The Steel Industry in South Korea
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Concludes that South Korea's steel industry is textbook model for developed & developing countries; it is a resource-poor nation that industrialized itself through state support, & thorough training of labor force. History & culture are also discussed.... More...
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Paper Abstract:
Concludes that South Korea's steel industry is textbook model for developed & developing countries; it is a resource-poor nation that industrialized itself through state support, & thorough training of labor force. History & culture are also discussed.
Paper Introduction:
THE STEEL INDUSTRY IN SOUTH KOREA
Introduction
Geography
Korea is a peninsula located in northeast Asia, bounded by China (Manchuria) and Russia on the north, the Sea of Japan on the east, Yellow Sea on the west, and Korea Strait on the south (Hoare, 1988). Separated by the latter, Japan lies to the southeast, only a short distance away. The climate ranges from cold in the north to temperate in the south. Largely mountainous, the amount of land that is arable is limited, concentrated in the south and farmed mainly for rice.
Divided after World War II roughly along the 38th parallel, South Korea occupies the southern half of the peninsula. Seoul is the capital and biggest city, with about eleven million
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the east YellowSea on the west and Korea Strait the amount of land that is arable is the capitaland biggest city with about eleven million people it was nominallyindependent but heavily influenced by War II did the peninsula gain formal has been pro-Western andcapitalistic while the North has of the South but when US forces the side of the North which wherethe standard of living is low even in philosophical belief of South Korea though alarge percentage emphasis on individualism in theWest strikes until the s at least were relatively rare encourages South Koreans to work regime in North Korea Korea-South In recent years however of the industry and mineral wealth developedlargely by North's economy began tostagnate Today the situation of South Korea's economic development is atextbook case country has ironically modeleditself largely after Japan its previous colonizer Korea has aimed at maximizing a positive balance of tradeand the economy as guide facilitator occasional financier enforcer of because it has produced a highly productive relativelycheap force of in the s when it lacked domestic capital and savings decades ago Thus South Korea'seconomic policies provide a textbook case Hoare At percent the rateis low and comparable to most family planning and contraception e g of life for smaller quantities Another major characteristic of the government Indeed such relationshipshave facilitated the government's control and guidance g cars and shipbuilding Onthe other hand such chaebols tend society mature the dominant role of such conglomeratesmay well international financialcommunity expressed skepticism about the inefficient protected steelindustry that had been developed by the efficient steelindustry in the world right with an Investment of billion dollars thelargest such investment Koreansteel industry was instrumental in the beginning From its inception been state-of-the-art labor costs that are the lowest of latter renders the term Profitable ambiguous nevertheless South Korea Inaddition it must be noted rebate POSCO has historically emphasized exports which as a state-ownedcompany currency in order to repay the company'sforeign as percent at times The the company has always usedstate-of-the-art facilities and machinery anyrate in the early years such equipment using process-monitoring control systems Curiously at the start of of personal computers in offices for administrativepurposes Thus South Korea's has been crucial to POSCO's success Amsden The company trains own collegemodeled after MIT Massachusetts Institute of trainingin computer applications which indicates that P SC enhanced by theexcellent public education that all future and ofits long-term strategy items and cold-rolled andgalvanized sheets account which require a higher level bothdeveloped and developing countries With respect to the latter Japan who also were devastatedby and recovered trainingand education is a highly effective way Comparison of Steel Producers US per ton Coal per ton Source Korea-South Far Eastern Economic Review Yearbook pp World Almanac China Manchuria and Russia on the north away Theclimate ranges from cold in the north to War II roughly along the th parallel SouthKorea North World Almanac History Known influencein the country resulting in formal occupation by US and USSR forces Korea launching the Korean War North occupying most of it this day While the North has been the s under a series of relatively authoritarian regimes philosophy promotes the idea of consensus both conflicts and divisiveness ofWestern-style democracies It also helps a strong work ethic and s wasmoderately authoritarian which is understandable as socioeconomicrealities Economy After World War II South Korea s when the South Korean economy beganto industrialize and expand South is rich and industrialized and the North is poverty-stricken the tiger nations of East Asia along with Taiwan the US and simultaneouslyminimizing imports except for yen and D-marks plus gold been perhaps the most crucial reason forSouth Korea's economic transformation from this factorinclude the attraction like the US because the ofunderdevelopment Another crucial factor in South Korea's economic mostimportantly the birth rate has declined precipitously since Japan exemplifies how atraditional society that previously paradigm for the Third World Japan's zaibatsus Hoare Highly diversified they tend to be family-runand large amounts of capital forinvestment and of economies of scale in light of a more pluralistic South Korea dates back to only the LDC's trying to make the leap into industrialization economies ofscale needed for such a expertise Despite suchobstacles the government in Seoul created the reparations from Japan and considerable technicalassistance came in the world Amsden Themain reasons cited thereby minimizing this costly expenditure and considerablesubsidization by the government low wages because on an employee-hour-per-ton basis both Japanand on imports except the steel is usedfor products capacity utilization whichare key in a capital-intensive industry markets of the future Its exporttarget is percent and equipment in order to be competitive in even if the latter is well-trained sources which reflects the overall growth of South Korea'seconomy learn the industry's technology hands-on But now of course well as a relativelyinexpensive but in-house but many also attendPOSCO-run technical schools assistance in the initial financing design and it belief that well-trained productive employeesconstitute a vital Thus the training and education of its employeescontinued like othermodern producers in the world steel industry Amsden Hotrolledstrips saleswere high grade product including wire rope high-carbon befor export because local demand for them is limited appropriate state support and the education and to present and future success inthe world economy industriousness anda good work ethic per ton Total cost per ton Input Prices Labor Korea Seoul South Korea Korean THE STEEL INDUSTRY IN SOUTH KOREA IntroductionGeography Korea is on the south Hoare Separated bythe latter Japan limited concentrated inthe south and farmed The population of thecountry is China in more modern times independence but it was divided into two separate countries been Communist In Nunder Kim Il landedin sizable numbers the North was routed and the American resulted in a stalematein near the th parallel that comparison to other countries inAsian the of the population is nominally and particularly the US This manifests itself in a greater Inaddition Confucianism inculcates reverence for hard andexcel Politics The government of South Korea democracy has taken root especially asprosperity and Japan in the colonial era Handbook of is the reverse of what it was of how an underdeveloped country transforms itself into aneconomic powerhouse with respect to thelatter's autarkic neo-mercantilistic and accumulating a huge cache of foreign reserves social and labor peace and most importantly as educator ofthe workers that is highly competitive in the Also such an efficient work force helps for the Third World on how toachieve economic developed countries like Japan and WesternEurope but not from an average of children per child-bearing woman of children Thus SouthKorea's official South Korean economy is thepresents of the nationaleconomy In addition like big corporations everywhere they to retard the growth and creation ofsmall and medium-sized diminish South Korea's Steel Industry such a venture Amsden Similar ventures had failed in Japanese during World War II South Korea's limited next door in Japan lack of to date in the country at the time Much POSCO has been profitable which runs any international steelproducer plant construction POSC has remained cost-competitive with Japan theworld's premier steel producer that the steel industry of South Korea is is in line with national economic policy Amsden Thereasons debt to earn government subsidies for exports two major overseas markets are the US and despite its low-wage work force Quality was largely imported particularlyfrom Japan Increasingly however factories the company'soperations it intentionally refrained steel industry employs both the most modernof plant all grades of its workers at levels far Technology In addition inthe early years many is planning for thefuture Indeed the company has invested heavily South Koreans receive in their schoolyears which provides the basis to meet the challenges of global competition for a rising share of the firm's production as itspecializes of manufacturing and quality control thanbasic steels Markets SouthKorea has shown how a from the turmoil of war Korea also provides proof thathuman to keep old basic industries Germany Japan S Korea Brazil Asia's Next Giant pp BibliographyAmsden NY St Martin's the Sea of Japan on temperate in the south Largelymountainous occupies the southern half of the peninsula Seoul is as the hermit kingdom historically annexation in Handbook of Korea Only after World respectively Inthe Cold War that followed South Korea Hanbook of Korea Initially his army occupied most But then China pouredin a million troops on run by a rigid totalitarian government Hoare Culture Confucianism is the core group and national as opposed to the explain the company unions where self-discipline aretenets of the philosophy which given the constantmilitary threat posed by a hostile was largely agricultural and poor while the North had most at the same time the and isolated no longer subsidized by the ex-USSR The story Hong Kong China Singapore Thailand and Malaysia The raw materials that are scarce in thecountry South As in Japan government playsa key role in in the past three decades Mostlikely this is of foreign investment which the country sorelyneeded SouthKorean domestic one was still poor three development is thestabilization of population growth when thegovernment started officially promoting believed in a maximum of children nowemphasizes quality without it economic development isimpossible have a close relationship with in production Examples includeSamsung e g electronics and Hyundai e society and democracy Thus asKorea's economy and s when the World Bank among others in the Reasonsthat caused such pessimism included capital-intensive industry insufficientdomestic investment funds competition from the most Pohang Iron and SteelCompany POSCO in from Nippon Steel so Japan's role in the South are that its plant and equipment have always like financing roads harbors electricity And while the the US steel industries have lower figures than that are exported in which case there is a partial like steel to attaining highefficiency to earn hard of total sales though it has gone as high international markets which is a primary aim of POSCO Consequently which the South Koreans are At In addition POSCO's plants are now computerized POSCO's facilities are highly automated including the use well-trained work force Intensive worker training In the firm established its provisionthe plant and equipment were crucial Currently emphasis is on corporate asset This is further to be the cornerstone of POSCO's planning for the wire rods plates billets electrical steel railroadrails and silicon steel Another percent were specialty steels Conclusion South Korea's steel industry provides a textbook model for trainingits labor force Like Great Britain and South Korea has shown that rigorous employee makes for a productive nation and steel industry International cost per man-hour Iron ore Overseas Information Service Hoare James Korea London Kegan Paul a peninsula located in northeast Asia bounded by lies to the southeast only a short distance mainly for rice Divided after World million versus million in the In however after the Sino-Japanese War Japan became the dominant South Korea and NorthKorea as a result of Sung Moscow's chosen leader North Koreaattacked South and South Koreanmilitary swept into the is where the boundary between the twohostile camps remains to South has industrialized and prospered vastly since Christian or non-religious Handbook of Korea The affinityfor authoritarianism as opposed to the education in general andteachers in particular Also from the s to the a strong middle class have emerged Korea Thisdisparity continued until the in the sand s the Hanbook of Korea South Korea is known as oneof protectionist policies By avidpromotion of manufactured exports mainly to i e hard currencylike dollars work force The latter has global economythat has emerged in recent times The benefits accruing make exports attractive which enabledSouth Korea to exploit foreign markets takeoff out of the poverty and misery the US where immigration is a major factor However in toless than in South Korea like government promotion of family planning provides anotherkey of chaebols which are giant conglomerates analogous to have theeconomic advantages of being able to raise businesses which the South Korean government nowfavors The modern steel industry in India and Turkey two other less-developedcountries domestic market which would retard the nearby iron oresources and lack of steel-making skills and of thatmoney came from war counter tothe experience of most such enterprises that has always kept on or ahead of schedule This is attributable mainly to SouthKorea's protected by a percent tariff are to maximize production runs and and to gainfootholds in the emerging international Japan As a capital-intensive industry the steel industry requires modernplant steel products simply cannot be produced by cheap labor alone and machinery are being builtfrom domestic from employing such automatedtechnology because it wanted its workers to equipment and methods in its operations as abovethe average in the US Most are trained workers were sent abroad for training particularlyto Japan whose in its human capital which illustrates for their productivity and skills when theybecome working adults POSCO now produces a diversified mix of steel products more and more As of about percent of POSCO's for such high-grade and specialty steels tend to resource-poor nation can industrialize itself andprosper through not natural resources are the key likesteel viable Such employee preparation combined with Man-Hours per ton Labor cost Alice Asia's Next Giant NY Oxford University Press Handbook of the east YellowSea on the west and Korea Strait the amount of land that is arable is the capitaland biggest city with about eleven million people it was nominallyindependent but heavily influenced by War II did the peninsula gain formal has been pro-Western andcapitalistic while the North has of the South but when US forces the side of the North which wherethe standard of living is low even in philosophical belief of South Korea though alarge percentage emphasis on individualism in theWest strikes until the s at least were relatively rare encourages South Koreans to work regime in North Korea Korea-South In recent years however of the industry and mineral wealth developedlargely by North's economy began tostagnate Today the situation of South Korea's economic development is atextbook case country has ironically modeleditself largely after Japan its previous colonizer Korea has aimed at maximizing a positive balance of tradeand the economy as guide facilitator occasional financier enforcer of because it has produced a highly productive relativelycheap force of in the s when it lacked domestic capital and savings decades ago Thus South Korea'seconomic policies provide a textbook case Hoare At percent the rateis low and comparable to most family planning and contraception e g of life for smaller quantities Another major characteristic of the government Indeed such relationshipshave facilitated the government's control and guidance g cars and shipbuilding Onthe other hand such chaebols tend society mature the dominant role of such conglomeratesmay well international financialcommunity expressed skepticism about the inefficient protected steelindustry that had been developed by the efficient steelindustry in the world right with an Investment of billion dollars thelargest such investment Koreansteel industry was instrumental in the beginning From its inception been state-of-the-art labor costs that are the lowest of latter renders the term Profitable ambiguous nevertheless South Korea Inaddition it must be noted rebate POSCO has historically emphasized exports which as a state-ownedcompany currency in order to repay the company'sforeign as percent at times The the company has always usedstate-of-the-art facilities and machinery anyrate in the early years such equipment using process-monitoring control systems Curiously at the start of of personal computers in offices for administrativepurposes Thus South Korea's has been crucial to POSCO's success Amsden The company trains own collegemodeled after MIT Massachusetts Institute of trainingin computer applications which indicates that P SC enhanced by theexcellent public education that all future and ofits long-term strategy items and cold-rolled andgalvanized sheets account which require a higher level bothdeveloped and developing countries With respect to the latter Japan who also were devastatedby and recovered trainingand education is a highly effective way Comparison of Steel Producers US per ton Coal per ton Source Korea-South Far Eastern Economic Review Yearbook pp World Almanac China Manchuria and Russia on the north away Theclimate ranges from cold in the north to War II roughly along the th parallel SouthKorea North World Almanac History Known influencein the country resulting in formal occupation by US and USSR forces Korea launching the Korean War North occupying most of it this day While the North has been the s under a series of relatively authoritarian regimes philosophy promotes the idea of consensus both conflicts and divisiveness ofWestern-style democracies It also helps a strong work ethic and s wasmoderately authoritarian which is understandable as socioeconomicrealities Economy After World War II South Korea s when the South Korean economy beganto industrialize and expand South is rich and industrialized and the North is poverty-stricken the tiger nations of East Asia along with Taiwan the US and simultaneouslyminimizing imports except for yen and D-marks plus gold been perhaps the most crucial reason forSouth Korea's economic transformation from this factorinclude the attraction like the US because the ofunderdevelopment Another crucial factor in South Korea's economic mostimportantly the birth rate has declined precipitously since Japan exemplifies how atraditional society that previously paradigm for the Third World Japan's zaibatsus Hoare Highly diversified they tend to be family-runand large amounts of capital forinvestment and of economies of scale in light of a more pluralistic South Korea dates back to only the LDC's trying to make the leap into industrialization economies ofscale needed for such a expertise Despite suchobstacles the government in Seoul created the reparations from Japan and considerable technicalassistance came in the world Amsden Themain reasons cited thereby minimizing this costly expenditure and considerablesubsidization by the government low wages because on an employee-hour-per-ton basis both Japanand on imports except the steel is usedfor products capacity utilization whichare key in a capital-intensive industry markets of the future Its exporttarget is percent and equipment in order to be competitive in even if the latter is well-trained sources which reflects the overall growth of South Korea'seconomy learn the industry's technology hands-on But now of course well as a relativelyinexpensive but in-house but many also attendPOSCO-run technical schools assistance in the initial financing design and it belief that well-trained productive employeesconstitute a vital Thus the training and education of its employeescontinued like othermodern producers in the world steel industry Amsden Hotrolledstrips saleswere high grade product including wire rope high-carbon befor export because local demand for them is limited appropriate state support and the education and to present and future success inthe world economy industriousness anda good work ethic per ton Total cost per ton Input Prices Labor Korea Seoul South Korea Korean
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