However, Commerce normally Administrative Review, 2018 Countervailing Duty Centralized determines the rates for non-selected Electronic Service System (ACCESS).
    [Show full text]
  • JKD/JAD April 14, 2020 MEMORANDUM TO
    A-580-867 POR: 08/01/2017-07/31/2018 Public Document E&C/OVI: JKD/JAD April 14, 2020 MEMORANDUM TO: Jeffrey I. Kessler Assistant Secretary for Enforcement and Compliance FROM: James Maeder Deputy Assistant Secretary for Antidumping and Countervailing Duty Operations SUBJECT: Issues and Decision Memorandum for the Final Results of the Administrative Review of the Antidumping Duty Order on Large Power Transformers from the Republic of Korea; 2017-2018 I. SUMMARY We have analyzed the case and rebuttal briefs submitted by interested parties. As a result of our analysis, we continue to find that the application of total adverse facts available (AFA) is appropriate for Hyundai Electric & Energy Systems Co., Ltd. (Hyundai), as discussed below. For Hyosung Corporation and Hyosung Heavy Industries Corporation (collectively, Hyosung), we have made changes from the Preliminary Results,1 as discussed below. We recommend that you approve the positions described in the “Discussion of the Issues” section of this Issues and Decision Memorandum. The complete list of the issues in this administrative review for which we received comments from parties is provided below: Hyundai-Specific Issues Comment 1: Application of AFA A) Hyundai’s Completeness Failure at Verification B) Hyundai’s Reporting of Sales Documentation C) Hyundai’s Understatement of its Home Market Gross Unit Prices D) Application of Total AFA Comment 2: Selection of AFA Rate 1 See Large Power Transformers from the Republic of Korea: Preliminary Results of Antidumping Duty Administrative Review; 2017–2018, 84 FR 55559 (October 17, 2019) (Preliminary Results), and accompanying Preliminary Decision Memorandum (PDM); see also Large Power Transformers from the Republic of Korea: Correction to the Preliminary Results of Antidumping Duty Administrative Review; 2017–2018, 84 FR 65350 (November 27, 2019) (Amended Preliminary Results).
    [Show full text]
  • Samsung Electronics Co., Ltd. and Its Subsidiaries NOTES to INTERIM
    Samsung Electronics Co., Ltd. and its Subsidiaries NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS 1. General Information 1.1 Company Overview Samsung Electronics Co., Ltd. (“SEC”) was incorporated under the laws of the Republic of Korea in 1969 and listed its shares on the Korea Stock Exchange in 1975. SEC and its subsidiaries (collectively referred to as the “Company”) operate four business divisions: Consumer Electronics (“CE”), Information technology & Mobile communications (“IM”), Device Solutions (“DS”) and Harman. The CE division includes digital TVs, monitors, air conditioners and refrigerators and the IM division includes mobile phones, communication systems, and computers. The DS division includes products such as Memory, Foundry and System LSI in the semiconductor business (“Semiconductor”), and LCD and OLED panels in the display business (“DP”). The Harman division includes connected car systems, audio and visual products, enterprise automation solutions and connected services. The Company is domiciled in the Republic of Korea and the address of its registered office is Suwon, the Republic of Korea. These interim consolidated financial statements have been prepared in accordance with Korean International Financial Reporting Standards (“Korean IFRS”) 1110, Consolidated Financial Statements. SEC, as the controlling company, consolidates its 256 subsidiaries including Samsung Display and Samsung Electronics America. The Company also applies the equity method of accounting for its 41 associates, including Samsung Electro-Mechanics.
    [Show full text]
  • Tax Alert | Delivering Clarity 3 August 2020
    Tax Alert | Delivering clarity 3 August 2020 Activities carried out by project office does not constitute a permanent establishment The Apex Court rendered its decision that, based on activities carried out, the project office does not constitute a fixed place permanent establishment of the taxpayer in India, as per Article 5 of India-Korea tax treaty Facts of the case: Oil and Natural Gas Corporation (ONGC) awarded a turnkey contract (on 28 February 2006) to a consortium of Samsung Heavy Industries Co. Ltd. (taxpayer)1, a company incorporated in South Korea, and an Indian Company. The turnkey contract was for carrying out the work, amongst others, of surveys, design, engineering, procurement, fabrication, installation and modification at existing facilities, and start-up and commissioning of entire facilities covered under the ‘Vasai East Development Project’ (Project). The taxpayer set up a Project Office (PO) in Mumbai to act as “a communication channel” between the taxpayer and ONGC in respect of the Project. Pre-engineering, survey, engineering, procurement and fabrication activities took place outside India in 2006 and were brought outside Mumbai in 2007 to be installed at the Project site. The taxpayer for the Financial Year (FY) 2006-07, corresponding to Assessment Year (AY) 2007-08, had incurred a loss in respect of the activities carried out in India and thus, declared ‘Nil’ profit. The taxpayer’s return was selected for audit and the Assessing Officer (AO) in the draft order, based on terms of the agreement, held that: ─ The Project was a single indivisible “turnkey” project, whereby ONGC was to take over the project completed only in India; ─ Resultantly, the profits arising from the successful commissioning of the Project would also arise only in India; ─ The work relating to fabrication and procurement of material was part of the contract for execution of work assigned by ONGC.
    [Show full text]