POSCO selected a team to receive a special reward for the first Innovation POSCO Project (IP PJT). POSCO selected the Steel Building Material Solution PJT Team as a winner pursuant to the increase of profitability of the company through differentiated ideas in order to respond to Chinese-made low-priced products, and awarded them at the Group Operations Meeting on 23 July.
The Steel Building Material Solution PJT Team had an innovative idea to create valuable products using low-priced half-finished products, and created a financial result of approx. EUR 7.63M by persuading the field even in a difficult situation and search for sources of demand. For this, a specialised department calculated their realized profit surplus at approx. EUR 2.67M through reflecting the reverse effects by implementing strict verification of results, and confirmed the total windfall at approx. EUR 260,000 by applying a 10% rate of return as determined by the reward review. Approx. 110,000, which amounts to 45% of the total reward, will be given to the PJT Team as a reward, and EUR 140,000 corresponding to the 55% will be funded as PJT Gain Sharing for all staff.
The IP PJT special reward is a system to pay compensation proportionate to results. POSCO introduced the PJT-based Working System (PWS) for conducting project-oriented work in order to create excellent financial results and achieve qualitative goals.
