Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document - Document and Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | PKX |
Entity Registrant Name | POSCO |
Entity Central Index Key | 889,132 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 79,999,604 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | ₩ 2,612,530 | ₩ 2,447,619 |
Trade accounts and notes receivable, net | 8,824,563 | 9,674,026 |
Other receivables, net | 1,636,006 | 1,539,742 |
Other short-term financial assets | 7,045,880 | 5,224,911 |
Inventories | 10,793,781 | 9,515,895 |
Current income tax assets | 38,489 | 46,473 |
Assets held for sale | 71,768 | 311,958 |
Other current assets | 821,242 | 894,484 |
Total current assets | 31,844,259 | 29,655,108 |
Long-term trade accounts and notes receivable, net | 731,570 | 51,124 |
Other receivables, net | 879,176 | 762,912 |
Other long-term financial assets | 1,911,684 | 2,657,692 |
Investments in associates and joint ventures | 3,557,932 | 3,882,389 |
Investment property, net | 1,064,914 | 1,117,720 |
Property, plant and equipment, net | 31,883,535 | 33,770,339 |
Intangible assets, net | 5,952,269 | 6,088,729 |
Defined benefit assets, net | 8,224 | 83,702 |
Deferred tax assets | 1,463,055 | 1,500,219 |
Other non-current assets | 489,011 | 567,680 |
Total non-currentassets | 47,941,370 | 50,482,506 |
Total assets | 79,785,629 | 80,137,614 |
Liabilities | ||
Trade accounts and notes payable | 3,465,146 | 4,073,286 |
Short-term borrowings and current installments of long-term borrowings | 11,274,516 | 10,194,807 |
Other payables | 1,753,461 | 1,851,659 |
Other short-term financial liabilities | 129,812 | 149,748 |
Current income tax liabilities | 515,538 | 446,071 |
Provisions | 110,946 | 114,865 |
Other current liabilities | 2,240,919 | 2,113,873 |
Total current liabilities | 19,490,338 | 18,944,309 |
Long-term trade accounts and notes payable | 12,532 | 44,512 |
Long-term borrowings, excluding current installments | 9,789,141 | 12,510,191 |
Other payables | 147,750 | 208,559 |
Other long-term financial liabilities | 114,105 | 81,309 |
Defined benefit liabilities, net | 137,193 | 123,604 |
Deferred tax liabilities | 1,904,242 | 1,642,939 |
Long-term provisions | 477,172 | 337,739 |
Other non-current liabilities | 386,431 | 479,183 |
Total non-currentliabilities | 12,968,566 | 15,428,036 |
Total liabilities | 32,458,904 | 34,372,345 |
Equity | ||
Share capital | 482,403 | 482,403 |
Capital surplus | 1,422,021 | 1,407,247 |
Hybrid bonds | 996,919 | 996,919 |
Reserves | (682,556) | (143,985) |
Treasury shares | (1,533,054) | (1,533,468) |
Retained earnings | 42,974,658 | 41,125,712 |
Equity attributable to owners of the controlling company | 43,660,391 | 42,334,828 |
Non-controllinginterests | 3,666,334 | 3,430,441 |
Total equity | 47,326,725 | 45,765,269 |
Total liabilities and equity | ₩ 79,785,629 | ₩ 80,137,614 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of comprehensive income [abstract] | |||
Revenue | ₩ 60,186,867 | ₩ 52,939,771 | ₩ 58,522,268 |
Cost of sales | (51,915,597) | (46,271,465) | (52,018,434) |
Gross profit | 8,271,270 | 6,668,306 | 6,503,834 |
Selling and administrative expenses | |||
Administrative expenses | (2,176,800) | (2,291,540) | (2,395,248) |
Selling expenses | (1,557,277) | (1,553,686) | (1,728,956) |
Other operating income and expenses | |||
Other operating income | 451,224 | 215,136 | 549,048 |
Other operating expenses | (792,296) | (755,720) | (1,442,298) |
Operating profit | 4,196,121 | 2,282,496 | 1,486,380 |
Share of profit (loss) of equity-accounted investees, net | 10,540 | (88,677) | (506,054) |
Finance income and costs | |||
Finance income | 2,372,667 | 2,231,980 | 2,557,073 |
Finance costs | (2,484,277) | (3,014,190) | (3,387,054) |
Profit before income taxes | 4,095,051 | 1,411,609 | 150,345 |
Income tax expense | (1,185,740) | (379,544) | (266,560) |
Profit (loss) | 2,909,311 | 1,032,065 | (116,215) |
Items that will not be reclassified subsequently to profit or loss: | |||
Remeasurements of defined benefit plans | (47,543) | 20,540 | 41,954 |
Items that are or may be reclassified subsequently to profit or loss: | |||
Capital adjustment arising from investments in equity-method investees | (217,388) | 134,590 | (82,509) |
Net changes in unrealized fair value of available-for-sale investments | (31,389) | 310,608 | (187,854) |
Foreign currency translation differences | (264,695) | (11,491) | 66,280 |
Gain or losses on valuation of derivatives | (143) | ||
Other comprehensive income (loss), net of tax | (561,158) | 454,247 | (162,129) |
Total comprehensive income (loss) | 2,348,153 | 1,486,312 | (278,344) |
Profit (loss) attributable to: | |||
Owners of the controlling company | 2,756,230 | 1,354,807 | 171,494 |
Non-controllinginterests | 153,081 | (322,742) | (287,709) |
Profit (loss) | 2,909,311 | 1,032,065 | (116,215) |
Total comprehensive income (loss) attributable to: | |||
Owners of the controlling company | 2,184,402 | 1,814,030 | 23,864 |
Non-controllinginterests | 163,751 | (327,718) | (302,208) |
Total comprehensive income (loss) | ₩ 2,348,153 | ₩ 1,486,312 | ₩ (278,344) |
Basic and diluted earnings per share (in Won) | ₩ 34,040 | ₩ 16,521 | ₩ 1,731 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - KRW (₩) ₩ in Millions | Total | Final dividends [member] | Interim dividends [member] | Share capital [member] | Capital surplus [member] | Hybrid bonds [member] | Reserves [member] | Treasury shares [member] | Retained earnings [member] | Retained earnings [member]Final dividends [member] | Retained earnings [member]Interim dividends [member] | Attributable to owners of the controlling company [member] | Attributable to owners of the controlling company [member]Final dividends [member] | Attributable to owners of the controlling company [member]Interim dividends [member] | Non-controlling interests [member] | Non-controlling interests [member]Final dividends [member] | Non-controlling interests [member]Interim dividends [member] |
Beginning balance at Dec. 31, 2014 | ₩ 45,257,396 | ₩ 482,403 | ₩ 1,083,718 | ₩ 996,919 | ₩ (408,773) | ₩ (1,534,457) | ₩ 40,937,148 | ₩ 41,556,958 | ₩ 3,700,438 | ||||||||
Comprehensive income (loss): | |||||||||||||||||
Profit (loss) | (116,215) | 171,494 | 171,494 | (287,709) | |||||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Remeasurements of defined benefit plans, net of tax | 41,954 | 38,771 | 38,771 | 3,183 | |||||||||||||
Capital adjustment arising from investments in equity-accounted investees, net of tax | (82,509) | (81,418) | (81,418) | (1,091) | |||||||||||||
Net changes in the unrealized fair value of available-for-sale investments, net of tax | (187,854) | (183,077) | (183,077) | (4,777) | |||||||||||||
Foreign currency translation differences, net of tax | 66,280 | 78,094 | 78,094 | (11,814) | |||||||||||||
Total comprehensive income (loss) | (278,344) | (186,401) | 210,265 | 23,864 | (302,208) | ||||||||||||
Transactions with owners of the controlling company, recognized directly in equity: | |||||||||||||||||
Dividends | ₩ (512,368) | ₩ (227,687) | ₩ (479,958) | ₩ (159,987) | ₩ (479,958) | ₩ (159,987) | ₩ (32,410) | ₩ (67,700) | |||||||||
Changes in subsidiaries | (311,548) | (311,548) | |||||||||||||||
Changes in ownership interests in subsidiaries | 1,155,254 | 310,485 | 310,485 | 844,769 | |||||||||||||
Interest of hybrid bonds | (67,761) | (43,574) | (43,574) | (24,187) | |||||||||||||
Disposal of treasury shares | 524 | (35) | 559 | 524 | |||||||||||||
Others | (2,265) | (1,089) | 418 | (2,398) | (3,069) | 804 | |||||||||||
Total transactions with owners of the controlling company | 34,149 | 309,361 | 418 | 559 | (685,917) | (375,579) | 409,728 | ||||||||||
Ending balance at Dec. 31, 2015 | 45,013,201 | 482,403 | 1,393,079 | 996,919 | (594,756) | (1,533,898) | 40,461,496 | 41,205,243 | 3,807,958 | ||||||||
Comprehensive income (loss): | |||||||||||||||||
Profit (loss) | 1,032,065 | 1,354,807 | 1,354,807 | (322,742) | |||||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Remeasurements of defined benefit plans, net of tax | 20,540 | 9,787 | 9,787 | 10,753 | |||||||||||||
Capital adjustment arising from investments in equity-accounted investees, net of tax | 134,590 | 124,626 | 124,626 | 9,964 | |||||||||||||
Net changes in the unrealized fair value of available-for-sale investments, net of tax | 310,608 | 314,428 | 314,428 | (3,820) | |||||||||||||
Foreign currency translation differences, net of tax | (11,491) | 10,382 | 10,382 | (21,873) | |||||||||||||
Total comprehensive income (loss) | 1,486,312 | 449,436 | 1,364,594 | 1,814,030 | (327,718) | ||||||||||||
Transactions with owners of the controlling company, recognized directly in equity: | |||||||||||||||||
Dividends | (530,307) | (179,992) | (479,974) | (179,992) | (479,974) | (179,992) | (50,333) | ||||||||||
Changes in subsidiaries | 49,250 | 49,250 | |||||||||||||||
Changes in ownership interests in subsidiaries | (7,894) | 8,650 | 8,650 | (16,544) | |||||||||||||
Interest of hybrid bonds | (68,085) | (43,832) | (43,832) | (24,253) | |||||||||||||
Disposal of treasury shares | 462 | 32 | 430 | 462 | |||||||||||||
Others | 2,322 | 5,486 | 1,335 | 3,420 | 10,241 | (7,919) | |||||||||||
Total transactions with owners of the controlling company | (734,244) | 14,168 | 1,335 | 430 | (700,378) | (684,445) | (49,799) | ||||||||||
Ending balance at Dec. 31, 2016 | 45,765,269 | 482,403 | 1,407,247 | 996,919 | (143,985) | (1,533,468) | 41,125,712 | 42,334,828 | 3,430,441 | ||||||||
Comprehensive income (loss): | |||||||||||||||||
Profit (loss) | 2,909,311 | 2,756,230 | 2,756,230 | 153,081 | |||||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Remeasurements of defined benefit plans, net of tax | (47,543) | (38,043) | (38,043) | (9,500) | |||||||||||||
Capital adjustment arising from investments in equity-accounted investees, net of tax | (217,388) | (214,794) | (214,794) | (2,594) | |||||||||||||
Net changes in the unrealized fair value of available-for-sale investments, net of tax | (31,389) | (45,953) | (45,953) | 14,564 | |||||||||||||
Foreign currency translation differences, net of tax | (264,695) | (272,902) | (272,902) | 8,207 | |||||||||||||
Gain or losses on valuation of derivatives, net of tax | (143) | (136) | (136) | (7) | |||||||||||||
Total comprehensive income (loss) | 2,348,153 | (533,785) | 2,718,187 | 2,184,402 | 163,751 | ||||||||||||
Transactions with owners of the controlling company, recognized directly in equity: | |||||||||||||||||
Dividends | ₩ (502,896) | ₩ (359,993) | ₩ (459,987) | ₩ (359,993) | ₩ (459,987) | ₩ (359,993) | ₩ (42,909) | ||||||||||
Changes in subsidiaries | (7,151) | (7,151) | |||||||||||||||
Changes in ownership interests in subsidiaries | 163,707 | 16,287 | 16,287 | 147,420 | |||||||||||||
Interest of hybrid bonds | (67,787) | (43,600) | (43,600) | (24,187) | |||||||||||||
Disposal of treasury shares | 540 | 126 | 414 | 540 | |||||||||||||
Others | (13,117) | (1,639) | (4,786) | (5,661) | (12,086) | (1,031) | |||||||||||
Total transactions with owners of the controlling company | (786,697) | 14,774 | (4,786) | 414 | (869,241) | (858,839) | 72,142 | ||||||||||
Ending balance at Dec. 31, 2017 | ₩ 47,326,725 | ₩ 482,403 | ₩ 1,422,021 | ₩ 996,919 | ₩ (682,556) | ₩ (1,533,054) | ₩ 42,974,658 | ₩ 43,660,391 | ₩ 3,666,334 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Profit (loss) | ₩ 2,909,311 | ₩ 1,032,065 | ₩ (116,215) |
Adjustments for: | |||
Depreciation | 2,887,646 | 2,835,843 | 2,836,663 |
Amortization | 409,774 | 378,004 | 381,583 |
Finance income | (1,376,324) | (882,905) | (1,165,340) |
Finance costs | 1,440,282 | 1,501,953 | 1,852,862 |
Income tax expense | 1,185,740 | 379,544 | 266,560 |
Gain on disposal of property, plant and equipment | (32,145) | (23,826) | (22,730) |
Loss on disposal of property, plant and equipment | 151,343 | 86,622 | 101,732 |
Impairment losses on property, plant and equipment | 117,231 | 196,882 | 136,269 |
Gain on disposal of investments in subsidiaries, associates and joint ventures | (81,794) | (23,305) | (88,718) |
Loss on disposal of investments in subsidiaries, associates and joint ventures | 19,985 | 22,499 | 18,996 |
Share of loss (profit) of equity-accounted investees | (10,540) | 88,677 | 506,054 |
Expenses related to post-employment benefits | 199,926 | 333,139 | 245,402 |
Increase to provisions | 215,383 | 189,914 | 86,903 |
Bad debt expenses | 271,871 | 202,717 | 337,235 |
Loss on valuation of inventories | 78,560 | 152,249 | 152,952 |
Impairment losses on goodwill and intangible assets | 167,995 | 127,875 | 161,412 |
Gain on disposal of assets held for sale | (1,180) | (23,112) | (227,956) |
Loss on disposal of assets held for sale | 608 | 254 | 190,357 |
Impairment losses on assets held for sale | 24,890 | 133,547 | |
Others, net | (33,092) | 7,879 | 48,079 |
Adjustments to reconcile profit (loss) other than changes in working capital | 5,611,269 | 5,575,793 | 5,951,862 |
Changes in operating assets and liabilities | (1,841,633) | (404,570) | 2,784,452 |
Interest received | 244,980 | 206,839 | 198,193 |
Interest paid | (735,735) | (691,264) | (831,566) |
Dividends received | 225,514 | 152,559 | 237,715 |
Income taxes paid | (806,396) | (602,004) | (622,612) |
Net cash provided by operating activities | 5,607,310 | 5,269,418 | 7,601,829 |
Cash flows from investing activities | |||
Acquisitions of short-term financial instruments | (20,843,530) | (18,578,809) | (13,037,990) |
Proceeds from disposal of short-term financial instruments | 19,146,634 | 17,177,409 | 10,595,379 |
Acquisitions of long-term financial instruments | (22,532) | (8,249) | (34,733) |
Increase in loans | (1,055,895) | (603,332) | (295,689) |
Collection of loans | 667,045 | 557,064 | 308,906 |
Acquisitions of available-for-sale investments | (66,278) | (328,151) | (87,824) |
Proceeds from disposal of available-for-sale investments | 1,006,856 | 280,066 | 308,161 |
Acquisitions of investments in associates and joint ventures | (60,277) | (173,769) | (77,155) |
Proceeds from disposal of investments in associates and joint ventures | 74,881 | 7,914 | 11,813 |
Acquisitions of property, plant and equipment | (2,287,580) | (2,324,112) | (2,560,244) |
Proceeds from disposal of property, plant and equipment | 39,183 | 44,330 | 59,031 |
Acquisitions of investment property | (69,169) | (45,735) | (61,478) |
Proceeds from disposal of investment property | 5,771 | 11,624 | 1,120 |
Acquisitions of intangible assets | (343,423) | (138,181) | (289,148) |
Proceeds from disposal of intangible assets | 28,502 | 8,672 | 12,832 |
Proceeds from disposal of assets held for sale | 203,958 | 305,813 | 127,133 |
Increase in cash from (payment for) acquisition of business, net of cash acquired | (174,165) | 4,503 | |
Cash received (decrease in cash) from disposal of business, net of cash transferred | (53,008) | 21,223 | 469,576 |
Others, net | (14,847) | 27,093 | 15,634 |
Net cash used in investing activities | (3,817,874) | (3,754,627) | (4,534,676) |
Cash flows from financing activities | |||
Proceeds from borrowings | 1,725,983 | 1,988,665 | 1,779,097 |
Repayment of borrowings | (3,136,016) | (4,274,895) | (3,509,970) |
Proceeds from (repayment of) short-term borrowings, net | 558,083 | (885,861) | (846,230) |
Payment of cash dividends | (863,450) | (708,970) | (822,570) |
Payment of interest of hybrid bonds | (67,783) | (68,097) | (67,725) |
Capital contribution from non-controlling interests and proceeds from disposal of subsidiary while maintaining control | 266,219 | 24,704 | 1,260,053 |
Capital deduction from non-controlling interests and additional acquisition of interests in subsidiaries | (26,288) | (11,301) | (10,810) |
Others, net | (22,276) | (15,212) | (23,446) |
Net cash used in financing activities | (1,565,528) | (3,950,967) | (2,241,601) |
Effect of exchange rate fluctuation on cash held | (58,997) | 12,611 | 23,496 |
Net increase (decrease) in cash and cash equivalents | 164,911 | (2,423,565) | 849,048 |
Cash and cash equivalents at beginning of the period | 2,447,619 | 4,871,184 | 4,022,136 |
Cash and cash equivalents at end of the period | ₩ 2,612,530 | ₩ 2,447,619 | ₩ 4,871,184 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
General Information | 1. General Information General information about POSCO, its 40 domestic subsidiaries including POSCO ENGINEERING & CONSTRUCTION CO., LTD., 139 foreign subsidiaries including POSCO America Corporation (collectively “the Company”) and its 111 associates and joint ventures are as follows: (a) The controlling company POSCO, the controlling company, was incorporated on April 1, 1968, under the Commercial Code of the Republic of Korea to manufacture and sell steel rolled products and plates in the domestic and foreign markets. The shares of POSCO have been listed on the Korea Exchange on June 10, 1988. POSCO owns and operates two steel plants (Pohang and Gwangyang) and one office in Korea and it also operates internationally through six of its overseas liaison offices. As of December 31, 2017, POSCO’s shareholders are as follows: Shareholder’s name Number of shares Ownership (%) National Pension Service 9,660,885 11.08 Nippon Steel & Sumitomo Metal Corporation (*1) 2,894,712 3.32 BlackRock Institutional Trust Company, N.A. (*1) 2,483,875 2.85 Government of Singapore Investment Corp Private Limited 1,934,312 2.22 KB Financial Group Inc. and subsidiaries (*2) 1,919,361 2.20 Others 68,293,690 78.33 87,186,835 100.00 (*1) Includes American Depository Receipts (ADRs) of POSCO, each of which represents 0.25 share of POSCO’s common share which has par value of ₩ (*2) Includes shares held by subsidiaries pursuant to Articles of Incorporation. As of December 31, 2017, the shares of POSCO are listed on the Korea Exchange, while its ADRs are listed on the New York Stock Exchange. (b) Consolidated subsidiaries Details of consolidated subsidiaries as of December 31, 2016 and 2017 are as follows: Principal operations Ownership (%) December 31, 2016 December 31, 2017 POSCO Subsidiaries Total POSCO Subsidiaries Total Region [Domestic] POSCO ENGINEERING & CONSTRUCTION CO., LTD. Engineering and construction 52.80 — 52.80 52.80 — 52.80 Pohang POSCO Processing & Service Steel sales and trading 93.95 0.45 94.40 93.95 0.45 94.40 Seoul POSCO COATED & COLOR STEEL Co., Ltd. Coated steel manufacturing 56.87 — 56.87 56.87 — 56.87 Pohang POSCO ICT Computer hardware and software distribution 65.38 — 65.38 65.38 — 65.38 Pohang POSCO Research Institute Economic research and consulting 100.00 — 100.00 100.00 — 100.00 Seoul POSMATE Business facility maintenance 57.25 11.05 68.30 83.83 16.17 100.00 Seoul POSCO A&C Architecture and consulting 100.00 — 100.00 100.00 — 100.00 Seoul POSCO Venture Capital Co., Ltd. Investment in venture companies 95.00 — 95.00 95.00 — 95.00 Pohang eNtoB Corporation Electronic commerce 7.50 53.63 61.13 7.50 53.63 61.13 Seoul POSCO CHEMTECH Refractories manufacturing and sales 60.00 — 60.00 60.00 — 60.00 Pohang POSCO-Terminal Co., Ltd. Transporting and warehousing 51.00 — 51.00 51.00 — 51.00 Gwangyang POSCO M-TECH Packing materials manufacturing and sales 48.85 — 48.85 48.85 — 48.85 Pohang POSCO ENERGY CO., LTD. Generation of electricity 89.02 — 89.02 89.02 — 89.02 Seoul POSCO NIPPON STEEL RHF JOINT VENTURE.CO.,Ltd. Steel byproduct manufacturing and sales 70.00 — 70.00 70.00 — 70.00 Pohang MegaAsset Co.,Ltd. Real estate rental and sales — 100.00 100.00 — 100.00 100.00 Incheon Future Creation Fund Postech Early Stage account Investment in venture companies — 40.00 40.00 — 40.00 40.00 Seoul POSCO WOMAN’S FUND Investment in venture companies — 40.00 40.00 — 40.00 40.00 Seoul POSPOWER Co., Ltd. Generation of electricity — 100.00 100.00 — 100.00 100.00 Samcheok Songdo Posco Family housing House manufacturing and management — 100.00 100.00 — 100.00 100.00 Incheon Posco Group University Education service and real estate business 100.00 — 100.00 100.00 — 100.00 Incheon HOTEL LAONZENA Hotel business — 100.00 100.00 — 100.00 100.00 Daegu Growth Ladder POSCO K-Growth Investment in venture companies — 50.00 50.00 — 50.00 50.00 Pohang 2015 POSCO New technology II Fund Investment in venture companies — 25.00 25.00 — 25.00 25.00 Pohang POCA STEM Co., Ltd Stem cell medicine development — 100.00 100.00 — 100.00 100.00 Seoul Posco e&c Songdo International Building Non-residential — 100.00 100.00 — 100.00 100.00 Seoul POSCO ES MATERIALS CO., Ltd. Secondary and storage battery manufacturing 75.32 — 75.32 75.32 — 75.32 Gumi Poscoene Refuse derived fuel and power generation — 100.00 100.00 — 100.00 100.00 Seoul POSCO Humans Construction 90.30 — 90.30 90.30 — 90.30 Pohang Mapo Hibroad Parking co., Ltd. Construction — 70.99 70.99 — 71.00 71.00 Seoul BLUE O&M Co.,Ltd. Engineering service — 100.00 100.00 — 100.00 100.00 Pohang Busan E&E Co,. Ltd. Refuse derived fuel and power generation 70.00 — 70.00 70.00 — 70.00 Busan POSCO Family Strategy Fund Investment in venture companies 69.91 30.09 100.00 69.91 30.09 100.00 Pohang POSCO DAEWOO Corporation Trading, energy & resource development 60.31 — 60.31 62.90 0.04 62.94 Seoul Pohang Scrap Recycling Distribution Center Co., Ltd. Steel processing and sales — 51.00 51.00 — 51.00 51.00 Pohang PSC Energy Global Co., Ltd. Investment in energy industry — 100.00 100.00 — 100.00 100.00 Pohang Suncheon Eco Trans Co., Ltd Train manufacturing and management 100.00 — 100.00 100.00 — 100.00 Suncheon POSCO Research & Technology Intellectual Property Services and consulting — — — 100.00 — 100.00 Seoul Kyobo Securities Bond Plus 6M Professional Private Equity Trust W-2 Private equity trust — — — 97.47 — 97.47 Seoul Kyobo Securities Bond Plus 6M Professional Private Equity Trust W-5 Private equity trust — — — — 99.67 99.67 Seoul Mirae Asset Smart Q Sigma 2.0 Professional Private Equity Trust Private equity trust — — — 99.01 — 99.01 Seoul IT Engineering CO. Ltd Automotive engineering service — 17.00 17.00 — — — Seoul POSCO Engineering CO.,Ltd Construction and engineering service — 95.56 95.56 — — — Incheon [Foreign] POSCO America Corporation Steel trading 99.45 0.55 100.00 99.45 0.55 100.00 USA POSCO AUSTRALIA PTY LTD Raw material sales & mine development 100.00 — 100.00 100.00 — 100.00 Australia POSCO Canada Ltd. Coal sales — 100.00 100.00 — 100.00 100.00 Canada POSCO Asia Co., Ltd. Steel and raw material trading 100.00 — 100.00 100.00 — 100.00 China POSCO-CTPC Co., Ltd. Steel manufacturing and sales 56.60 43.40 100.00 56.60 43.40 100.00 China POSCO E&C Vietnam Co., Ltd. Steel structure manufacturing and sales — 100.00 100.00 — 100.00 100.00 Vietnam Zhangjiagang Pohang Stainless Steel Co., Ltd. Stainless steel manufacturing and sales 58.60 23.88 82.48 58.60 23.88 82.48 China POSCO(Guangdong) Coated Steel Co., Ltd. Plating steel sheet manufacturing and sales 87.04 10.04 97.08 87.04 10.04 97.08 China POSCO (Thailand) Company Limited Steel manufacturing and sales 85.62 14.38 100.00 88.58 11.42 100.00 Thailand Myanmar POSCO Steel Co., Ltd Zinc relief manufacturing and sales 70.00 — 70.00 70.00 — 70.00 Myanmar POSCO-MKPC SDN BHD Steel manufacturing and sales 44.69 25.31 70.00 44.69 25.31 70.00 Malaysia Qingdao Pohang Stainless Steel Co., Ltd. Stainless steel manufacturing and sales 70.00 30.00 100.00 70.00 30.00 100.00 China POSCO(Suzhou) Automotive Steel manufacturing and sales 90.00 10.00 100.00 90.00 10.00 100.00 China POSCO-China Qingdao Steel manufacturing and sales — 100.00 100.00 — 100.00 100.00 China POS-ORE Iron ore sales and sales — 100.00 100.00 — 100.00 100.00 Australia POSCO-China Holding Corp. Holding company 100.00 — 100.00 100.00 — 100.00 China POSCO JAPAN Co., Ltd. Steel trading 100.00 — 100.00 100.00 — 100.00 Japan POS-CD Coal sales — 100.00 100.00 — 100.00 100.00 Australia POS-GC Coal sales — 100.00 100.00 — 100.00 100.00 Australia POSCO-India Private Limited Steel manufacturing and sales 99.99 — 99.99 99.99 — 99.99 India POSCO-India Pune Processing Center. Pvt. Ltd. Steel manufacturing and sales 65.00 — 65.00 65.00 — 65.00 India POSCO Japan PC CO., LTD Steel manufacturing and sales — 86.12 86.12 — 86.12 86.12 Japan POSCO-CFPC Co., Ltd. Steel manufacturing and sales 39.60 60.40 100.00 39.60 60.40 100.00 China POSCO E&C CHINA Co., Ltd. Civil engineering and construction — 100.00 100.00 — 100.00 100.00 China POSCO MPPC S.A. de C.V. Steel manufacturing and sales — 95.00 95.00 21.02 75.29 96.31 Mexico Zhangjigang Pohang Port Co., Ltd. Loading and unloading service — 100.00 100.00 — 100.00 100.00 China POSCO-VIETNAM Co., Ltd. Steel manufacturing and sales 100.00 — 100.00 100.00 — 100.00 Vietnam POSCO MEXICO S.A. DE C.V. Automotive steel sheet 84.84 15.16 100.00 84.84 15.16 100.00 Mexico POSCAN Elkview Coal sales — 100.00 100.00 — 100.00 100.00 Canada POSCO-Poland Wroclaw Steel manufacturing and sales 60.00 — 60.00 60.00 — 60.00 Poland POS-NP Coal sales — 100.00 100.00 — 100.00 100.00 Australia POSCO RUS LLC Trading and business development 90.00 10.00 100.00 90.00 10.00 100.00 Russia POSCO DAEWOO WAIGAIQIAO Intermediary trade & bonded — 100.00 100.00 — 100.00 100.00 China PT. Bio Inti Agrindo Forest resources development — 85.00 85.00 — 85.00 85.00 Indonesia POSCO ENGINEERING Iron ore development and sales — 100.00 100.00 — 100.00 100.00 Australia POSCO-TISCO (JILIN) Steel manufacturing and sales 50.00 10.00 60.00 50.00 10.00 60.00 China POSCO Thainox Public Company Limited STS cold-rolled steel manufacturing and sales 84.93 — 84.93 84.88 — 84.88 Thailand Hunchun Posco Hyundai Logistics Logistics — 80.00 80.00 — 80.00 80.00 China POSCO DAEWOO VIETNAM CO., LTD Trading business — 100.00 100.00 — 100.00 100.00 Vietnam POSCO(Chongqing) Automotive Steel manufacturing and sales 90.00 10.00 100.00 90.00 10.00 100.00 China SUZHOU POSCO-CORE Component manufacturing and sales — 100.00 100.00 — 100.00 100.00 China PT.Krakatau Posco Chemtech Calcination Quicklime manufacturing and sales — 80.00 80.00 — 80.00 80.00 Indonesia POSCO AFRICA (PROPRIETARY) LIMITED Mine development 100.00 — 100.00 100.00 — 100.00 South POSCO ICT BRASIL IT service and engineering — 100.00 100.00 — 100.00 100.00 Brazil LA-SRDC Scrap manufacturing — 100.00 100.00 — 100.00 100.00 USA DONG FANG JIN HONG Real estate development, rental — 100.00 100.00 — 100.00 100.00 China POSCO AMERICA Human resource service — 100.00 100.00 — 100.00 100.00 Mexico POSCO(Guangdong) Steel manufacturing and sales 83.64 10.00 93.64 83.64 10.00 93.64 China POSCO-Malaysia SDN. BHD. Steel manufacturing and sales 81.79 13.63 95.42 81.79 13.63 95.42 Malaysia PT KRAKATAU BLUE WATER Wastewater treatment facilities — 67.00 67.00 — 67.00 67.00 Indonesia POSCO DAEWOO MYANMAR Trading business — 100.00 100.00 — 100.00 100.00 Myanmar POSCO-Italy Processing Center Stainless steel sheet 80.00 10.00 90.00 80.00 10.00 90.00 Italy POSCO DAEWOO E&P CANADA CORPORATION Crude oil and natural gas mining — 100.00 100.00 — 100.00 100.00 Canada Myanmar POSCO C&C Company, Limited. Steel manufacturing and sales — 70.00 70.00 — 70.00 70.00 Myanmar POSCO ICT VIETNAM IT service and electric control engineering — 100.00 100.00 — 100.00 100.00 Vietnam Daewoo Global Development. Pte., Ltd Real estate development — 51.00 51.00 — 81.51 81.51 Myanmar Myanmar POSCO Engineering & Construction and engineering service — 100.00 100.00 — 100.00 100.00 Myanmar POS-Minerals Mine development management and sales — 100.00 100.00 — 100.00 100.00 USA POSCO(Wuhu) Automotive Steel manufacturing and sales 68.57 31.43 100.00 68.57 31.43 100.00 China POSCO Engineering and Construction Civil engineering and construction — 100.00 100.00 — 100.00 100.00 India POSCO COATED STEEL (THAILAND) CO., LTD. Automotive steel sheet manufacturing and sales 100.00 — 100.00 100.00 — 100.00 Thailand Daewoo Amara Company Limited Real estate development — 98.54 98.54 — 85.00 85.00 Myanmar Daewoo Power and Infra (PTY) Limited Electricity — 100.00 100.00 — 100.00 100.00 South POSMATE-CHINA CO., LTD Business facility maintenance — 100.00 100.00 — 100.00 100.00 China Daewoo Precious Resources Co., Ltd. Resources development — 70.00 70.00 — 70.00 70.00 Myanmar POSCO-Mexico Villagran Wire-rod Steel manufacturing and sales 56.75 10.00 66.75 56.75 10.00 66.75 Mexico POSCO-CDSFC Steel structure manufacturing 50.20 49.80 100.00 50.20 49.80 100.00 China POSCO ChengDu Processing Center Steel manufacturing and sales 33.00 10.00 43.00 33.00 10.00 43.00 China POSCO SUZHOU Processing Center Co., Ltd. Steel manufacturing and sales 30.00 70.00 100.00 30.00 70.00 100.00 China POSCO E&C SMART S DE RL DE CV Civil engineering and construction — 100.00 100.00 — 100.00 100.00 Mexico POSCO Philippine Manila Processing Center, Inc. Steel manufacturing and sales — 100.00 100.00 — 100.00 100.00 Philippines POSCO E&C HOLDINGS CO., Ltd. Holding company — 100.00 100.00 — 100.00 100.00 Thailand POSCO E&C (THAILAND) CO., Ltd. Construction and engineering — 100.00 100.00 — 100.00 100.00 Thailand Daewoo Power PNG Electricity production — 100.00 100.00 — 100.00 100.00 Papua New PT.Krakatau Posco Social Enterprise Social enterprise — 100.00 100.00 — 100.00 100.00 Indonesia Ventanas Philippines Construction Inc Construction — 100.00 100.00 — 100.00 100.00 Philippines POSCO E&C Mongolia Construction and engineering service — 100.00 100.00 — 100.00 100.00 Mongolia POSCO Gulf SFC LLC Steel manufacturing and sales — 81.93 81.93 — 97.76 97.76 United SANPU TRADING Co., Ltd. Raw material trading — 70.00 70.00 — 70.00 70.00 China Zhangjiagang BLZ Pohang International Trading Steel Intermediate trade — 100.00 100.00 — 100.00 100.00 China POSCO MESDC S.A. DE C.V. Logistics & Steel sales — 56.80 56.80 — 56.80 56.80 Mexico POSCO ICT-China IT service and DVR business — 100.00 100.00 — 100.00 100.00 China Pos-Sea Steel Intermediate trade — 67.54 67.54 — 100.00 100.00 Singapore POSCO Europe Steel Distribution Center Logistics & Steel sales 50.00 20.00 70.00 50.00 20.00 70.00 Slovenia POSCO ENGINEERING (THAILAND) CO., LTD. Construction and engineering service — 100.00 100.00 — 100.00 100.00 Thailand POSCO VST CO., LTD. Stainless steel sheet manufacturing and sales 95.65 — 95.65 95.65 — 95.65 Vietnam POSCO Maharashtra Steel Private Limited Steel manufacturing and sales 100.00 — 100.00 100.00 — 100.00 India POSCO India Chennai Steel Processing Center Pvt. Ltd. Steel manufacturing and sales 100.00 — 100.00 93.34 1.98 95.32 India POSCO TNPC Otomotiv Celik San. Ve Tic. A.S Steel manufacturing and sales 100.00 — 100.00 100.00 — 100.00 Turkey POSCO VIETNAM HOLDINGS CO., LTD (formerly, POSCO VNPC Co., Ltd.) Steel manufacturing and sales 70.00 — 70.00 83.54 5.29 88.83 Vietnam POSCO(Liaoning) Automotive Processing Center Co., Ltd. Steel manufacturing and sales 90.00 10.00 100.00 90.00 10.00 100.00 China POSCO-Indonesia Jakarta Processing Center Steel manufacturing and sales 65.00 20.00 85.00 65.00 20.00 85.00 Indonesia POSCO E&C VENEZUELA C.A. Civil engineering and construction — 100.00 100.00 — 100.00 100.00 Venezuela PT.MRI Mine development 65.00 — 65.00 65.00 — 65.00 Indonesia POSCO TMC INDIA PRIVATE LIMITED Steel manufacturing and sales — 100.00 100.00 — 100.00 100.00 India POSCO-AAPC Steel manufacturing and sales — 97.80 97.80 — 97.80 97.80 USA PT PEN INDONESIA Construction — 100.00 100.00 — 100.00 100.00 Indonesia POSCO(Yantai) Automotive Processing Center Co., Ltd. Steel manufacturing and sales 90.00 10.00 100.00 90.00 10.00 100.00 China POSCO India Steel Distribution Center Private Ltd. Steel logistics — 100.00 100.00 — 100.00 100.00 India POSCO China Dalian Plate Processing Center Co., Ltd. Plate manufacturing and sales 80.00 10.00 90.00 80.00 10.00 90.00 China POSCO-South Asia Company Limited Steel sales 100.00 — 100.00 100.00 — 100.00 Thailand POSCO SS-VINA Steel manufacturing and sales 100.00 — 100.00 100.00 — 100.00 Vietnam PT.POSCO ICT INDONESIA IT service and electric control engineering — 66.99 66.99 — 66.99 66.99 Indonesia POSCO NCR Coal Ltd. Coal sales — 100.00 100.00 — 100.00 100.00 Canada POSCO WA PTY LTD Iron ore sales & mine development 100.00 — 100.00 100.00 — 100.00 Australia POSCO Engineering and Construction - UZ Civil engineering and construction — 100.00 100.00 — 100.00 100.00 Uzbekistan POSCO AUSTRALIA GP PTY LIMITED Resource development — 100.00 100.00 — 100.00 100.00 Australia POSCO DAEWOO POWER (PNGPOM) LTD. Electricity production — 100.00 100.00 — 100.00 100.00 Papua PT. KRAKATAU POSCO ENERGY Electricity production construction and operation — 90.00 90.00 — 90.00 90.00 Indonesia POSCO DAEWOO AMERICA CORP. Trading business — 100.00 100.00 — 100.00 100.00 USA POSCO DAEWOO DEUTSCHLAND GMBH Trading business — 100.00 100.00 — 100.00 100.00 Germany POSCO DAEWOO JAPAN Corp Trading business — 100.00 100.00 — 100.00 100.00 Japan POSCO DAEWOO SINGAPORE PTE LTD. Trading business — 100.00 100.00 — 100.00 100.00 Singapore POSCO DAEWOO ITALIA S.R.L. Trading business — 100.00 100.00 — 100.00 100.00 Italy POSCO DAEWOO CHINA CO., LTD Trading business — 100.00 100.00 — 100.00 100.00 China Daewoo Textile LLC Textile manufacturing — 100.00 100.00 — 100.00 100.00 Uzbekistan POSCO DAEWOO AUSTRALIA HOLDINGS PTY. LTD. Resource development — 100.00 100.00 — 100.00 100.00 Australia POSCO MAURITIUS LIMITED Coal development and sales — 100.00 100.00 — 100.00 100.00 Mauritius PT. KRAKATAU POSCO Steel manufacturing and sales 70.00 — 70.00 70.00 — 70.00 Indonesia POSCO DAEWOO MEXICO S.A. de C.V. Trading business — 100.00 100.00 — 100.00 100.00 Mexico Daewoo International Guangzhou Corp. Trading business — 100.00 100.00 — 100.00 100.00 China POSCO DAEWOO MALAYSIA SDN BHD Trading business — 100.00 100.00 — 100.00 100.00 Malaysia PT.POSCO INDONESIA INTI Mine development 99.99 — 99.99 99.99 — 99.99 Indonesia POSCO DAEWOO SHANGHAI CO., LTD. Trading business — 100.00 100.00 — 100.00 100.00 China PGSF, L.P. Investment in bio tech Industry — 100.00 100.00 — 100.00 100.00 USA POSCO DAEWOO INDIA PVT., LTD. Trading business — 100.00 100.00 — 100.00 100.00 India POSCO(Dalian) IT Center Development Co., Ltd. Real estate development and investment — 100.00 100.00 — 100.00 100.00 China PT. POSCO E&C INDONESIA Civil engineering and construction — 100.00 100.00 — 100.00 100.00 Indonesia HUME COAL PTY LTD Raw material manufacturing — 100.00 100.00 — 100.00 100.00 Australia Brazil Sao Paulo Steel Processing Center Steel manufacturing and sales — 76.00 76.00 — 76.00 76.00 Brazil DAESAN (CAMBODIA) Co., Ltd. Real estate development and investment — 100.00 100.00 — 100.00 100.00 Cambodia POSCO ENGINEERING Construction — 100.00 100.00 — 100.00 100.00 Brazil POSCO ASSAN TST STEEL INDUSTRY Steel manufacturing and sales 60.00 10.00 70.00 60.00 10.00 70.00 Turkey HONG KONG POSCO E&C (CHINA) Real estate development and investment — 100.00 100.00 — 100.00 100.00 Hong Kong Zhangjiagang Pohang Refractories Co., Ltd. (*1) Refractory materials sales & furnace maintenance — — — — 51.00 51.00 China Golden Lace DAEWOO Company Limited Rice processing — — — — 60.00 60.00 Myanmar POSCO RU Limited Liability Company Trade and business development — — — 100.00 — 100.00 Russia POSCO DAEWOO UKRAINE LLC Grain sales — — — — 100.00 100.00 Ukraine KIS Devonian Canada Corporation Petroleum gas extraction — — — — 100.00 100.00 Canada POSEC Hawaii, Inc. Real estate Industry — 100.00 100.00 — — — USA POSCO India Delhi Steel Steel manufacturing and sales 66.40 10.00 76.40 — — — India USA-SRDC Scrap sales — 100.00 100.00 — — — USA POSCO-Vietnam Processing Center Co., Ltd. Steel manufacturing and sales 87.07 4.98 92.05 — — — Vietnam POSCO MAPC SA DE CV Automotive steel sheet 80.00 20.00 100.00 — — — Mexico Yingkou Puxiang Trade Co.,Ltd. Refractory quality test & — 100.00 100.00 — — — China SANTOS CMI Guatemala S.A. Construction and engineering service — 100.00 100.00 — — — Guatemala POSCO India Ahmedabad Steel Processing Center Pvt.Ltd. Steel manufacturing and sales 100.00 — 100.00 — — — India COINSA INGENIERIA Y Construction — 50.00 50.00 — — — Bolivia POSCO VIETNAM HOLDINGS CO., LTD Holding company 79.28 20.72 100.00 — — — Vietnam Kwanika Copper Corporation (*2) Resources development — 100.00 100.00 — — — Canada Chongqing POSCO CISL Automotive Automotive steel sheet 51.00 — 51.00 — — — China POSCO YongXin Rare Earth Metal Co., Ltd. Magnet material manufacturing and sales — 51.60 51.60 — — — China PT. POSCO MTECH INDONESIA Steelmaking materials manufacturing and sales — 99.98 99.98 — — — Indonesia POSCO (Zhangjiagang) STS Processing Center Co., Ltd Steel manufacturing and sales — 100.00 100.00 — — — China EPC EQUITIES LLP Engineering, procurement and construction — 80.00 80.00 — — — England SANTOS CMI CONSTRUCTION TRADING LLP Engineering, procurement and construction — 99.90 99.90 — — — England SANTOS CMI INC. USA Engineering, procurement and construction — 100.00 100.00 — — — USA SANTOS CMI ENGENHARIA E Engineering, procurement and construction — 99.98 99.98 — — — Brazil SANTOS CMI PERU S.A. Engineering, procurement and construction — 99.99 99.99 — — — Peru SANTOS CMI CONSTRUCCIONES S.A. Engineering, procurement and construction — 100.00 100.00 — — — Uruguay GENTECH INTERNATIONAL INC. Engineering, procurement and construction — 90.00 90.00 — — — Panama SANTOS CMI S.A. Engineering, procurement and construction — 80.00 80.00 — — — Ecuador SANTOS CMI CONSTRUCCIONES Engineering, procurement and construction — 99.00 99.00 — — — Chile COMPANIA DE AUTOMATIZACION Engineering, procurement and construction — 90.00 90.00 — — — Ecuador POSCO Electrical Steel India Private Limited Electrical steel manufacturing and sales 100.00 — 100.00 — — — India (*1) Reclassified to subsidiary from associate during the year ended December 31, 2017. (*2) Reclassified to joint venture from subsidiary during the year ended December 31, 2017. The equity of controlling company increased by ₩ ₩ Cash dividends paid to POSCO by subsidiaries in 2015, 2016 and 2017 amounted to ₩ ₩ ₩ As of December 31, 2017, there are no restrictions on the ability of subsidiaries to transfer funds to the controlling company, such as in the form of cash dividends, repayment of loans or payment of advances. (c) Details of non-controlling 1) December 31, 2015 POSCO PT. POSCO POSCO POSCO Others Total (in millions of Won) Current assets ₩ 3,930,857 441,999 360,812 5,115,325 590,460 9,648,917 20,088,370 Non-current 4,777,482 3,363,935 248,549 1,756,367 3,333,351 7,776,264 21,255,948 Current liabilities (3,568,714 ) (1,004,002 ) (106,167 ) (3,125,697 ) (663,945 ) (9,692,004 ) (18,160,529 ) Non-current (1,941,909 ) (2,315,554 ) (5,405 ) (768,529 ) (2,420,547 ) (2,567,980 ) (10,019,924 ) Equity 3,197,716 486,378 497,789 2,977,466 839,319 5,165,197 13,163,865 Non-controlling 1,269,096 145,913 199,116 1,405,391 535,878 1,182,137 4,737,531 Sales 16,890,723 1,227,266 1,175,272 6,866,802 1,909,919 25,784,254 53,854,236 Profit (loss) for the period 79,092 (398,438 ) 35,516 108,895 15,831 (835,389 ) (994,493 ) Profit (loss) attributable to non-controlling 31,390 (119,531 ) 14,206 51,399 1,738 (247,106 ) (267,904 ) Cash flows from operating activities 433,493 (13,595 ) 19,921 434,257 6,075 (72,371 ) 807,780 Cash flows from investing activities (74,644 ) (8,994 ) 25,318 21,075 (20,980 ) (110,712 ) (168,937 ) Cash flows from financing activities (before dividends to non-controlling (340,532 ) 18,886 66 69,615 11,572 289,715 49,322 Dividend to non-controlling (22,597 ) — (4,135 ) (703 ) (24,125 ) (145,582 ) (197,142 ) Effect of exchange rate fluctuation on cash held 430 83 — 819 — 3,502 4,834 Net increase (decrease) in cash and cash equivalents (3,850 ) (3,620 ) 41,170 525,063 (27,458 ) (35,448 ) 495,857 2) December 31, 2016 POSCO PT. POSCO POSCO POSCO Others Total (in millions of Won) Current assets ₩ 4,038,313 460,376 397,370 5,163,436 713,039 9,696,140 20,468,674 Non-current 4,510,085 3,304,292 243,401 1,710,398 3,038,665 7,749,277 20,556,118 Current liabilities (3,662,811 ) (1,120,077 ) (109,016 ) (3,284,090 ) (937,668 ) (9,669,053 ) (18,782,715 ) Non-current (1,681,182 ) (2,337,612 ) (2,337 ) (855,791 ) (2,172,226 ) (2,856,498 ) (9,905,646 ) Equity 3,204,405 306,979 529,418 2,733,953 641,810 4,919,866 12,336,431 Non-controlling 1,271,750 92,094 211,767 1,290,450 514,200 945,962 4,326,223 Sales 15,417,550 1,244,711 1,076,455 5,352,395 1,657,890 23,251,563 48,000,564 Profit (loss) for the period 113,832 (187,151 ) 41,829 (760,187 ) (130,809 ) (461,034 ) (1,383,520 ) Profit (loss) attributable to non-controlling 45,177 (56,145 ) 16,732 (358,815 ) (14,357 ) (312,297 ) (679,705 ) Cash flows from operating activities 337,338 45,672 30,295 (211,182 ) 18,107 53,050 273,280 Cash flows from investing activities (35,054 ) (8,804 ) (42,021 ) (102,939 ) (1,047 ) (253,206 ) (443,071 ) Cash flows from financing activities (before dividends to non-controlling (295,226 ) (36,286 ) (1,250 ) (20,953 ) (2,875 ) 204,797 (151,793 ) Dividend to non-controlling (22,597 ) — (4,726 ) (14,800 ) (24,378 ) (7,349 ) (73,850 ) Effect of exchange rate fluctuation on cash held 10 67 1 760 — 1,687 2,525 Net increase (decrease) in cash and cash equivalents (15,529 ) 649 (17,701 ) (349,114 ) (10,193 ) (1,021 ) (392,909 ) 3) December 31, 2017 POSCO PT. POSCO POSCO POSCO Others Total (in millions of Won) Current assets ₩ 4,483,544 557,041 441,325 4,878,251 1,054,538 8,579,813 19,994,512 Non-current 4,590,394 2,771,504 316,724 2,444,616 2,859,824 6,676,559 19,659,621 Current liabilities (4,221,443 ) (1,237,255 ) (145,649 ) (3,896,680 ) (785,462 ) (8,313,902 ) (18,600,391 ) Non-current (1,549,013 ) (1,933,247 ) (970 ) (833,403 ) (2,200,065 ) (2,048,454 ) (8,565,152 ) Equity 3,303,482 158,043 611,430 2,592,784 928,835 4,894,016 12,488,590 Non-controlling 1,224,303 47,413 244,572 1,223,816 762,390 974,941 4,477,435 Sales 20,891,526 1,635,837 1,163,918 5,794,532 1,578,026 23,547,072 54,610,911 Profit (loss) for the period 115,321 (117,729 ) 101,019 169,011 70,795 258,053 596,470 Profit (loss) attributable to non-controlling 42,739 (35,318 ) 40,408 79,775 7,770 39,605 174,979 Cash flows from operating activities 128,875 (27,817 ) 20,042 (84,840 ) 30,295 140,418 206,973 Cash flows from investing activities (86,365 ) (5,502 ) (18,699 ) (171,924 ) (2,792 ) (63,621 ) (348,903 ) Cash flows from financing activities (before dividends to non-controlling (19,295 ) 31,782 8 150,801 220,317 (38,090 ) 345,523 Dividend to non-controlling (22,597 ) — (7,088 ) — (24,183 ) (12,777 ) (66,645 ) Effect of exchange rate fluctuation on cash held (459 ) (147 ) (6 ) (3,541 ) — (15,532 ) (19,685 ) Net increase (decrease) in cash and cash equivalents 159 (1,684 ) (5,743 ) (109,504 ) 223,637 10,398 117,263 (d) Details of associates and joint ventures 1) Associates Details of associates as of December 31, 2016 and 2017 are as follows: Ownership (%) Investee Category of business 2016 2017 Region [Domestic] EQP POSCO Global NO1 Natural Resources PEF Investment in new technologies 29.37 31.14 Seoul POSCO PLANTEC Co., Ltd. (*2) Construction of industrial plant 73.94 73.94 Ulsan SNNC Raw material manufacturing and sales 49.00 49.00 Gwangyang QSONE Co.,Ltd. Real estate rental and facility management 50.00 50.00 Seoul Chun-cheon Energy Co., Ltd Electricity generation 29.90 45.67 Chuncheon Incheon-Gimpo Expressway Co., Ltd. (*1) Construction 20.04 18.26 Anyang BLUE OCEAN Private Equity Fund Private equity financial 27.52 27.52 Seoul UITrans LRT Co., Ltd. Transporting 38.19 38.19 Seoul Keystone NO. 1. Private Equity Fund Private equity financial 40.45 40.45 Seoul CHUNGJU ENTERPRISE CITY Real estate development 29.53 29.53 Chungju Daesung Steel (*1) Steel sales 17.54 17.54 Busan KoFC POSCO HANWHA KB Shared Growth (*1) Investment in new technologies 12.50 12.50 Seoul KONES, Corp. Technical service 41.67 41.67 Gyeongju Gale International Korea, LLC Real estate rental 29.90 29.90 Seoul Pohang Techno Valley PFV Corporation (*3) Real estate development, supply and rental 30.28 57.39 Pohang Gunggi Green Energy (*1) Electricity generation 19.00 19.00 Hwaseong Pohang Special Welding Co.,Ltd. Welding material and tools manufacturing and sales 50.00 50.00 Pohang KC Chemicals CORP (*1) Machinery manufacturing 19.00 19.00 Hwaseong Posco-IDV (*1) Investment in new technologies 17.86 17.86 Seoul DAEHO GLOBAL MANAGEMENT CO., LTD. Investment advisory service 35.82 35.82 Pohang Clean Gimpo Co., Ltd. Construction 29.58 29.58 Gimpo Postech Early Stage Fund (*1) Investment in new technologies 10.00 10.00 Pohang POSCO Energy Valley Fund Investment in new technologies 20.00 20.00 Pohang Pureun Tongyeong Enviro Co., Ltd. Sewerage treatment 20.40 20.40 Tongyeong Posgreen Co., Ltd. (*1) Lime and plaster manufacturing 19.00 19.00 Gwangyang Pohang E&E Co,. Ltd. Investment in waste energy 30.00 30.00 Pohang POSTECH Social Enterprise Fund (*1) Investment in new technologies 9.17 9.17 Seoul Applied Science Corp. Machinery manufacturing 24.88 23.87 Paju Noeul Green Energy (*1) Electricity generation 10.00 10.00 Seoul Pohang Techno Valley AMC Construction 29.50 29.50 Pohang New Songdo International City Development, LLC Real estate rental 29.90 29.90 Seoul Mokpo Deayang Industrial Corporation Real estate development and rental 27.40 27.40 Mokpo Clean Iksan Co., Ltd. Construction 23.50 23.50 Iksan Innovalley Co., Ltd. Real estate development 28.77 28.77 Yongin Pure Gimpo Co., Ltd. Construction 28.79 28.79 Seoul Garolim Tidal Power Plant Co.,Ltd Tidal power plant construction and management 32.13 32.13 Seosan 2016 PoscoPlutus New Technology Investment Fund Investment in new technologies 25.17 25.17 Seoul Hyundai Invest Guggenheim CLO Private Special Asset Investment Trust II Investment in new technologies 38.47 38.47 Seoul PoscoPlutus Bio Fund (*1) Investment in new technologies 11.97 11.97 Seoul PoscoPlutus Project Fund (*1) Investment in new technologies 11.91 11.91 Seoul Posco Agrifood Export Investment Fund Investment in new technologies 30.00 30.00 Seoul PoscoPlutus Project II Investment Fund (*1) Investment in new technologies 0.61 0.61 Seoul Posco Culture Contents Fund Investment in new technologies 31.67 31.67 Seoul PCC Centroid 1st Fund (*4) Investment in new technologies — 24.10 Seoul PCC Amberstone Private Equity Fund I (*1,4) Investment in new technologies — 9.71 Seoul POSCO Advanced Technical Staff Fund (*1,4) Investment in new technologies — 15.87 Seoul POSCO 4th Industrial Revolution Fund (*4) Investment in new technologies — 20.00 Seoul METAPOLIS Co.,Ltd. (*6) Multiplex development 40.05 — Hwaseong Universal Studios Resort Asset Management Corporation (*5) Real estate services 26.17 — Seoul Busan-Gimhae Light Rail Transit Co., Ltd. (*5) Transporting 25.00 — Gimhae [Foreign] South-East Asia Gas Pipeline Company Ltd. Pipeline construction and management 25.04 25.04 Myanmar AES-VCM Electricity generation 30.00 30.00 Vietnam 7623704 Canada Inc. (*1) Investments management 10.40 10.40 Canada Eureka Moly LLC Raw material manufacturing and sales 20.00 20.00 USA AMCI (WA) PTY LTD Iron ore sales & mine development 49.00 49.00 Australia Nickel Mining Company SAS Raw material manufacturing and sales 49.00 49.00 New NCR LLC Coal sales 29.41 29.41 Canada KOREA LNG LTD. Gas production and sales 20.00 20.00 England PT. Batutua Tembaga Raya Raw material manufacturing and sales 24.10 22.00 Indonesia Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd Tinplate manufacturing and sales 34.00 34.00 China PT. Wampu Electric Power Construction and civil engineering 20.00 20.00 Indonesia POSCO SeAH Steel Wire(Nantong) Co., Ltd. Steel processing and sales 25.00 25.00 China VSC POSCO Steel Corporation Steel processing and sales 50.00 50.00 Vietnam IMFA ALLOYS FINLEASE LTD Raw material manufacturing and sales 24.00 24.00 India General Medicines Company Ltd. Medicine manufacturing and sales 33.00 33.00 Sudan PT.INDONESIA POS CHEMTECH CHOSUN Ref Refractory manufacturing and sales 30.19 30.19 Indonesia POSK(Pinghu) Steel Processing Center Co., Ltd. Steel processing and sales 20.00 20.00 China SHANGHAI LANSHENG DAEWOO CORP. Trading 49.00 49.00 China POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd Steel processing and sales 25.00 25.00 China SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO., LTD. Trading 49.00 49.00 China PT. Tanggamus Electric Power (*1) Construction and civil engineering 17.50 17.50 Indonesia NS-Thainox Steel manufacturing and sales 49.00 49.00 Vietnam Hamparan Mulya Resource development 45.00 45.00 Indonesia Sebang Steel Scrap sales 49.00 49.00 Japan GLOBAL KOMSCO Daewoo LLC Cotton celluloid manufacturing and sales 35.00 35.00 Uzbekistan POSCO-Poggenamp Electrical Steel Pvt. Ltd. Steel manufacturing and sales 26.00 26.00 India KIRIN VIETNAM CO., LTD (*1) Panel manufacturing 19.00 19.00 Vietnam POSCHROME (PROPRIETARY) LIMITED Raw material manufacturing and sales 50.00 50.00 South CAML RESOURCES PTY LTD Raw material manufacturing and sales 33.34 33.34 Australia KG Power(M) SDN. BHD Energy & resource development 20.00 20.00 Malaysia LI3 ENERGY INC Energy & resource development 26.06 26.06 Peru LLP POSUK Titanium Titanium manufacturing and sales 36 |
Statement of Compliance and Bas
Statement of Compliance and Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Statement of Compliance and Basis of Presentation | 2. Statement of Compliance and Basis of Presentation Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”), as issued by the International Accounting Standards Board. The consolidated financial statements were authorized for issue by the authorized directors on February 28, 2018. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis, except for the following material items in the statement of financial position, as described in the accounting policy below. (a) Derivatives instruments are measured at fair value (b) Financial instruments at fair value through profit or loss (c) Available-for-sale (d) Defined benefit liabilities are measured at the present value of the defined benefit obligation less the fair value of the plan assets Functional and presentation currency The financial statements of POSCO and subsidiaries are prepared in functional currency of the respective operation. These consolidated financial statements are presented in Korean Won, which is POSCO’s functional currency which is the currency of the primary economic environment in which POSCO operates. Use of estimates and judgments The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period prospectively. (a) Judgments Information about critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the following notes: • Note 1 — Subsidiaries, associates and joint ventures • Note 10 — Assets held for sale • Note 11 — Investments in associates and joint ventures • Note 12 — Joint operations • Note 25 — Hybrid bonds (b) Assumptions and estimation uncertainties Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next fiscal year is included in the following notes: • Note 11 — Investments in associates and joint ventures • Note 15 — Goodwill and other intangible assets, net • Note 20 — Provisions • Note 21 — Employee benefits • Note 29 — Construction contracts • Note 35 — Income taxes • Note 38 — Commitments and contingencies (c) Measurement of fair value The Company’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS including the level in the fair value hierarchy in which such valuation techniques should be classified. Significant valuation issues are reported to the Company’s Audit Committee. When measuring the fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. • Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 — inputs other than quoted prices included in Level 1 that are observable for the assets or liability, either directly or indirectly. • Level 3 — inputs for the assets or liability that are not based on observable market data. If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Information about the assumptions made in measuring fair values is included in the following note: • Note 23 — Financial instruments Changes in Accounting Policies Except for the application of the amendments to standards for the first time for the annual period beginning on January 1, 2017, as described below, the accounting policies have been consistently applied by the Company for the periods presented. (a) Amendments to IAS No. 7 “Statement of Cash Flows” For the year beginning on January 1, 2017, the Company applied the amendments to IAS No. 7 “Statement of Cash Flows”. IAS No. 7 requires that changes in liabilities related to the cash flows that were classified as a financing activity in the statement of cash flows or will be classified as a financing activity in the future should be disclosed as follows: • Changes from financing cash flows • Changes arising from obtaining or losing control of subsidiaries or other businesses • The effect of changes in foreign exchange rates • Changes in fair values • Other changes IAS No. 7 does not require the disclosure of comparative information of prior period. The related disclosures are included in note 39. (b) Amendments to IAS No. 12 “Income Taxes” For the year beginning on January 1, 2017, the Company applied the amendments to IAS No. 12 “Income Taxes”. In accordance with IAS No. 12, in the case of debt instruments measured at fair value, deferred tax accounting treatment is clarified. The difference between the carrying amount and taxable base amount of the debt liabilities is considered as temporary differences, regardless of the expected recovery method. When reviewing the recoverability of deferred tax assets, the estimated of probable future taxable income may include the recovery of some of the Company’s assets for more than their carrying amount if there is sufficient evidence that it is probable that the Company will recover the asset for more than its carrying amount. In addition, the estimated of probable future taxable income are determined as the amount before considering the deductible effect from reversal of the deductible temporary differences. The Company believes that the effect of the amendments to the consolidated financial statements is not significant. Therefore, the Company has not retrospectively applied the amendments in accordance with the transitional requirements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies The significant accounting policies applied by the Company in preparation of its consolidated financial statements are included below. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, except for those as disclosed in note 2. Basis of consolidation (a) Business combinations The Company accounts for business combinations using the acquisition method when control is transferred to the Company. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree’s employees (acquiree’s awards), then all or a portion of the amount of the acquirer’s replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based measure of the replacement awards compared with the market-based measure of the acquiree’s awards and the extent to which the replacement awards relate to pre-combination (b) Non-controlling Non-controlling (c) Subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. (d) Loss of control When the Company loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related non-controlling (e) Interests in equity-accounted investees The Company’s interests in equity-control investees comprise interests in associates and joint ventures. Associates are those entities in which the Company has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Company has joint control, whereby the Company has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Company’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control ceases. (f) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Company’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. Foreign currency transactions and translation (a) Foreign currency transactions Foreign currency transactions are initially recorded using the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of each reporting period, foreign currency monetary items are translated using the closing rate. Non-monetary Non-monetary Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous financial statements are recognized in profit or loss in the period in which they arise. When gains or losses on non-monetary non-monetary (b) Foreign operations If the presentation currency of the Company is different from a foreign operation’s functional currency, the financial statements of the foreign operation are translated into the presentation currency using the following methods: The assets and liabilities of foreign operations, whose functional currency is not the currency of a hyperinflationary economy, are translated to presentation currency at exchange rates at the reporting date. The income and expenses of foreign operations are translated to functional currency at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation are treated as assets and liabilities of the foreign operation. Thus, they are expressed in the functional currency of the foreign operation and translated at the closing rate. When a foreign operation is disposed of, the relevant amount in the translation is transferred to profit or loss as part of the profit or loss on disposal. On the partial disposal of a subsidiary that includes a foreign operation, the relevant proportion of such cumulative amount is reattributed to non-controlling Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are recognized in other comprehensive income in the translation reserve. Cash and cash equivalents Cash and cash equivalents comprise cash on hand, demand deposits, and short-term investments in highly liquid securities that are readily convertible to known amounts of cash with maturities of three months or less from the acquisition date and which are subject to an insignificant risk of changes in value. Equity investments are excluded from cash and cash equivalents. Non-derivative The Company recognizes and measures non-derivative held-to-maturity available-for-sale Upon initial recognition, non-derivative (a) Financial assets at fair value through profit or loss Financial assets are classified at fair value through profit or loss if they are held for trading or designated as such upon initial recognition. Upon initial recognition, transaction costs are recognized in profit or loss when incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognized in profit or loss. (b) Held-to-maturity A non-derivative held-to-maturity. held-to-maturity (c) Loans and receivables Loans and receivables are non-derivative (d) Available-for-sale Available-for-sale non-derivative available-for-sale held-to-maturity available-for-sale (e) Derecognition of non-derivative The Company derecognizes non-derivative If the Company retains substantially all the risks and rewards of ownership of the transferred financial assets, the Company continues to recognize the transferred financial assets and recognizes financial liabilities for the consideration received. (f) Offsetting a financial asset and a financial liability Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when the Company currently has a legally enforceable right to offset the recognized amounts, and there is the intention to settle on a net basis or to realize the asset and settle the liability simultaneously. Inventories Inventory costs, except materials-in-transit Inventories are measured at the lower of cost or net realizable value. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories arising from an increase in net realizable value is recognized as a reduction in the amount of inventories recognized as a cost of goods sold in the period in which the reversal occurs. The carrying amount of those inventories is recognized as cost of goods sold in the period in which the related revenue is recognized. Non-current Non-current non-current The Company recognizes an impairment loss for any initial or subsequent write-down of an asset or disposal group to fair value less costs to sell, and a gain for any subsequent increase in fair value less costs to sell, up to the cumulative impairment loss previously recognized in accordance with IAS No. 36 “Impairment of Assets”. A non-current Investment property Property held to earn rentals or for capital appreciation or both is classified as investment property. Investment property is measured initially at its cost. Transaction costs are included in the initial measurement. Subsequently, investment property is carried at depreciated cost less any accumulated impairment losses. Subsequent costs are recognized in the carrying amount of investment property at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day Depreciation methods, useful lives and residual values are reviewed at the end of each reporting date and adjusted, if appropriate. The change is accounted for as a change in an accounting estimate. Property, plant and equipment Property, plant and equipment are initially measured at cost and after initial recognition, are carried at cost less accumulated depreciation and any accumulated impairment losses. The cost of property, plant and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and, when the Company has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the item and restoring the site on which it is located. The cost of replacing a part of an item is recognized in the carrying amount of the item of property, plant and equipment, if the following recognition criteria are met: (a) it is probable that future economic benefits associated with the item will flow to the Company, and (b) the cost can be measured reliably. The carrying amount of the replaced part is derecognized at the time the replacement part is recognized. The costs of the day-to-day Items of property, plant and equipment are depreciated from the date they are available for use or, in respect of self-constructed assets, from the date that the asset is completed and ready for use. Other than land, the costs of an asset less its estimated residual value are depreciated. Depreciation of property, plant and equipment is recognized in profit or loss on a straight-line basis, which most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset, over the estimated useful lives of each component of an item of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Land is not depreciated. Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately. The gain or loss arising from the derecognition of an item of property, plant and equipment is included in profit or loss when the item is derecognized. The estimated useful lives for the current and comparative periods are as follows: Buildings 3-50 Structures 4-50 Machinery and equipment 4-25 Vehicles 3-20 Tools 3-10 Furniture and fixtures 3-20 Lease assets 3-30 Bearer plants 20 years The estimated residual value, useful lives and the depreciation method are reviewed at least at the end of each reporting period and, if expectations differ from previous estimates, the changes are accounted for as changes in accounting estimates. Borrowing costs The Company capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. Other borrowing costs are recognized in expense as incurred. A qualifying asset is an asset that requires a substantial period of time to get ready for its intended use or sale. Financial assets and inventories that are manufactured or otherwise produced over a short period of time are not qualifying assets. Assets that are ready for their intended use or sale when acquired are not qualifying assets. To the extent that the Company borrows funds specifically for the purpose of obtaining a qualifying asset, the Company determines the amount of borrowing costs eligible for capitalization as the actual borrowing costs incurred on that borrowing during the period less any investment income on the temporary investment of those borrowings. The Company immediately recognizes other borrowing costs as an expense. To the extent that the Company borrows funds generally and uses them for the purpose of obtaining a qualifying asset, the Company shall determine the amount of borrowing costs eligible for capitalization by applying a capitalization rate to the expenditures on that asset. The capitalization rate shall be the weighted average of the borrowing costs applicable to the borrowings of the Company that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. The amount of borrowing costs that the Company capitalizes during a period shall not exceed the amount of borrowing costs incurred during that period. Intangible assets Intangible assets are measured initially at cost and, subsequently, are carried at cost less accumulated amortization and accumulated impairment losses. Amortization of intangible assets except for goodwill is calculated on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. The residual value of intangible assets is zero. However, as there are no foreseeable limits to the periods over which club memberships are expected to be available for use, this intangible asset is determined as having an indefinite useful life and not amortized. Intellectual property rights 4-25 Development costs 3-5 Port facilities usage rights 4-75 Other intangible assets 2-15 Amortization periods and the amortization methods for intangible assets with finite useful lives are reviewed at the end of each reporting period. The useful lives of intangible assets that are not being amortized are reviewed at the end of each reporting period to determine whether events and circumstances continue to support indefinite useful life assessments for those assets. Changes are accounted for as changes in accounting estimates. Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in profit or loss as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are recognized in profit or loss as incurred. Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures, including expenditures on internally generated goodwill and brands, are recognized in profit or loss as incurred. Exploration for and evaluation of mineral resources POSCO is engaged in exploration projects for mineral resources through subsidiaries, associates and joint ventures or other contractual arrangements. Expenditures related to the development of mineral resources are recognized as exploration or development intangible assets. The nature of these intangible assets are as follows: (a) Exploration and evaluation assets Exploration and evaluation assets consist of expenditures for topographical studies, geophysical studies and trenching. These assets are reclassified as development assets when it is proved that the exploration has identified commercially viable mineral deposit. (b) Development assets When proved reserves are determined and development is sanctioned, development expenditures incurred are capitalized. These expenditures include evaluation of oil fields, construction of oil/gas wells, drilling for viability and others. On completion of development and inception of extraction for commercial production of developed proved reserves, the development assets are reclassified as either property, plant and equipment or as intellectual property rights (mining rights) under intangible assets based on the nature of the capitalized expenditure. The respective property, plant and equipment and intellectual property (mining rights) are each depreciated and amortized based on proved reserves on a unit of production basis. Government grants Government grants are not recognized unless there is reasonable assurance that the Company will comply with the grant’s conditions and that the grant will be received. (a) Grants related to assets Government grants whose primary condition is that the Company purchase, construct or otherwise acquire long-term assets are deducted from the carrying amount of the assets and recognized in profit or loss on a systematic and rational basis over the life of the depreciable assets. (b) Grants related to income Government grants which are intended to compensate the Company for expenses incurred are deducted from the related expenses. Leases The Company classifies and accounts for leases as either a finance or operating lease, depending on the terms. Leases where the Company assumes substantially all of the risks and rewards of ownership are classified as finance leases. All other leases are classified as operating leases. (a) Finance leases At the commencement of the lease term, the Company recognizes as finance assets and finance liabilities the lower amount of the fair value of the leased property and the present value of the minimum lease payments, each determined at the inception of the lease. Any initial direct costs are added to the amount recognized as an asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are charged as expenses in the periods in which they are incurred. The depreciable amount of a leased asset is allocated to each accounting period during the period of expected use on a systematic basis consistent with the depreciation policy the Company adopts for similar depreciable assets that are owned. If there is no reasonable certainty that the Company will obtain ownership by the end of the lease term, the asset is fully depreciated over the shorter of the lease term and its useful life. (b) Operating leases Lease obligations under operating leases are recognized as an expense on a straight-line basis over the lease term. Contingent rents are charged as expenses in the periods in which they are incurred. (c) Determining whether an arrangement contains a lease Determining whether an arrangement is, or contains, a lease is based on the substance of the arrangement and requires an assessment of whether fulfillment of the arrangement is dependent on the use of a specific asset or assets (the asset) and the arrangement conveys a right to use the asset. At inception or reassessment of the arrangement, management of the Company separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. If management of the Company concludes for a financial lease that it is impracticable to separate the payments reliably, the Company recognizes an asset and a liability at an amount equal to the fair value of the underlying asset that was identified as the subject of the lease. Subsequently, the liability shall be reduced as payments are made and an imputed finance charge on the liability recognized using the purchaser’s incremental borrowing rate of interest. Impairment for financial assets A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. However, losses expected as a result of future events, regardless of likelihood, are not recognized. Objective evidence that a financial asset or group of financial assets are impaired includes: (a) significant financial difficulty of the issuer or obligor; (b) a breach of contract, such as a default or delinquency in interest or principal payments; (c) the lender, for economic or legal reasons relating to the borrower’s financial difficulty, granting to the borrower a concession that the lender would not otherwise consider; (d) it becoming probable that the borrower will enter bankruptcy or other financial reorganization; (e) the disappearance of an active market for that financial asset because of financial difficulties; or (f) observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group. In addition, for an investment in an equity security, a significant or prolonged decline in its fair value below its cost is objective evidence of impairment. If there is objective evidence that financial assets are impaired, impairment losses are measured and recognized. (a) Financial assets measured at amortized cost An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of its estimated future cash flows discounted at the asset’s original effective interest rate. If it is not practicable to obtain the instrument’s estimated future cash flows, impairment losses would be measured by using prices from any observable current market transactions. The Company can recognize impairment losses directly or establish a provision to cover impairment losses. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss shall be reversed either directly or by adjusting an allowance account. (b) Financial assets carried at cost If there is objective evidence that an impairment loss has occurred on an unquoted equity instrument that is not carried at fair value because its fair value cannot be reliably measured, or on a derivative asset that is linked to and must be settled by delivery of such an unquoted equity instrument, the amount of the impairment loss is measured as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses are not reversed. (c) Available-for-sale When a decline in the fair value of an available-for-sale available-for-sale available-for-sale Impairment for non-financial The carrying amounts of the Company’s non-financial non-current Management estimates the recoverable amount of an individual asset. If it is impossible to measure the individual recoverable amount of an asset, then management estimates the recoverable amount of cash-generating unit (“CGU”). A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The Company determined that individual operating entities are CGUs. The recoverable amount of an asset or CGU is the greater of its value-in-use value-in-use pre-tax An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. Goodwill acquired in a business combination is allocated to each CGU that is expected to benefit from the synergies arising from the goodwill acquired. Any impairment identified at the CGU level will first reduce the carrying amount of goodwill and then be used to reduce the carrying amount of the other assets in the CGU on a pro rata basis. Except for impairment losses in respect of goodwill which are never reversed, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Derivative financial instruments and hedges Derivatives are initially recognized at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are recognized in profit or loss. (a) Hedge accounting The Company holds forward exchange contracts, currency swaps and commodity future contracts to manage foreign exchange risk and commodity fair value risk. The Company designated derivatives as hedging instruments to hedge the risk of changes in the fair value of assets, liabilities or firm commitments (a fair value hedge) and foreign currency risk of highly probable forecasted transactions or firm commitments (a cash flow hedge). On initial designation of the hedge, the Company formally documents the relationship between the hedging instruments and hedged items, including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. ① Fair value hedge Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognized in profit or loss. The gain or loss from remeasuring the hedging instrument at fair value for a derivative hedging instrument and the gain or loss on the hedged item attributable to the hedged risk are recognized in profit or loss in the same line item of the consolidated statement of comprehensive income. The Company discontinues fair value hedge accounting if the hedging instrument expires or is sold, terminated or exercised, or if the hedge no longer meets the criteria for hedge accounting. Any adjustment arising from gain or loss on the hedged item attributable to the hedged risk is amortized to profit or loss from the date the hedge accounting is discontinued. ② Cash flow hedge When a derivative is designated to hedge the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income, net of tax, and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. The cumulative gain or loss on the hedging instrument that has been recognized in other comprehensive income is reclassified to profit or loss in the periods during which the forecasted transaction occurs. If the forecasted transaction is no longer expected to occur, then the balance in other comprehensive income is recognized immediately in profit or loss. (b) Embedded derivatives Embedded derivatives are separated from the host contract and accounted for separately only if the following criteria have been met: (a) the economic characteristics and risks of the host contract and the embedded derivatives are not clearly and closely related to a separate instrument with the same terms as the embedded derivative that would meet the definition of a derivative, and (b) the hybrid (combined) instrument is not measured at fair value through profit or loss. Changes in the fair value of separable embedded derivatives from the host contract are recognized immediately in profit or loss. However, convertible rights of convertible bonds are not separated from the host contract and the compound financial instruments of bonds and convertible rights are designated and measured at fair value through profit and loss. (c) Other derivatives Changes in the fair value of a derivative that is not designated as a hedging instrument are recognized immediately in profit or loss. Non-derivative The Company classifies non-derivative (a) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading or designated as such upon initial recognition. Subsequent to initial recognition, financial liabilities at fair value through profit or loss are measured at fair value, and changes therein are recognized in profit or loss. Upon initial recognition, transaction costs that are directly attributable to the acquisition are recognized in profit or loss as incurred. (b) Other financial liabilities Non-derivative Construction work in progress The gross amount due from customers for contract work is presented for all contracts in which costs incurred plus recognized profits (less recognized losses) exceed progress billings. If progress billings exceed costs incurred plus recognized profits (less recognized losses), then the gross amount due to customers for contract work is presented. Cost includes all expenditures related directly to specific projects and an allocation of fixed and variable overheads incurred in the Company’s contract activities based on normal operating capacity. The Company recognizes advances received regarding the amount received from the ordering organization before the commencement of the construction. Also, the Company recognized trade accounts and notes receivable with respect to the amount billed to the ordering organization. Employee benefits (a) Short-term employee benefits Short-term employee benefits are employee benefits that are due to be settled within twelve months after the end of the period in which the employees render the related service. When an employee has rendered service to the Company during an accounting period, the Company recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for that service as profit or loss. If the Company has a legal or constructive obligation which can be reliably measured, the Company recognizes the amount of expected payment for profit-sharing and bonuses payable as liabilities. (b) Other long-term employee benefits Other long-term employee benefits include employee benefits that are settled beyond |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2017 | |
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Financial risk management | 4. Financial risk management The Company has exposure to the following risks from its use of financial instruments: • credit risk • liquidity risk • market risk • capital risk This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives, policies and processes for measuring and managing risk, and the Company’s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements. (a) Financial risk management 1) Risk management framework The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. 2) Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers and investment securities. In addition, credit risk arises from finance guarantees. The Company implements a credit risk management policy under which the Company only transacts business with counterparties that have a certain level of credit rate evaluated based on financial condition, historical experience, and other factors. The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The default risk of a nation or an industry in which a customer operates its business does not have a significant influence on credit risk. The Company has established a credit policy under which each new customer is analyzed individually for creditworthiness. The Company establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other receivables. The main components of this allowance are a specific loss component that relates to individually significant exposures, and a collective loss component established for companies of similar assets in respect of losses that have been incurred but not yet identified. The collective loss allowance is determined based on historical data of payment statistics for similar financial assets. Debt securities are analyzed individually, and an expected loss shall be directly deducted from debt securities. Credit risk also arises from transactions with financial institutions, and such transactions include transactions of cash and cash equivalents, various deposits, and financial instruments such as derivative contracts. The Company manages its exposure to this credit risk by only entering into transactions with banks that have high international credit ratings. The Company’s treasury department authorizes, manages, and overseas new transactions with financial institutions with whom the Company has no previous relationship. Furthermore, the Company limits its exposure to credit risk of financial guarantee contracts by strictly evaluating their necessity based on internal decision making processes, such as the approval of the board of directors. 3) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. The Company’s cash flow from business, borrowing or financing is sufficient to meet the cash requirements for the Company’s strategic investments. Management believes that the Company is capable of raising funds by borrowing or financing if the Company is not able to generate cash flow requirements from its operations. The Company has committed borrowing facilities with various banks. 4) Market risk Market risk means that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The goal of market risk management is optimization of profit and controlling the exposure to market risk within acceptable limits. ① Currency risk The Company’s policy in respect of foreign currency risks is a natural hedge whereby foreign currency income is offset with foreign currency expenditures. The remaining net exposures after the natural hedge have been hedged using derivative contracts such as forward exchange contracts. In addition, the Company’s derivative transactions are limited to hedging actual foreign currency transactions and speculative hedging is not permitted. Based on this policy, the Company has performed currency risk management specific to various characteristics of different segments. The entities in the steel segment reduces the foreign currency exposure by repayment of foreign currency borrowings subjected to investment in overseas when its maturities come. The entities in the engineering and construction segment have hedged foreign currency risks by using forward exchange contracts. Entities in the trading segment have hedged foreign currency risks by using forward exchange contracts when the foreign currencies received and paid are different. ② Interest rate risk The Company manages the exposure to interest rate risk by adjusting of borrowing structure ratio between borrowings at fixed interest rates and variable interest rate. The Company monitors interest rate risks regularly in order to avoid exposure to interest rate risk on borrowings at variable interest rate. ③ Other market price risk Equity price risk arises from listed equity securities among available-for-sale (b) Management of capital The fundamental goal of capital management is the maximization of shareholders’ value by means of the stable dividend policy and the retirement of treasury shares. The capital structure of the Company consists of equity and net borrowings (after deducting cash and cash equivalents) and current financial instruments from borrowings. The Company applied the same capital risk management strategy that was applied in the previous period. Net borrowing-to-equity 2016 2017 (in millions of Won) Total borrowings ₩ 22,704,998 21,063,657 Less: Cash and cash equivalents 2,447,619 2,612,530 Net borrowings 20,257,379 18,451,127 Total equity 45,765,269 47,326,725 Net borrowings-to-equity 44.26 % 38.99 % |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2017 | |
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Cash and Cash Equivalents | 5. Cash and Cash Equivalents Cash and cash equivalents as of December 31, 2016 and 2017 are as follows: 2016 2017 (*1) (in millions of Won) Cash ₩ 11,960 1,896 Demand deposits and checking accounts 1,312,426 1,259,813 Time deposits 254,888 360,985 Other cash equivalents 868,345 989,836 ₩ 2,447,619 2,612,530 (*1) As of December 31, 2017, cash equivalents amounting to ₩ |
Trade Accounts and Notes Receiv
Trade Accounts and Notes Receivable | 12 Months Ended |
Dec. 31, 2017 | |
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Trade Accounts and Notes Receivable | 6. Trade Accounts and Notes Receivable (a) Trade accounts and notes receivable as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Current Trade accounts and notes receivable ₩ 9,320,915 8,579,620 Finance lease receivables 10,300 10,469 Unbilled due from customers for contract work 860,287 728,007 Less: Allowance for doubtful accounts (517,476 ) (493,533 ) ₩ 9,674,026 8,824,563 Non-current Trade accounts and notes receivable ₩ 80,447 871,432 Finance lease receivables 11,326 734 Less: Allowance for doubtful accounts (40,649 ) (140,596 ) ₩ 51,124 731,570 Trade accounts and notes receivable sold to financial institutions, for which the derecognition conditions were not met, amounted to ₩ ₩ (b) Finance lease receivables are as follows: Customer Contents 2016 2017 (in millions of Won) Korea Electric Power Corporation Combined thermal power plant 3~4 ₩ 20,648 10,469 KC Chemicals CORP Machinery and equipment 244 — Hystech.Co. Ltd. Machinery and equipment 734 734 ₩ 21,626 11,203 (c) The gross amount and present value of minimum lease payments as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Less than 1 year ₩ 13,114 11,771 1 year – 5 years 12,547 828 Unrealized interest income (4,035 ) (1,396 ) Present value of minimum lease payment ₩ 21,626 11,203 |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2017 | |
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Other Receivables | 7. Other Receivables Other receivables as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Current Loans ₩ 421,818 617,696 Other accounts receivable 1,131,492 960,543 Accrued income 139,618 179,971 Deposits 93,891 107,137 Others 13,606 18,925 Less: Allowance for doubtful accounts (260,683 ) (248,266 ) ₩ 1,539,742 1,636,006 Non-current Loans ₩ 733,974 874,158 Other accounts receivable 81,938 92,939 Accrued income 1,746 1,663 Deposits 104,217 122,485 Less: Allowance for doubtful accounts (158,963 ) (212,069 ) ₩ 762,912 879,176 |
Other Financial Assets
Other Financial Assets | 12 Months Ended |
Dec. 31, 2017 | |
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Other Financial Assets | 8. Other Financial Assets Other financial assets as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Current Derivatives assets held for trading ₩ 49,281 63,912 Financial assets held for trading — 1,970 Available-for-sale 2,952 136,141 Current portion of held-to-maturity 422 421 Short-term financial instruments (*1,2) 5,172,256 6,843,436 ₩ 5,224,911 7,045,880 Non-current Derivatives assets held for trading ₩ 98,301 4,378 Available-for-sale (*3,4) 2,392,534 1,730,753 Available-for-sale 46,330 54,439 Available-for-sale 73,108 56,782 Held-to-maturity 2,048 4,790 Long-term financial instruments (*2) 45,371 60,542 ₩ 2,657,692 1,911,684 (*1) As of December 31, 2016 and 2017, ₩ ₩ (*2) As of December 31, 2016 and 2017, financial instruments amounting to ₩ ₩ (*3) During the year ended December 31, 2017, there were objective evidences of impairment for listed equity securities such as FINE BESTEEL CO., LTD and others and for non-listed ₩ (*4) As of December 31, 2016 and 2017, ₩ ₩ available-for-sale |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
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Inventories | 9. Inventories (a) Inventories as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Finished goods ₩ 1,200,344 1,526,628 Merchandise 851,325 930,558 Semi-finished goods 1,552,988 1,721,130 Raw materials 1,939,539 2,329,268 Fuel and materials 817,397 808,016 Construction inventories 1,455,115 1,692,092 Materials-in-transit 1,807,816 1,818,576 Others 94,535 103,144 9,719,059 10,929,412 Less: Allowance for inventories valuation (203,164 ) (135,631 ) ₩ 9,515,895 10,793,781 (b) The changes of allowance for inventories valuation for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Beginning ₩ 161,940 231,378 203,164 Loss on valuation of inventories 152,952 152,249 78,560 Realization on disposal of inventories (77,102 ) (161,458 ) (138,967 ) Others (6,412 ) (19,005 ) (7,126 ) Ending ₩ 231,378 203,164 135,631 |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2017 | |
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Assets Held for Sale | 10. Assets Held for Sale Details of assets held for sale as of December 31, 2016 and 2017 are as follows: 2016 2017 Controlling Subsidiaries (*1) Total Controlling Subsidiaries (*2) Total (in millions of Won) Assets Property, plant and equipment 764 305,864 306,628 392 71,340 71,732 Others — 5,330 5,330 — 36 36 ₩ 764 311,194 311,958 392 71,376 71,768 (*1) During the year ended December 2016, Posco e&c Songdo International Building, a subsidiary of the Company, entered into a sales contract regarding disposal of the office building of POSCO ENGINEERING & CONSTRUCTION CO., LTD. in Songdo and classified the accompanying property, plant and equipment as assets held for sale. During the year ended December 2017, disposal of the accompanying assets held for sale was completed. (*2) During the year ended December 2017, POSCO ENGINEERING & CONSTRUCTION CO., LTD., a subsidiary of the Company, determined to dispose of the office building, Seomyeon Fiesta, in Busan and classified the related property, plant and equipment amounting to ₩ |
Investments in Associates and J
Investments in Associates and Joint ventures | 12 Months Ended |
Dec. 31, 2017 | |
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Investments in Associates and Joint ventures | 11. Investments in Associates and Joint ventures (a) Investments in associates and joint ventures as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Investments in associates ₩ 1,595,441 1,520,441 Investments in joint ventures 2,286,948 2,037,491 ₩ 3,882,389 3,557,932 (b) Details of investments in associates as of December 31, 2016 and 2017 are as follows: Number of Ownership (%) Acquisition cost Book value Company 2016 2017 (in millions of Won) [Domestic] EQP POSCO Global NO1 Natural Resources PEF 178,713,975,892 31.14 ₩ 178,787 ₩ 175,690 175,553 SNNC 18,130,000 49.00 90,650 107,859 110,424 QSONE Co.,Ltd. 200,000 50.00 84,395 84,799 85,049 Chun-cheon Energy Co., Ltd. (*1) 16,098,143 45.67 80,491 45,077 74,378 Incheon-Gimpo Expressway Co., Ltd. (*1) 9,032,539 18.26 45,163 37,372 31,660 BLUE OCEAN Private Equity Fund 333 27.52 33,300 35,752 19,620 CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd 2,008,000 29.53 10,040 12,551 17,252 UITrans LRT Co., Ltd. (*1) 7,714,380 38.19 38,572 17,851 15,841 Daesung Steel 108,038 17.54 14,000 12,302 15,500 Keystone NO. 1. Private Equity Fund 13,800,000 40.45 13,800 13,314 12,379 KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund 6,485 12.50 6,485 11,890 6,828 KONES, Corp. 3,250,000 41.67 6,893 5,641 2,827 Others (35 companies) (*1) 55,061 67,325 615,159 634,636 [Foreign] South-East Asia Gas Pipeline Company Ltd. 135,219,000 25.04 150,779 215,996 197,069 AES-VCM (*2) — 30.00 164,303 167,141 142,348 7623704 Canada Inc. 114,452,000 10.40 124,341 137,512 121,702 Eureka Moly LLC — 20.00 240,123 89,601 79,398 AMCI (WA) PTY LTD 49 49.00 209,664 70,501 63,378 Nickel Mining Company SAS 3,234,698 49.00 157,585 45,138 45,905 NCR LLC — 29.41 37,634 36,738 33,738 KOREA LNG LTD. 2,400 20.00 135,205 63,058 33,422 PT. Batutua Tembaga Raya 128,285 22.00 21,824 22,723 21,823 Zhongyue POSCO (Qinhuangdao) Tinplate 10,200,000 34.00 9,517 18,008 15,617 PT. Wampu Electric Power (*1) 8,708,400 20.00 10,054 8,706 13,391 POSCO SeAH Steel Wire(Nantong) Co., Ltd. 50 25.00 4,723 6,840 6,517 Others (26 companies) (*1) 98,320 111,497 980,282 885,805 ₩ 1,595,441 1,520,441 (*1) As of December 31, 2016 and 2017, investments in associates amounting to ₩ ₩ (*2) As of December 31, 2016 and 2017, shares of PSC Energy Global Co., Ltd., a subsidiary of the Company, are provided as collateral in relation to the associates’ borrowings. (c) Details of investments in joint ventures as of December 31, 2016 and 2017 are as follows: Number of shares Ownership (%) Acquisition cost Book value Company 2016 2017 (in millions of Won) [Domestic] POSCO MITSUBISHI CARBON TECHNOLOGY 11,568,000 60.00 ₩ 115,680 ₩ 83,113 110,760 Others (5 companies) — 6,094 83,113 116,854 [Foreign] Roy Hill Holdings Pty Ltd (*1) 13,117,972 12.50 1,528,672 1,186,859 1,125,133 POSCO-NPS 325,050,000 50.00 364,609 393,570 348,836 CSP — Compania Siderurgica do Pecem 1,108,696,532 20.00 558,821 330,463 146,427 KOBRASCO 2,010,719,185 50.00 32,950 88,308 108,485 BX STEEL POSCO Cold Rolled Sheet Co., Ltd. — 25.00 61,961 97,369 88,305 DMSA/AMSA (*1) — 4.00 304,623 74,935 56,735 Others (14 companies) 32,331 46,716 2,203,835 1,920,637 ₩ 2,286,948 2,037,491 (*1) As of December 31, 2016 and 2017, the investments in joint ventures are provided as collateral in relation to the joint ventures’ borrowings. (d) The movements of investments in associates and joint ventures for the years ended December 31, 2016 and 2017 were as follows: 1) For the year ended December 31, 2016 Company December 31, Acquisition Dividends Share of profits Other (*1) December 31, (in millions of Won) [Domestic] EQP POSCO Global NO1 Natural Resources PEF ₩ 175,676 222 — (399 ) 191 175,690 SNNC 111,326 — — (3,417 ) (50 ) 107,859 QSONE Co.,Ltd. 83,919 — — 880 — 84,799 Chun-cheon Energy Co., Ltd 30,420 19,832 — (5,175 ) — 45,077 Incheon-Gimpo Expressway Co., Ltd. 39,447 — — (2,758 ) 683 37,372 BLUE OCEAN Private Equity Fund 35,437 — — 643 (328 ) 35,752 CHUNGJU ENTERPRISE CITY 12,265 — — 286 — 12,551 UITrans LRT Co., Ltd. 40,903 6,817 — (29,825 ) (44 ) 17,851 Daesung Steel 14,000 — — (2,272 ) 574 12,302 Keystone NO. 1. Private Equity Fund 13,015 — — 281 18 13,314 KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund 14,829 1,875 — 1,186 (6,000 ) 11,890 KONES, Corp. 5,775 — — (256 ) 122 5,641 POSCO MITSUBISHI CARBON TECHNOLOGY 104,970 — — (21,929 ) 72 83,113 POSCO PLANTEC Co., Ltd. 171,218 — — (171,927 ) 709 — SeAH Changwon Integrated Special Steel 165,754 — — 4,797 (170,551 ) — POSCO ES MATERIALS CO.,LTD 38,447 — — (2,061 ) (36,386 ) — Others (33 companies) 33,933 20,061 (200 ) (2,802 ) 4,069 55,061 1,091,334 48,807 (200 ) (234,748 ) (206,921 ) 698,272 [Foreign] South-East Asia Gas Pipeline Company Ltd. 222,269 — (59,717 ) 46,855 6,589 215,996 AES-VCM 153,271 — — 27,031 (13,161 ) 167,141 7623704 Canada Inc. 134,034 — (921 ) 175 4,224 137,512 Eureka Moly LLC 87,878 — — (18 ) 1,741 89,601 AMCI (WA) PTY LTD 72,289 — — (3,358 ) 1,570 70,501 Nickel Mining Company SAS 76,445 — — (31,047 ) (260 ) 45,138 NCR LLC 35,447 — — (41 ) 1,332 36,738 KOREA LNG LTD. 53,548 — (6,342 ) 6,392 9,460 63,058 PT. Batutua Tembaga Raya 15,382 7,040 — — 301 22,723 Zhongyue POSCO (Qinhuangdao) Tinplate 19,311 — — (412 ) (891 ) 18,008 PT. Wampu Electric Power 8,855 — — (397 ) 248 8,706 POSCO SeAH Steel Wire(Nantong) Co., Ltd. 7,061 — — 242 (463 ) 6,840 Roy Hill Holdings Pty Ltd 1,153,434 — — 12,643 20,782 1,186,859 POSCO-NPS 381,461 — (10,893 ) 11,499 11,503 393,570 CSP - Compania Siderurgica do Pecem 80,805 88,930 — 116,694 44,034 330,463 KOBRASCO 78,364 — (29,297 ) 20,761 18,480 88,308 BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 100,908 — — 258 (3,797 ) 97,369 DMSA/AMSA 105,964 24,624 — (60,415 ) 4,762 74,935 Others (37 companies) 67,273 28,993 (4,252 ) (791 ) 39,428 130,651 2,853,999 149,587 (111,422 ) 146,071 145,882 3,184,117 ₩ 3,945,333 198,394 (111,622 ) (88,677 ) (61,039 ) 3,882,389 (*1) Other increase or decrease represents the changes in investments in associates and joint ventures due to disposals, change in capital adjustments effect from translations of financial statements of foreign investees and others. 2) For the year ended December 31, 2017 Company December 31, Book value Acquisition Dividends Share of Other (decrease) (*1) December 31, Book value (in millions of Won) [Domestic] EQP POSCO Global NO1 Natural Resources PEF ₩ 175,690 — — 418 (555 ) 175,553 SNNC 107,859 — — 2,370 195 110,424 QSONE Co.,Ltd. 84,799 — (368 ) 618 — 85,049 Chun-cheon Energy Co., Ltd 45,077 27,791 — 1,510 — 74,378 Incheon-Gimpo Expressway Co., Ltd. 37,372 — — (6,463 ) 751 31,660 BLUE OCEAN Private Equity Fund 35,752 — — (8,154 ) (7,978 ) 19,620 CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd 12,551 — — 4,701 — 17,252 UITrans LRT Co., Ltd. 17,851 — — (2,010 ) — 15,841 Daesung Steel 12,302 — — 3,198 — 15,500 Keystone NO. 1. Private Equity Fund 13,314 — — (886 ) (49 ) 12,379 KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund 11,890 — — (197 ) (4,865 ) 6,828 KONES, Corp. 5,641 — — (2,774 ) (40 ) 2,827 POSCO MITSUBISHI CARBON TECHNOLOGY 83,113 — — 27,582 65 110,760 Others (40 companies) 55,061 28,348 (137 ) (7,995 ) (1,858 ) 73,419 698,272 56,139 (505 ) 11,918 (14,334 ) 751,490 [Foreign] South-East Asia Gas Pipeline Company Ltd. 215,996 — (37,016 ) 42,896 (24,807 ) 197,069 AES-VCM 167,141 — (30,798 ) 19,644 (13,639 ) 142,348 7623704 Canada Inc. 137,512 — (7,563 ) 7,468 (15,715 ) 121,702 Eureka Moly LLC 89,601 — — (35 ) (10,168 ) 79,398 AMCI (WA) PTY LTD. 70,501 — — (4,299 ) (2,824 ) 63,378 Nickel Mining Company SAS 45,138 — — 424 343 45,905 NCR LLC 36,738 276 — (60 ) (3,216 ) 33,738 KOREA LNG LTD. 63,058 — (6,466 ) (70,180 ) 47,010 33,422 PT. Batutua Tembaga Raya 22,723 — — 260 (1,160 ) 21,823 Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 18,008 — — (1,268 ) (1,123 ) 15,617 PT. Wampu Electric Power 8,706 — — 5,927 (1,242 ) 13,391 POSCO SeAH Steel Wire(Nantong) Co., Ltd. 6,840 — — 303 (626 ) 6,517 Roy Hill Holdings Pty Ltd. 1,186,859 — — 46,020 (107,746 ) 1,125,133 POSCO-NPS 393,570 — (17,277 ) 17,173 (44,630 ) 348,836 CSP-Compania Siderurgica do Pecem 330,463 — — (147,847 ) (36,189 ) 146,427 KOBRASCO 88,308 — (22,135 ) 56,445 (14,133 ) 108,485 BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 97,369 — (5,542 ) 1,555 (5,077 ) 88,305 DMSA/AMSA 74,935 13,712 — (22,339 ) (9,573 ) 56,735 Others (40 companies) 130,651 22,209 (4,408 ) 46,535 (36,774 ) 158,213 3,184,117 36,197 (131,205 ) (1,378 ) (281,289 ) 2,806,442 ₩ 3,882,389 92,336 (131,710 ) 10,540 (295,623 ) 3,557,932 (*1) Other increase or decrease represents the changes in investments in associates and joint ventures due to disposals, change in capital adjustments effect from translations of financial statements of foreign investees and others. (e) Summarized financial information of associates and joint ventures as of and for the years ended December 31, 2016 and 2017 are as follows: 1) December 31, 2016 Company Assets Liabilities Equity Sales Net (in millions of Won) [Domestic] EQP POSCO Global NO1 Natural Resources PEF ₩ 597,767 864 596,903 — (1,349 ) SNNC 725,987 482,429 243,558 527,101 2,022 QSONE Co.,Ltd. 247,385 77,786 169,599 15,961 1,760 Chun-cheon Energy Co., Ltd 547,805 378,613 169,192 — (3,748 ) Incheon-Gimpo Expressway Co., Ltd. 929,539 718,107 211,432 — (1,910 ) BLUE OCEAN Private Equity Fund 357,723 220,895 136,828 456,311 2,335 CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd 136,857 124,666 12,191 19,028 967 UITrans LRT Co., Ltd. 400,761 307,625 93,136 — (822 ) Daesung Steel 150,944 112,194 38,750 60,772 (12,955 ) Keystone NO. 1. Private Equity Fund 119,378 79,946 39,432 197 694 KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund 96,213 1,094 95,119 14,157 9,561 KONES, Corp. 2,627 1,519 1,108 3,952 (615 ) POSCO MITSUBISHI CARBON TECHNOLOGY 448,618 311,070 137,548 53,908 (36,572 ) POSCO PLANTEC Co., Ltd. 501,659 678,004 (176,345 ) 361,351 (43,195 ) [Foreign] South-East Asia Gas Pipeline Company Ltd. 2,171,689 1,305,942 865,747 491,011 187,114 7623704 Canada Inc. 1,334,391 1 1,334,390 — 19,485 Nickel Mining Company SAS 491,458 347,194 144,264 145,571 (61,473 ) KOREA LNG LTD. 303,389 19,704 283,685 33,035 31,962 PT. Batutua Tembaga Raya 351,119 332,037 19,082 — — Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 83,291 24,676 58,615 117,387 (1,216 ) PT. Wampu Electric Power 206,052 165,618 40,434 3,405 (1,984 ) POSCO SeAH Steel Wire(Nantong) Co., Ltd. 67,905 40,451 27,454 81,260 938 Roy Hill Holdings Pty Ltd 10,962,261 8,059,714 2,902,547 845,243 129,968 POSCO-NPS 786,937 — 786,937 — 24,719 CSP - Compania Siderurgica do Pecem 5,682,161 4,237,247 1,444,914 226,669 243,151 KOBRASCO 178,853 2,236 176,617 72,274 41,522 BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 789,336 427,475 361,861 948,488 1,033 DMSA/AMSA 6,570,172 4,842,560 1,727,612 579,388 (519,969 ) 2) December 31, 2017 Company Assets Liabilities Equity Sales Net (in millions of Won) [Domestic] EQP POSCO Global NO1 Natural Resources PEF ₩ 562,698 866 561,832 — 1,261 SNNC 705,975 459,519 246,456 576,023 2,417 QSONE Co.,Ltd. 248,779 78,680 170,099 15,297 1,236 Chun-cheon Energy Co., Ltd 700,079 539,137 160,942 164,294 (8,250 ) Incheon-Gimpo Expressway Co., Ltd. 1,132,233 922,338 209,895 — (23,221 ) BLUE OCEAN Private Equity Fund 311,129 188,512 122,617 445,238 (3,345 ) CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd 76,184 48,072 28,112 77,093 15,921 UITrans LRT Co., Ltd. 464,074 384,202 79,872 3,689 (13,263 ) Daesung Steel 169,774 112,795 56,979 70,434 18,230 Keystone NO. 1. Private Equity Fund 170,155 133,033 37,122 5,391 (2,070 ) KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund 55,936 1,315 54,621 10,212 (1,578 ) KONES, Corp. 2,766 1,616 1,150 5,379 139 POSCO MITSUBISHI CARBON TECHNOLOGY 478,847 295,052 183,795 154,312 46,138 [Foreign] South-East Asia Gas Pipeline Company Ltd. 1,911,942 1,121,783 790,159 445,682 171,303 7623704 Canada Inc. 1,182,376 9 1,182,367 — 82,344 Nickel Mining Company SAS 465,700 324,687 141,013 179,683 (4,450 ) KOREA LNG LTD. 179,269 86 179,183 34,640 32,446 PT. Batutua Tembaga Raya 336,085 272,542 63,543 195,520 49,091 Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 70,437 18,722 51,715 85,850 (3,736 ) PT. Wampu Electric Power 212,095 148,177 63,918 779 29,634 POSCO SeAH Steel Wire(Nantong) Co., Ltd. 70,701 43,588 27,113 84,973 1,210 Roy Hill Holdings Pty Ltd 10,148,416 6,600,900 3,547,516 2,988,372 797,008 POSCO-NPS 697,470 — 697,470 — 32,481 CSP - Compania Siderurgica do Pecem 4,805,353 4,223,392 581,961 1,290,767 (740,591 ) KOBRASCO 252,813 35,843 216,970 179,453 112,890 BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 717,472 391,871 325,601 1,245,178 5,978 DMSA/AMSA 5,586,171 4,167,906 1,418,265 630,229 (475,958 ) |
Joint Operations
Joint Operations | 12 Months Ended |
Dec. 31, 2017 | |
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Joint Operations | 12. Joint Operations Details of significant joint operations that the Company is participating in as a party to a joint arrangement as of December 31, 2017 are as follows: Joint operations Operation Ownership Location Myanmar A-1/A-3 Mineral development and gas production 51.00 Myanmar Offshore midstream Gas transportation facility 51.00 Myanmar Greenhills mine Mine development 20.00 Canada Arctos Anthracite coal project Mine development 50.00 Canada Mt. Thorley J/V Mine development 20.00 Australia POSMAC J/V Mine development 20.00 Australia RUM J/V Mine development 10.00 Australia Hanam-Gamil package public housing project Construction 7.70 Korea Sejong 2-1 Construction 37.00 Korea Yongin-Giheung Station area city development project Construction 61.00 Korea Korean wave world complex land multi-purpose building development project Construction 33.30 Korea Sejong 4-1 Construction 60.00 Korea |
Investment Property, Net
Investment Property, Net | 12 Months Ended |
Dec. 31, 2017 | |
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Investment Property, Net | 13. Investment Property, Net (a) Investment property as of December 31, 2016 and 2017 are as follows: 2016 2017 Acquisition Accumulated Book value Acquisition Accumulated Book (in millions of Won) Land ₩ 423,910 (31,187 ) 392,723 360,402 — 360,402 Buildings 807,657 (136,118 ) 671,539 727,022 (92,982 ) 634,040 Structures 3,148 (1,001 ) 2,147 7,717 (1,436 ) 6,281 Construction-in-progress 51,311 — 51,311 64,191 — 64,191 ₩ 1,286,026 (168,306 ) 1,117,720 1,159,332 (94,418 ) 1,064,914 As of December 31, 2017, the fair value of investment property is ₩ ₩ (b) Changes in the carrying amount of investment property for the years ended December 31, 2016 and 2017 were as follows: 1) For the year ended December 31, 2016 Beginning Acquisitions Disposals Depreciation (*1) Others (*2) Ending (in millions of Won) Land ₩ 346,879 24,116 (8,056 ) — 29,784 392,723 Buildings 696,526 7,548 (3,339 ) (24,043 ) (5,153 ) 671,539 Structures 1,819 1 — (288 ) 615 2,147 Construction-in-progress 39,068 13,910 — — (1,667 ) 51,311 ₩ 1,084,292 45,575 (11,395 ) (24,331 ) 23,579 1,117,720 (*1) Impairment loss on investment property amounting to ₩ (*2) Includes reclassification resulting from changing purpose of use, adjustment of foreign currency translation difference and others. 2) For the year ended December 31, 2017 Beginning Acquisitions Disposals Depreciation Others (*1) Ending (in millions of Won) Land ₩ 392,723 20,941 (37,725 ) — (15,537 ) 360,402 Buildings 671,539 38,831 (9,506 ) (23,450 ) (43,374 ) 634,040 Structures 2,147 — — (591 ) 4,725 6,281 Construction-in-progress 51,311 17,648 — — (4,768 ) 64,191 ₩ 1,117,720 77,420 (47,231 ) (24,041 ) (58,954 ) 1,064,914 (*1) Includes reclassification resulting from changing purpose of use, adjustment of foreign currency translation difference and others. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
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Property, Plant and Equipment, Net | 14. Property, Plant and Equipment, Net (a) Property, plant and equipment as of December 31, 2016 and 2017 are as follows: 2016 2017 Acquisition Accumulated Government Book value Acquisition Accumulated Government Book value (in millions of Won) Land ₩ 2,607,660 (6,452 ) — 2,601,208 2,534,102 (6,452 ) — 2,527,650 Buildings 9,180,028 (4,183,974 ) (423 ) 4,995,631 9,311,426 (4,433,996 ) (412 ) 4,877,018 Structures 5,385,365 (2,476,818 ) (67 ) 2,908,480 5,452,713 (2,686,802 ) (59 ) 2,765,852 Machinery and equipment 46,698,254 (26,379,544 ) (320 ) 20,318,390 46,669,612 (27,301,410 ) (245 ) 19,367,957 Vehicles 306,770 (259,986 ) (85 ) 46,699 296,815 (263,884 ) (70 ) 32,861 Tools 385,960 (312,266 ) (2,314 ) 71,380 380,144 (315,446 ) (1,058 ) 63,640 Furniture and fixtures 609,736 (477,064 ) (266 ) 132,406 643,779 (498,192 ) (148 ) 145,439 Finance lease assets 248,590 (89,577 ) — 159,013 243,160 (97,903 ) — 145,257 Bearer plants — — — — 70,031 (4,516 ) — 65,515 Construction-in-progress 2,542,233 — (5,101 ) 2,537,132 1,897,885 — (5,539 ) 1,892,346 ₩ 67,964,596 (34,185,681 ) (8,576 ) 33,770,339 67,499,667 (35,608,601 ) (7,531 ) 31,883,535 (b) Changes in the carrying amount of property, plant and equipment for the years ended December 31, 2016 and 2017 were as follows: 1) For the year ended December 31, 2016 Beginning Acquisitions Business Disposals Depreciation (*1) Others (*2) Ending (in millions of Won) Land ₩ 2,572,807 8,901 15,687 (16,176 ) (6,452 ) 26,441 2,601,208 Buildings 5,165,725 37,493 277,242 (12,857 ) (396,899 ) (75,073 ) 4,995,631 Structures 2,949,413 19,043 — (1,994 ) (216,631 ) 158,649 2,908,480 Machinery and equipment 21,093,743 193,856 47,021 (36,095 ) (2,277,740 ) 1,297,605 20,318,390 Vehicles 52,005 8,967 88 (1,990 ) (18,484 ) 6,113 46,699 Tools 73,478 17,546 635 (848 ) (27,396 ) 7,965 71,380 Furniture and fixtures 148,099 30,650 32 (4,248 ) (51,361 ) 9,234 132,406 Finance lease assets 92,796 79,556 — (38 ) (13,409 ) 108 159,013 Construction-in-progress 2,374,789 1,935,339 2,181 (4,255 ) — (1,770,922 ) 2,537,132 ₩ 34,522,855 2,331,351 342,886 (78,501 ) (3,008,372 ) (339,880 ) 33,770,339 (*1) Includes impairment losses on property, plant and equipment amounting to ₩ ₩ value-in-use, ₩ (*2) Represents assets transferred from construction-in-progress 2) For the year ended December 31, 2017 Beginning Acquisitions Disposals Depreciation (*1) Others (*2) Ending (in millions of Won) Land ₩ 2,601,208 3,477 (18,226 ) — (58,809 ) 2,527,650 Buildings 4,995,631 53,961 (5,782 ) (361,531 ) 194,739 4,877,018 Structures 2,908,480 18,943 (2,558 ) (246,229 ) 87,216 2,765,852 Machinery and equipment 20,318,390 194,653 (93,210 ) (2,217,435 ) 1,165,559 19,367,957 Vehicles 46,699 9,982 (1,623 ) (22,340 ) 143 32,861 Tools 71,380 16,424 (976 ) (28,539 ) 5,351 63,640 Furniture and fixtures 132,406 61,597 (1,296 ) (48,416 ) 1,148 145,439 Finance lease assets 159,013 4,760 (453 ) (14,810 ) (3,253 ) 145,257 Bearer plants — — — (4,830 ) 70,345 65,515 Construction-in-progress 2,537,132 1,894,067 (817 ) (36,706 ) (2,501,330 ) 1,892,346 ₩ 33,770,339 2,257,864 (124,941 ) (2,980,836 ) (1,038,891 ) 31,883,535 (*1) Includes impairment losses on property, plant and equipment amounting to ₩ ₩ ₩ (*2) Represents assets transferred from construction-in-progress (c) Borrowing costs capitalized and the capitalized interest rate for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 (in millions of Won) Weighted average expenditure ₩ 1,070,280 1,180,563 Borrowing costs capitalized 40,321 37,261 Capitalization rate (%) 3.32 ~ 3.82 1.74 ~ 3.45 (d) Property, plant and equipment and investment property pledged as collateral as of December 31, 2016 and 2017 are as follows: Book value Collateral right holder 2016 2017 (*2) (in millions of Won) Land (*1) Korean Development Bank and others ₩ 925,670 822,057 Buildings and structures (*1) Korean Development Bank and others 1,734,543 1,678,403 Machinery and equipment Korean Development Bank and others 4,037,813 3,527,420 Construction-in-progress Korean Development Bank and others — 15,389 ₩ 6,698,026 6,043,269 (*1) Investment property and other assets(land-use (*2) As of December 31, 2017, the pledged amount is ₩ |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
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Goodwill and Other Intangible Assets, Net | 15. Goodwill and Other Intangible Assets, Net (a) Goodwill and other intangible assets as of December 31, 2016 and 2017 are as follows: 2016 2017 Acquisition Accumulated Government Book Acquisition Accumulated Government Book (in millions of Won) Goodwill ₩ 1,669,556 (294,425 ) — 1,375,131 1,604,288 (254,450 ) — 1,349,838 Intellectual property rights 2,923,030 (401,156 ) (703 ) 2,521,171 3,140,159 (690,966 ) — 2,449,193 Premium in rental 139,843 (20,804 ) — 119,039 139,873 (21,563 ) — 118,310 Development expense 376,327 (259,184 ) (131 ) 117,012 397,129 (316,892 ) (19 ) 80,218 Port facilities usage rights 633,025 (376,408 ) — 256,617 705,692 (396,319 ) — 309,373 Exploration and evaluation assets 196,124 (33,856 ) — 162,268 296,320 (90,376 ) — 205,944 Customer relationships 859,643 (345,398 ) — 514,245 857,624 (390,679 ) — 466,945 Power generation permit 539,405 — — 539,405 539,405 — — 539,405 Other intangible assets 1,007,871 (524,000 ) (30 ) 483,841 1,006,219 (573,152 ) (24 ) 433,043 ₩ 8,344,824 (2,255,231 ) (864 ) 6,088,729 8,686,709 (2,734,397 ) (43 ) 5,952,269 (b) The changes in carrying amount of goodwill and other intangible assets for the years ended December 31, 2016 and 2017 were as follows: 1) For the year ended December 31, 2016 Beginning Acquisitions Disposals Amortization Impairment Others (*2) Ending (in millions of Won) Goodwill ₩ 1,461,954 — — — (95,984 ) 9,161 1,375,131 Intellectual property rights 2,667,086 56,849 (753 ) (204,112 ) (16,786 ) 18,887 2,521,171 Premium in rental (*1) 127,949 1,964 (7,526 ) (243 ) (1,559 ) (1,546 ) 119,039 Development expense 135,796 4,027 (60 ) (61,732 ) (298 ) 39,279 117,012 Port facilities usage rights 264,801 — — (15,217 ) — 7,033 256,617 Exploration and evaluation assets 151,144 45,524 — — (3,290 ) (31,110 ) 162,268 Customer relationships 559,809 — — (47,790 ) — 2,226 514,245 Power generation permit 539,405 — — — — — 539,405 Other intangible assets 497,810 52,350 (1,454 ) (48,910 ) (7,353 ) (8,602 ) 483,841 ₩ 6,405,754 160,714 (9,793 ) (378,004 ) (125,270 ) 35,328 6,088,729 (*1) Premium in rental includes memberships with indefinite useful lives. (*2) Represents assets transferred from construction-in-progress 2) For the year ended December 31, 2017 Beginning Acquisitions Business Disposals Amortization Impairment Others (*2) Ending (in millions of Won) Goodwill ₩ 1,375,131 — — — — (21,750 ) (3,543 ) 1,349,838 Intellectual property rights 2,521,171 167,580 47,625 (450 ) (217,932 ) (74,524 ) 5,723 2,449,193 Premium in rental (*1) 119,039 6,006 — (3,666 ) (611 ) (1,661 ) (797 ) 118,310 Development expense 117,012 3,479 — (1,179 ) (66,847 ) (694 ) 28,447 80,218 Port facilities usage rights 256,617 — — — (19,912 ) — 72,668 309,373 Exploration and evaluation assets 162,268 91,548 — — — (56,519 ) 8,647 205,944 Customer relationships 514,245 — — — (46,508 ) — (792 ) 466,945 Power generation permit 539,405 — — — — — — 539,405 Other intangible assets 483,841 84,502 — (1,641 ) (57,964 ) (11,829 ) (63,866 ) 433,043 ₩ 6,088,729 353,115 47,625 (6,936 ) (409,774 ) (166,977 ) 46,487 5,952,269 (*1) Premium in rental includes memberships with indefinite useful lives. (*2) Represents assets transferred from construction-in-progress (c) For the purpose of impairment testing, goodwill is allocated to individually operating entities which are determined to be CGUs. The goodwill amounts as of December 31, 2016 and 2017 are as follows: Reportable segments Total number of CGUs 2016 2017 CGUs 2016 2017 (in millions of Won) Steel 9 7 POSCO VST CO., LTD. ₩ 36,955 36,955 Others (*1) 13,151 12,494 Trading 2 2 POSCO DAEWOO Corporation (*1) 1,163,922 1,165,030 PT. Bio Inti Agrindo 8,070 7,099 E&C 4 2 POSCO ENGINEERING (*2) — 90,426 POSCO Engineering CO.,Ltd (*2) 111,309 — DONG FANG JIN HONG 166 157 Others 6 5 POSCO ENERGY CO., LTD. 26,471 26,471 Others 15,087 11,206 Total 21 16 ₩ 1,375,131 1,349,838 (*1) For the year ended December 31, 2017, POSCO DAEWOO Corporation has taken over steel marketing and other business unit of POSCO Processing & Service. As a result, goodwill of POSCO Processing & Service amounting to ₩ Recoverable amounts of POSCO DAEWOO Corporation are determined based on its value in use. As of December 31, 2017, value in use is estimated by applying 8.1% discount rate and 1.9% terminal growth rate within 5 years, the period for the estimated future cash flows, based on management’s business plan. The terminal growth rate does not exceed long-term average growth rate of its industry. No impairment loss on goodwill was recognized for the year ended December 31, 2017 as the recoverable amount exceeded the carrying amount of the CGU. The estimated recoverable amount of the CGU exceeded the carrying amount by ₩ (*2) For the year ended December 31, 2017, POSCO Engineering CO., Ltd was merged into POSCO ENGINEERING & CONSTRUCTION CO., LTD, resulting in transfer of its goodwill to POSCO ENGINEERING & CONSTRUCTION CO., LTD. Recoverable amounts of POSCO ENGINEERING & CONSTRUCTION CO., LTD are determined based on its value in use. As of December 31, 2017, value in use is estimated by applying 8.2% discount rate and 1.0% terminal growth rate within 5 years, the period for the estimated future cash flows, based on management’s business plan. The terminal growth rate does not exceed long-term average growth rate of its industry. Impairment loss on goodwill of ₩ Value in use of the CGU was affected by the assumptions such as discount rate and terminal growth used in discount cash flow model. When the discount rate increases by 0.25%, value in use will be decreased by 3.02% and when the terminal growth rate decreases by 0.25%, value in use will be decreased by 2.06%. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
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Other Assets | 16. Other Assets Other current assets and other non-current 2016 2017 (in millions of Won) Current Advance payment ₩ 787,452 661,779 Prepaid expenses 105,102 143,032 Firm commitment asset — 15,115 Others 1,930 1,316 894,484 821,242 Non-current Long-term advance payment 27,189 24,201 Long-term prepaid expenses 380,678 333,153 Others (*1) 159,813 131,657 ₩ 567,680 489,011 (*1) As of December 31, 2016 and 2017, the Company recognized tax assets amounting to ₩ ₩ |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
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Borrowings | 17. Borrowings (a) Short-term borrowings and current portion of long-term borrowings as of December 31, 2016 and 2017 are as follows: Bank Issuance date Maturity date Interest 2016 2017 (in millions of Won) Short-term borrowings Bank overdrafts JP Morgan and January, 2017~ December, 2017 January, 2018~ December, 2018 1.2~9.0 ₩ 254,036 217,879 Short-term borrowings HSBC and others January, 2017~ December, 2017 January, 2018~ December, 2018 0.3~10.5 7,725,691 7,956,939 7,979,727 8,174,818 Current portion of long-term liabilities Current portion of long-term borrowings Export-Import Bank of Korea and others September, 2001~ November, 2017 February, 2018~ December, 2018 0.4~8.5 1,390,733 1,407,123 Current portion of debentures Korean Development August, 2009~ November, 2016 February, 2018~ December, 2018 1.4~6.1 825,176 1,693,974 Less: Current portion of discount on debentures issued (829 ) (1,399 ) 2,215,080 3,099,698 ₩ 10,194,807 11,274,516 (b) Long-term borrowings, excluding current portion as of December 31, 2016 and 2017 are as follows: Bank Issuance date Maturity date Interest 2016 2017 (in millions of Won) Long-term borrowings Export-Import bank of Korea and others September, 2001~ March, 2019~ 0.5~8.4 ₩ 6,420,612 4,839,199 Less: Present value discount (55,799 ) (36,459 ) Bonds Korea Development Bank and others August, 2009~ February, 2019~ 1.8~6.3 6,163,896 4,999,575 Less: Discount on debentures issued (18,518 ) (13,174 ) ₩ 12,510,191 9,789,141 (c) Assets pledged as collateral in regards to the borrowings as of December 31, 2017 are as follows: Bank Book value Pledged (in millions of Won) Property, plant and equipment and Investment (*1) Korea Development Bank and others ₩ 5,777,330 4,969,201 Trade accounts and notes receivable Korea Development Bank and others 147,581 147,581 Inventories Export-Import Bank of Korea and others 162,198 116,378 Financial instruments Woori Bank and others 56,491 55,048 ₩ 6,143,600 5,288,208 (*1) Includes other assets(land-use |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2017 | |
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Other Payables | 18. Other Payables Other payables as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Current Accounts payable ₩ 854,623 800,374 Accrued expenses 665,295 653,923 Dividend payable 7,770 7,213 Finance lease liabilities 24,523 17,763 Withholdings 299,448 274,188 ₩ 1,851,659 1,753,461 Non-current Accounts payable ₩ 6,823 4,632 Accrued expenses 41,082 14,234 Finance lease liabilities 89,886 75,255 Long-term withholdings 70,768 53,629 ₩ 208,559 147,750 |
Other Financial Liabilities
Other Financial Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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Other Financial Liabilities | 19. Other Financial Liabilities Other financial liabilities as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Current Derivatives liabilities ₩ 85,786 69,872 Financial guarantee liabilities 63,962 59,940 ₩ 149,748 129,812 Non-current Derivatives liabilities ₩ 37,110 85,638 Financial guarantee liabilities 44,199 28,467 ₩ 81,309 114,105 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2017 | |
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Provisions | 20. Provisions (a) Provisions as of December 31, 2016 and 2017 are as follows: 2016 2017 Current Non-current Current Non-current (in millions of Won) Provision for bonus payments ₩ 42,986 — 49,171 — Provision for construction warranties 10,551 86,158 11,804 106,232 Provision for legal contingencies and claims (*1) 4,348 80,498 495 36,269 Provision for the restoration (*2) 10,169 52,425 12,273 121,917 Others (*3,4) 46,811 118,658 37,203 212,754 ₩ 114,865 337,739 110,946 477,172 (*1) The Company recognized probable outflow of resources amounting to ₩ ₩ (*2) Due to contamination of lands near the Company’s magnesium smelting plant located in Gangneung province and others, the Company recognized present values of estimated costs for recovery, ₩ (*3) As of December 31, 2016 and 2017, POSCO ENERGY CO., LTD., a subsidiary of the Company, recognized ₩ ₩ (*4) As of December 31, 2016 and 2017, the amount includes a provision of ₩ (b) The following are the key assumptions concerning the future and other key sources of estimation uncertainties at the end of the reporting period. Key assumptions for the estimation Provision for bonus payments Estimations based on financial performance Provision for construction warranties Estimations based on historical warranty data Provision for legal contingencies and claims Estimations based on the degree of probability of an unfavorable outcome and the ability to make a sufficient reliable estimate of the amount of loss (c) Changes in provisions for the years ended December 31, 2016 and 2017 were as follows: 1) For the year ended December 31, 2016 Beginning Increase Utilization Reversal Others (*1) Ending (in millions of Won) Provision for bonus payments ₩ 42,602 44,106 (42,211 ) (272 ) (1,239 ) 42,986 Provision for construction warranties 81,446 33,925 (19,469 ) (2,695 ) 3,502 96,709 Provision for legal contingencies and claims 52,610 45,525 (14,012 ) (188 ) 911 84,846 Provisions for the restoration 45,111 42,529 (13,367 ) (12,475 ) 796 62,594 Others 102,243 131,911 (68,143 ) (3,086 ) 2,544 165,469 ₩ 324,012 297,996 (157,202 ) (18,716 ) 6,514 452,604 (*1) Includes adjustments of foreign currency translation differences and others. 2) For the year ended December 31, 2017 Beginning Increase Utilization Reversal Others (*1) Ending (in millions of Won) Provision for bonus payments ₩ 42,986 74,728 (64,319 ) (3,035 ) (1,189 ) 49,171 Provision for construction warranties 96,709 40,916 (18,006 ) (2,502 ) 919 118,036 Provision for legal contingencies and claims 84,846 27,459 (70,156 ) (1,749 ) (3,636 ) 36,764 Provisions for the restoration 62,594 63,438 (8,530 ) — 16,688 134,190 Others 165,469 161,054 (64,850 ) (20,199 ) 8,483 249,957 ₩ 452,604 367,595 (225,861 ) (27,485 ) 21,265 588,118 (*1) Includes adjustments of foreign currency translation differences and others. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
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Employee Benefits | 21. Employee Benefits (a) Defined contribution plans The expenses related to post-employment benefit plans under defined contribution plans for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Expense related to post-employment benefit plans under defined contribution plans ₩ 25,224 30,344 35,538 (b) Defined benefit plans 1) The amounts recognized in relation to net defined benefit liabilities in the statements of financial position as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Present value of funded obligations ₩ 1,715,583 1,826,907 Fair value of plan assets (*1) (1,693,118 ) (1,714,166 ) Present value of non-funded 17,437 16,228 Net defined benefit liabilities ₩ 39,902 128,969 (*1) As of December 31, 2016 and 2017, the Company recognized net defined benefit assets amounting to ₩ ₩ 2) Changes in present value of defined benefit obligations for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 (in millions of Won) Defined benefit obligations at the beginning of period ₩ 1,714,115 1,733,020 Current service costs 285,706 209,612 Interest costs 39,286 35,830 Remeasurements: (32,927 ) 51,994 — Gain from change in financial assumptions (72,910 ) (50,218 ) — Loss (gain) from change in demographic assumptions (4,140 ) 15,952 — Others 44,123 86,260 Benefits paid (278,278 ) (185,220 ) Others 5,118 (2,101 ) Defined benefit obligations at the end of period ₩ 1,733,020 1,843,135 3) Changes in fair value of plan assets for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 (in millions of Won) Fair value of plan assets at the beginning of period ₩ 1,532,090 1,693,118 Interest on plan assets 37,385 45,516 Remeasurement of plan assets (6,963 ) (17,190 ) Contributions to plan assets 328,671 164,828 Benefits paid (189,817 ) (168,643 ) Others (8,248 ) (3,463 ) Fair value of plan assets at the end of period ₩ 1,693,118 1,714,166 The Company expects to make an estimated contribution of ₩ 4) The fair value of plan assets as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Equity instruments ₩ 56,187 41,218 Debt instruments 411,726 367,027 Deposits 1,167,475 1,254,571 Others 57,730 51,350 ₩ 1,693,118 1,714,166 5) The amounts recognized in consolidated statements of comprehensive income for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Current service costs ₩ 239,508 285,706 209,612 Net interest costs (*1) 5,894 1,901 (9,686 ) ₩ 245,402 287,607 199,926 (*1) The actual return on plan assets amounted to ₩ ₩ ₩ The above expenses by function were as follows: 2015 2016 2017 (in millions of Won) Cost of sales ₩ 170,334 161,810 131,724 Selling and administrative expenses 74,210 124,994 67,424 Others 858 803 778 ₩ 245,402 287,607 199,926 6) Accumulated actuarial gains (losses), net of tax recognized in other comprehensive income for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Beginning ₩ (314,106 ) (272,152 ) (251,612 ) Current actuarial gains (losses) 41,954 20,540 (47,543 ) Ending ₩ (272,152 ) (251,612 ) (299,155 ) 7) The principal actuarial assumptions as of December 31, 2016 and 2017 are as follows: 2016 2017 (%) Discount rate 2.15~8.59 2.70~7.75 Expected future increase in salaries (*1) 1.00~10.00 1.04~10.00 (*1) The expected future increase in salaries is based on the average salary increase rate for the past three years. All assumptions are reviewed at the end of the reporting period. Additionally, the total estimated defined benefit obligation includes actuarial assumptions associated with the long-term characteristics of the defined benefit plan. 8) Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below: 1% Increase 1% Decrease Amount Percentage (%) Amount Percentage (%) (in millions of Won) Discount rate ₩ (123,568 ) (6.7 ) 138,196 7.5 Expected future increase in salaries 136,385 7.4 (124,400 ) (6.7 ) 9) As of December 31, 2017 the maturity of the expected benefit payments are as follows: Within 1 year - 5 years - 10 years - After Total (in millions of Won) Benefits paid ₩ 109,212 613,786 792,792 655,599 347,280 2,518,669 The maturity analysis of the defined benefit obligation was nominal amounts of defined benefit obligations using expected remaining period of service of employees. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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Other Liabilities | 22. Other Liabilities Other liabilities as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Current Due to customers for contract work ₩ 1,031,663 782,968 Advances received 864,536 1,183,108 Unearned revenue 8,702 7,121 Withholdings 186,665 221,940 Firm commitment liability — 12,192 Others 22,307 33,590 ₩ 2,113,873 2,240,919 Non-current Advances received 418,832 353,631 Unearned revenue 20,013 18,440 Others 40,338 14,360 ₩ 479,183 386,431 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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Financial Instruments | 23. Financial Instruments (a) Classification of financial instruments 1) Financial assets as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Financial assets at fair value through profit or loss Financial assets held for trading ₩ — 1,970 Derivatives assets held for trading 147,582 65,051 Derivatives assets designated as hedging instruments — 3,239 Available-for-sale 2,514,924 1,978,115 Held-to-maturity 2,470 5,211 Loans and receivables 19,277,709 21,268,107 ₩ 21,942,685 23,321,693 The Company applies fair value hedge which uses commodity futures as hedging instrument in order to hedge the risk of changes in fair value of product prices regarding fixed price sales or purchase commitments. Also, the Company applies cash flow hedge which uses currency swap as hedging instrument in order to hedge the risk of changes in cash flow from borrowings due to foreign currency fluctuations. 2) Financial liabilities as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Financial liabilities at fair value through profit or loss Derivatives liabilities held for trading ₩ 122,896 142,280 Derivatives liabilities designated as hedging instruments — 13,230 Financial liabilities measured at amortized cost Trade accounts and notes payable 4,117,798 3,477,678 Borrowings 22,704,998 21,063,657 Financial guarantee liabilities 108,161 88,407 Others 2,007,114 1,865,683 ₩ 29,060,967 26,650,935 3) Finance income and costs by category of financial instrument for the years ended December 31, 2015, 2016 and 2017 were as follows: ① Finance income and costs Other comprehensive loss Interest income (expense) Gain and loss on valuation Gain and loss on foreign currency Gain and loss on disposal Impairment loss Others Total (in millions of Won) Derivatives assets ₩ — 129,949 — 357,715 — — 487,664 — Available-for-sale 1,956 — — 138,782 (142,781 ) 183,712 181,669 (187,854 ) Held-to-maturity 456 — — — — (688 ) (232 ) — Loans and receivables 207,781 — 283,030 (15,406 ) — (217 ) 475,188 — Derivatives liabilities — (46,748 ) — (334,340 ) — — (381,088 ) — Financial liabilities measured at amortized cost (788,772 ) — (665,583 ) — — (138,827 ) (1,593,182 ) — ₩ (578,579 ) 83,201 (382,553 ) 146,751 (142,781 ) 43,980 (829,981 ) (187,854 ) ② Finance income and costs Interest income (expense) Gain and loss on valuation Gain and loss on foreign currency Gain and loss on disposal Impairment loss Others Total Other (in millions of Won) Derivatives assets ₩ — 57,411 — 310,625 — — 368,036 — Available-for-sale 431 — — 127,524 (248,404 ) 41,000 (79,449 ) 310,608 Held-to-maturity 266 — — — — 38 304 — Loans and receivables 181,778 — 140,751 (17,854 ) — (172 ) 304,503 — Derivatives liabilities — (72,976 ) — (332,415 ) — — (405,391 ) — Financial liabilities measured at amortized cost (658,726 ) — (283,059 ) (61 ) — (28,367 ) (970,213 ) — ₩ (476,251 ) (15,565) (142,308 ) 87,819 (248,404 ) 12,499 (782,210 ) 310,608 ③ Finance income and costs Interest income (expense) Gain and loss on valuation Gain and loss on foreign currency Gain and loss on disposal Impairment loss Others Total Other (in millions of Won) Financial assets held for trading ₩ — 16 — — — — 16 — Derivatives assets — (99,942 ) — 206,362 — — 106,420 (143 ) Available-for-sale 60 — — 418,789 (123,214 ) 92,961 388,596 (31,389 ) Held-to-maturity 236 — — — — 7 243 — Loans and receivables 212,155 — (607,837 ) (32,456 ) — (304 ) (428,442 ) — Derivatives liabilities — (61,809 ) — (231,908 ) — — (293,717 ) — Financial liabilities measured at amortized cost (653,115 ) — 777,935 — — (9,546 ) 115,274 — ₩ (440,664 ) (161,735 ) 170,098 360,787 (123,214 ) 83,118 (111,610 ) (31,532 ) (b) Credit risk 1) Credit risk exposure The carrying amount of financial assets represents the Company’s maximum exposure to credit risk. The maximum exposure to credit risk as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Cash and cash equivalents ₩ 2,447,619 2,612,530 Financial assets held for trading — 1,970 Derivative assets 147,582 68,290 Available-for-sale 51,649 192,866 Held-to-maturity 2,470 5,211 Loans and other receivables 7,104,940 9,099,444 Trade accounts and notes receivable, net 9,674,026 8,824,563 Long-term trade accounts and notes receivable, net 51,124 731,570 ₩ 19,479,410 21,536,444 The Company provided financial guarantees for the repayment of loans of associates, joint ventures and third parties. As of December 31, 2016 and 2017, the maximum exposure to credit risk related to the financial guarantees amounted to ₩ ₩ 2) Impairment losses on financial assets ① 2016 2017 (in millions of Won) Trade accounts and notes receivable ₩ 558,125 634,129 Other accounts receivable 203,346 187,706 Loans 210,346 258,957 Other assets 5,954 13,672 ₩ 977,771 1,094,464 ② 2016 2017 (in millions of Won) Bad debt expenses on trade accounts and notes receivable ₩ 165,150 173,694 Other bad debt expenses (*1) 50,225 100,920 Impairment loss on available-for-sale 248,404 123,214 Less: Recovery of allowance for other bad debt accounts (12,658 ) (2,743 ) Less: Recovery of impairment loss on held-to-maturity (38 ) (20 ) ₩ 451,083 395,065 (*1) Other bad debt expenses are mainly related to other receivables and loans. ③ 2016 2017 Trade accounts and Impairment Trade accounts and Impairment (in millions of Won) Not due ₩ 7,963,491 62,511 7,736,092 65,314 Over due less than 1 month 790,042 27,482 445,390 12,546 1 month – 3 months 205,394 8,955 170,682 742 3 months – 12 months 189,605 26,814 384,313 21,030 Over 12 months 1,134,743 432,363 1,453,785 534,497 ₩ 10,283,275 558,125 10,190,262 634,129 ④ 2016 2017 Other Impairment Other Impairment (in millions of Won) Not due ₩ 1,641,924 23,958 1,888,726 9,672 Over due less than 1 month 197,772 75,207 235,559 35,539 1 month – 3 months 27,525 1,189 69,372 54,335 3 months – 12 months 82,337 20,300 96,942 64,467 over 12 months 357,401 298,992 365,202 296,322 ₩ 2,306,959 419,646 2,655,801 460,335 ⑤ 2015 2016 2017 (in millions of Won) Beginning ₩ 954,153 999,678 977,771 Bad debt expenses 189,616 165,150 173,694 Other bad debt expenses 147,619 37,567 98,177 Others (*1) (291,710 ) (224,624 ) (155,178 ) Ending ₩ 999,678 977,771 1,094,464 (*1) Others for the year ended December 31, 2015 included a decrease of ₩ write-off ₩ ₩ (c) Liquidity risk 1) Contractual maturities for non-derivative Book value Contractual Within 1 year - After (in millions of Won) Trade accounts and notes payable ₩ 3,477,678 3,478,992 3,466,001 12,991 — Borrowings 21,063,657 22,928,112 12,093,516 9,200,416 1,634,180 Financial guarantee liabilities (*1) 88,407 3,135,084 3,135,084 — — Other financial liabilities 1,865,683 1,874,667 1,721,004 153,663 — ₩ 26,495,425 31,416,855 20,415,605 9,367,070 1,634,180 (*1) For issued financial guarantee contracts, the maximum amount of the guarantee is allocated to the earliest period in which the guarantee could be called. 2) The maturity analysis of derivative financial liabilities is as follows: Within 1 year 1 year - Total (in millions of Won) Currency forward ₩ 9,744 300 10,044 Currency futures 9,632 74,834 84,466 Currency swaps 25,553 10,504 36,057 Interest swaps 153 — 153 Other forwards 24,790 — 24,790 ₩ 69,872 85,638 155,510 (d) Currency risk 1) The Company has exposure to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of the changes in foreign exchange rates. The exposure to currency risk as of December 31, 2016 and 2017 are as follows: 2016 2017 Assets Liabilities Assets Liabilities (in millions of Won) USD ₩ 5,007,649 6,636,065 4,215,151 5,940,380 EUR 463,110 550,235 552,630 454,072 JPY 45,975 821,403 165,356 709,318 Others 219,444 286,112 220,723 117,632 2) As of December 31, 2016 and 2017, provided that functional currency against foreign currencies other than functional currency hypothetically strengthens or weakens by 10%, the changes in gain or loss during the years ended December 31, 2016 and 2017 were as follows: 2016 2017 10% increase 10% decrease 10% increase 10% decrease (in millions of Won) USD ₩ (162,842 ) 162,842 (172,523 ) 172,523 EUR (8,713 ) 8,713 9,856 (9,856 ) JPY (77,543 ) 77,543 (54,396 ) 54,396 (e) Interest rate risk 1) The carrying amount of interest-bearing financial instruments as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Fixed rate Financial assets ₩ 8,650,483 10,943,300 Financial liabilities (10,794,724 ) (11,179,635 ) (2,144,241 ) (236,335 ) Variable rate Financial liabilities ₩ (12,024,683) (9,977,040 ) 2) Sensitivity analysis on the fair value of financial instruments with fixed interest rate The Company does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Company does not designate derivatives (interest rate swaps) as hedging instruments under fair value hedge accounting model. Therefore a change in interest rates at the reporting date would not affect profit or loss. 3) Sensitivity analysis on the cash flows of financial instruments with variable interest rate As of December 31, 2016 and 2017, provided that other factors remain the same and the interest rate of borrowings with floating rates increases or decreases by 1%, the changes in interest expense for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 1% increase 1% decrease 1% increase 1% decrease (in millions of Won) Variable rate financial instruments ₩ (120,247) 120,247 (99,770 ) 99,770 (f) Fair value 1) Fair value and book value The carrying amount and the fair value of financial instruments as of December 31, 2016 and 2017 are as follows: 2016 2017 Book value Fair value Book value Fair value (in millions of Won) Financial assets measured at fair value Available-for-sale (*1) ₩ 2,139,687 2,139,687 1,506,893 1,506,893 Financial assets held for trading — — 1,970 1,970 Derivatives assets 147,582 147,582 68,290 68,290 2,287,269 2,287,269 1,577,153 1,577,153 Financial assets measured at amortized cost (*2) Cash and cash equivalents 2,447,619 2,447,619 2,612,530 2,612,530 Trade accounts and notes receivable, net 9,725,150 9,725,150 9,556,133 9,556,133 Loans and other receivables, net 7,104,940 7,104,940 9,099,444 9,099,444 Held-to-maturity 2,470 2,470 5,211 5,211 19,280,179 19,280,179 21,273,318 21,273,318 Financial liabilities measured at fair value Derivatives liabilities 122,896 122,896 155,510 155,510 Financial liabilities measured at amortized cost (*2) Trade accounts and notes payable 4,117,798 4,117,798 3,477,678 3,477,678 Borrowings 22,704,998 22,956,571 21,063,657 21,217,415 Financial guarantee liabilities 108,161 108,161 88,407 88,407 Others 2,007,114 2,007,114 1,865,683 1,865,683 ₩ 28,938,071 29,189,644 26,495,425 26,649,183 (*1) Available-for-sale (*2) The fair value of financial assets and liabilities measured at amortized cost is measured using discounted cash flow method, and the fair value is mainly calculated for the disclosures in the note. On the other hand, the Company has not performed fair value measurement for the financial assets and liabilities measured at amortized cost except borrowings which are classified as fair value hierarchy level 2 since their carrying amounts approximate fair value. 2) The fair values of financial assets and financial liabilities by fair value hierarchy as of December 31, 2016 and 2017 are as follows: ① December 31, 2016 Level 1 Level 2 Level 3 Total (in millions of Won) Financial assets Available-for-sale ₩ 1,800,943 — 338,744 2,139,687 Derivatives assets — 137,236 10,346 147,582 1,800,943 137,236 349,090 2,287,269 Financial liabilities Derivatives liabilities ₩ — 122,896 — 122,896 ② December 31, 2017 Level 1 Level 2 Level 3 Total (in millions of Won) Financial assets Available-for-sale ₩ 1,137,662 17,812 351,419 1,506,893 Financial assets held for trading — 1,970 — 1,970 Derivatives assets — 68,290 — 68,290 1,137,662 88,072 351,419 1,577,153 Financial liabilities Derivatives liabilities ₩ — 155,510 — 155,510 3) Financial assets and financial liabilities classified as fair value hierarchy level 2 Fair values of derivatives are measured using the derivatives instrument valuation model such as discounted cash flow method and others. Inputs of the financial instrument valuation model include forward rate, interest rate and others. It may change depending on the type of derivatives and the nature of the underlying assets. 4) Financial assets and financial liabilities classified as fair value hierarchy level 3 ① Value measurement method and significant but not observable inputs for the financial assets classified as fair value hierarchy level 3 as of December 31, 2017 are as follows: Fair value Valuation technique Inputs Range of inputs Effect on fair value (in millions of Won) Available-for-sale ₩ 235,803 Discounted cash flows Growth rate 0% ~ 2.0% As growth rate increases, fair value increases Discount rate 0.5% ~ 11.9% As discount rate increases, fair value decreases 14,775 Market comparable companies Price multiple 1.085 ~ 5.245 As price multiple increases, fair value increases 100,841 Asset value approach — — — ② Sensitivity analysis of financial assets and financial liabilities classified as Level 3 of fair value hierarchy If other inputs remain constant as of December 31, 2017 and one of the significant but not observable input is changed, the effect on fair value measurement is as follows: Input variable Favorable Unfavorable (in millions of Won) Available-for-sale Fluctuation 0.5% of growth rate ₩ 5,713 4,641 Fluctuation 0.5% of discount rate 27,238 22,724 ③ Changes in fair value of financial assets and financial liabilities classified as Level 3 for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 (in millions of Won) Beginning ₩ 466,407 349,090 Acquisition and others 47,493 129,766 Gain (loss) on valuations of derivatives (59,829 ) (10,346 ) Other comprehensive income (loss) (38,731 ) 35,126 Impairment (19,111 ) (107,934 ) Disposal and others (47,139 ) (44,283 ) Ending ₩ 349,090 351,419 |
Share Capital and Capital Surpl
Share Capital and Capital Surplus | 12 Months Ended |
Dec. 31, 2017 | |
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Share Capital and Capital Surplus | 24. Share Capital and Capital Surplus (a) Share capital as of December 31, 2016 and 2017 are as follows: 2016 2017 (Share, in Won) Authorized shares 200,000,000 200,000,000 Par value ₩ 5,000 5,000 Issued shares (*1) 87,186,835 87,186,835 Shared capital (*2 ₩ 482,403,125,000 482,403,125,000 (*1) As of December 31, 2017, total shares of ADRs of 36,840,292 outstanding in overseas stock market are equivalent to 9,210,073 of common stock. (*2) As of December 31, 2017, the difference between the ending balance of common stock and the par value of issued common stock is ₩ (b) The changes in issued common stock for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 Issued Treasury Number of Issued Treasury Number of (share) Beginning 87,186,835 (7,191,187 ) 79,995,648 87,186,835 (7,189,170 ) 79,997,665 Disposal of treasury shares — 2,017 2,017 — 1,939 1,939 Ending 87,186,835 (7,189,170 ) 79,997,665 87,186,835 (7,187,231 ) 79,999,604 (c) Capital surplus as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Share premium ₩ 463,825 463,825 Gain on disposal of treasury shares 783,788 783,914 Other capital deficit 159,634 174,282 ₩ 1,407,247 1,422,021 (d) During the year ended December 31, 2017, POSCO ENERGY CO., LTD., a subsidiary of the Company, issued redeemable convertible preferred shares which are classified as non-controlling Redeemable Convertible Preferred Shares (Share, in Won) Issue date February 25, 2017 Number of shares issued 8,643,193 shares Price per share ₩ Voting rights No voting rights for 3 years from issue date Dividend rights Comparative, Non-participating · Minimum dividend rate for 1~3 years: 3.98% · Minimum dividend rate after 4 years: Comparative rate + Issuance spread + 2% Details about Redemption Issuer can demand redemption of all or part of redeemable convertible preferred shares every year after the issue date, for a period of 10 years from the issue date. Details about Conversion Stockholders of redeemable convertible preferred shares can convert them to common shares from 3 years after the issue date to the end of the redemption period (10 years). Conversion price is equal to issue price, which could be adjusted according to anti-dilution clause. Redeemable convertible preferred stocks are classified as non-controlling |
Hybrid Bonds
Hybrid Bonds | 12 Months Ended |
Dec. 31, 2017 | |
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Hybrid Bonds | 25. Hybrid Bonds (a) Hybrid bonds classified as equity as of December 31, 2016 and 2017 are as follows: Date of Date of maturity Interest rate (%) 2016 2017 (in millions of Won) Hybrid bond 1-1 (*1) 2013-06-13 2043-06-13 4.30 ₩ 800,000 800,000 Hybrid bond 1-2 (*1) 2013-06-13 2043-06-13 4.60 200,000 200,000 Issuance cost (3,081 ) (3,081 ) ₩ 996,919 996,919 (*1) Details of hybrid bonds as of December 31, 2017 are as follows: Hybrid bond 1-1 Hybrid bond 1-2 (in millions of Won) Issue price 800,000 200,000 Maturity date 30 years (POSCO has a right to extend the maturity date) Interest rate Issue date ~ 2018-06-12: Step-up Issue date ~ 2023-06-12: Step-up Interest payments condition Quarterly (Optional deferral of interest payment is available to POSCO) Others POSCO can call the hybrid bond at year 5 and interest payment date afterwards POSCO can call the hybrid bond at year 10 and interest payment date afterwards The hybrid bond holders’ preference in the event of liquidation is higher than the common stock holders, but lower than other creditors. The interest accumulated but not paid on the hybrid bonds as of December 31, 2017 amounts to ₩ (b) POSCO ENERGY CO., LTD., a subsidiary of the Company, issued hybrid bonds, which are classified as non-controlling Date of issue Date of maturity Interest rate (%) 2016 2017 (in millions of Won) Hybrid bond 1-1 (*1) 2013-08-29 2043-08-29 4.66 ₩ 165,000 165,000 Hybrid bond 1-2 (*1) 2013-08-29 2043-08-29 4.72 165,000 165,000 Hybrid bond 1-3 (*1) 2013-08-29 2043-08-29 4.72 30,000 30,000 Hybrid bond 1-4 (*1) 2013-08-29 2043-08-29 5.21 140,000 140,000 Issuance cost (1,532 ) (1,532 ) ₩ 498,468 498,468 (*1) Details of issuance of hybrid bonds of POSCO ENERGY CO., LTD. as of December 31, 2017 are as follows: Hybrid bond 1-1 Hybrid bond 1-2 1-3 Hybrid bond 1-4 (in millions of Won) Issue price 165,000 195,000 140,000 Maturity date 30 years (The Company has a right to extend the maturity date) Interest rate Issue date ~ 2018-08-29: 4.66% Issue date ~ 2018-08-29: 4.72% Issue date ~ 2023-08-29: 5.21% · After 5 years: return on government bond (5 years) + 1.39%· After 10 years: additionally +0.25% according to Step-up · After 5 years: return on government bond (5 years) + 1.45%· After 10 years: additionally +0.25% according to Step-up · After 10 years: return on government bond (10 years) + 1.55%· After 10 years: additionally +0.25% according to Step-up Interest payments condition Quarterly (Optional deferral of interest payment is available to the Company but for hybrid bond 1-3, Others The issuer can call the hybrid bond at year 5 and interest payment date afterwards The issuer can call the hybrid bond at year 10 and interest payment date afterwards The hybrid bond holders’ preference in the event of liquidation is higher than the common stock holders, but lower than other creditors. The interest accumulated but not paid on the hybrid bonds as of December 31, 2017 amounts to ₩ |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2017 | |
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Reserves | 26. Reserves (a) Reserves as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Accumulated comprehensive loss of investments in associates and joint ventures ₩ (301,734 ) (516,528 ) Changes in the unrealized fair value of available-for-sale 276,143 230,190 Currency translation differences (99,264 ) (372,166 ) Gain or losses on valuation of derivatives — (136 ) Others (19,130 ) (23,916 ) ₩ (143,985 ) (682,556 ) (b) Changes in the unrealized fair value of available-for-sale 2016 2017 (in millions of Won) Beginning balance ₩ (38,294 ) 276,143 Changes in the unrealized fair value of available-for-sale 218,542 183,761 Reclassification to profit or loss upon disposal (88,781 ) (299,862 ) Impairment of available-for-sale 187,108 96,083 Others (2,432 ) (25,935 ) Ending balance ₩ 276,143 230,190 |
Treasury Shares
Treasury Shares | 12 Months Ended |
Dec. 31, 2017 | |
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Treasury Shares | 27. Treasury Shares Based on the Board of Directors’ resolution, the Company holds treasury shares for business purposes including price stabilization. The changes in treasury shares for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 Number of shares Amount Number of shares Amount (shares, in millions of Won) Beginning 7,191,187 ₩ 1,533,898 7,189,170 ₩ 1,533,468 Disposal of treasury shares (2,017 ) (430 ) (1,939 ) (414 ) Ending 7,189,170 ₩ 1,533,468 7,187,231 ₩ 1,533,054 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2017 | |
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Revenue | 28. Revenue Details of revenue for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Sale of goods ₩ 47,018,466 43,683,169 51,357,709 Services 2,489,447 2,276,534 2,064,583 Construction revenue 8,546,454 6,497,723 6,299,483 Rental income 11,757 8,930 6,370 Others 456,144 473,415 458,722 ₩ 58,522,268 52,939,771 60,186,867 |
Construction Contracts
Construction Contracts | 12 Months Ended |
Dec. 31, 2017 | |
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Construction Contracts | 29. Construction Contracts (a) Details of in-progress 2016 2017 (in millions of Won) Aggregate amount of costs incurred ₩ 22,012,241 21,404,321 Add: Recognized profits 1,429,555 1,524,208 Less: Recognized losses (1,139,165 ) (718,593 ) Cumulative construction revenue 22,302,631 22,209,936 Less: Progress billing (22,483,968 ) (22,265,891 ) Others 9,961 994 ₩ (171,376 ) (54,961 ) (b) Details of due from customers for contract work and due to customers for contract work related to construction as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Unbilled due from customers for contract work ₩ 860,287 728,007 Due to customers for contract work (1,031,663 ) (782,968 ) ₩ (171,376 ) (54,961 ) (c) Due to the factors causing the variation of costs for the years ended December 31, 2016 and 2017, the estimated total contract costs have changed. Details of changes in estimated total contract costs and the impact on profit before income taxes for the years ended December 31, 2016, 2017 and future periods are as follows: 2016 2017 (in millions of Won) Changes in estimated total contract costs ₩ 532,801 164,812 Changes in profit before income taxes of construction contract: - Current period (790,391 ) (69,656 ) - Future periods 69,464 (6,041 ) The effect on the current and future profit is estimated based on the circumstances that have occurred from the commencement date of the contract to the end of period. The estimation is evaluated for the total contract costs and expected total contract revenue as of the end of the period. Also, it may change during future periods. (d) Uncertainty of estimates 1) Total contract revenues Total contract revenues are measured based on contractual amount initially agreed. However, the contract revenues can increase due to additional contract work, claims and incentive payments in the course of construction, or decrease due to penalty when the completion of contract is delayed due to the Company’s fault. Therefore, this measurement of contract revenues is affected by the uncertainty of the occurrence of future events. 2) Total contract costs Construction revenues are recognized based on the percentage of completion, which is measured on the basis of the gross amount incurred to date. Total contract costs are estimated based on estimates of future material costs, labor costs, outsourcing cost and others. There is uncertainty in future estimates due to various internal and external factors such as fluctuation of market, the risk of business partner and the experience of project performance and others. The significant assumptions including uncertainty of the estimate of total contract costs are as follows: Method of significant assumption Material cost Assumption based on recent purchasing price and quoted market price Labor cost Assumption based on standard monthly and daily labor cost Outsourcing cost Assumption based on the past experience rate of similar project and market price Management reviews the assumptions used in estimated contract costs at each reporting period end and adjusts them, if necessary. |
Selling and Administrative Expe
Selling and Administrative Expenses | 12 Months Ended |
Dec. 31, 2017 | |
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Selling and Administrative Expenses | 30. Selling and Administrative Expenses (a) Administrative expenses Administrative expenses for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Wages and salaries ₩ 810,851 769,589 774,900 Expenses related to post-employment benefits 87,293 200,956 78,654 Other employee benefits 193,967 176,794 159,920 Travel 48,426 40,828 39,790 Depreciation 105,470 103,442 97,261 Amortization 168,525 139,569 146,314 Communication 12,502 11,186 11,740 Electricity expenses 9,573 7,527 7,050 Taxes and public dues 74,315 78,895 72,826 Rental 119,836 82,005 69,976 Repairs 11,677 11,316 9,859 Entertainment 15,740 13,157 11,582 Advertising 90,698 86,141 119,724 Research & development 135,508 120,608 125,795 Service fees 218,751 201,129 193,387 Vehicles maintenance 10,756 10,090 8,211 Industry association fee 12,603 13,468 10,140 Conference 16,053 13,108 14,494 Increase to provisions 14,900 6,532 10,990 Bad debt expenses 189,616 165,150 173,694 Others 48,188 40,050 40,493 ₩ 2,395,248 2,291,540 2,176,800 (b) Selling expenses Selling expenses for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Freight and custody expenses ₩ 1,531,906 1,342,009 1,336,969 Operating expenses for distribution center 11,021 10,315 10,503 Sales commissions 80,165 94,377 115,925 Sales advertising 3,220 5,117 3,800 Sales promotion 22,443 10,670 12,414 Sample 2,576 2,335 1,989 Sales insurance premium 30,682 31,379 36,546 Contract cost 38,425 49,480 23,061 Others 8,518 8,004 16,070 ₩ 1,728,956 1,553,686 1,557,277 |
Research and Development Expend
Research and Development Expenditures Recognized as Expenses | 12 Months Ended |
Dec. 31, 2017 | |
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Research and Development Expenditures Recognized as Expenses | 31. Research and Development Expenditures Recognized as Expenses Research and development expenditures recognized as expenses for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Administrative expenses ₩ 135,508 120,608 125,795 Cost of sales 356,173 324,190 361,093 ₩ 491,681 444,798 486,888 |
Other Operating Income and Expe
Other Operating Income and Expenses | 12 Months Ended |
Dec. 31, 2017 | |
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Other Operating Income and Expenses | 32. Other Operating Income and Expenses Details of other operating income and expenses for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Other operating income Gain on disposal of assets held for sale ₩ 227,956 23,112 1,180 Gain on disposal of investments in subsidiaries, associates and joint ventures 88,718 23,305 81,794 Gain on disposal of property, plant and equipment 22,730 23,826 32,145 Gain on disposal of intangible assets 1,432 671 23,391 Recovery of allowance for other doubtful accounts 10,452 12,658 2,743 Gain on valuation of firm commitment — — 56,301 Rental revenues 1,019 1,771 1,498 Gain on insurance proceeds 14,976 22,400 5,878 Others (*1) 181,765 107,393 246,294 ₩ 549,048 215,136 451,224 Other operating expenses Impairment losses on assets held for sale ₩ (133,547 ) (24,890 ) — Loss on disposal of assets held for sale (190,357 ) (254 ) (608 ) Loss on disposal of investments in subsidiaries, associates and joint ventures (18,996 ) (22,499 ) (19,985 ) Loss on disposal of property, plant and equipment (101,732 ) (86,622 ) (151,343 ) Impairment losses on property, plant and equipment (136,269 ) (196,882 ) (117,231 ) Impairment losses on goodwill and intangible assets (161,412 ) (127,875 ) (167,995 ) Other bad debt expenses (158,071 ) (50,225 ) (100,920 ) Loss on valuation of firm commitment — — (43,164 ) Idle tangible asset expenses (12,773 ) (6,437 ) (10,490 ) Incease to provisions (18,396 ) (53,058 ) (33,964 ) Donations (62,957 ) (43,810 ) (51,424 ) Others (*2) (447,788 ) (143,168 ) (95,172 ) ₩ (1,442,298 ) (755,720 ) (792,296 ) (*1) The Company recognized the refund of VAT and others amounting to ₩ (*2) The Company paid ₩ |
Finance Income and Costs
Finance Income and Costs | 12 Months Ended |
Dec. 31, 2017 | |
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Finance Income and Costs | 33. Finance Income and Costs Details of finance income and costs for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Finance income Interest income ₩ 210,193 182,475 212,451 Dividend income 183,712 41,000 92,962 Gain on foreign currency transactions 1,025,240 1,032,552 785,616 Gain on foreign currency translations 466,090 377,723 564,016 Gain on derivatives transactions 366,482 316,524 210,727 Gain on valuations of derivatives 155,334 147,111 64,735 Gain on disposals of available-for-sale 139,136 130,830 425,684 Others 10,886 3,765 16,476 ₩ 2,557,073 2,231,980 2,372,667 Finance costs Interest expenses ₩ (788,772 ) (658,726 ) (653,115 ) Loss on foreign currency transactions (1,157,161 ) (1,147,192 ) (756,654 ) Loss on foreign currency translations (716,722 ) (405,391 ) (422,880 ) Loss on derivatives transactions (343,118 ) (338,314 ) (236,273 ) Loss on valuation of derivatives (72,133 ) (162,676 ) (226,487 ) Impairment loss on available-for-sale (142,781 ) (248,404 ) (123,214 ) Others (166,367 ) (53,487 ) (65,654 ) ₩ (3,387,054 ) (3,014,190 ) (2,484,277 ) |
Expenses by Nature
Expenses by Nature | 12 Months Ended |
Dec. 31, 2017 | |
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Expenses by Nature | 34. Expenses by Nature Expenses that are recorded by nature as cost of sales, selling and administrative expenses and other operating expenses in the statements of comprehensive income for the years ended December 31, 2015, 2016 and 2017 were as follows (excluding finance costs and income tax expense): 2015 2016 2017 (in millions of Won) Raw material used, changes in inventories and others ₩ 33,939,108 30,177,732 35,584,184 Employee benefits expenses (*2) 3,472,295 3,444,276 3,357,861 Outsourced processing cost 8,681,271 7,678,055 7,074,948 Electricity expenses 1,251,546 1,018,429 933,045 Depreciation (*1) 2,836,663 2,835,843 2,887,646 Amortization 381,583 378,004 409,774 Freight and custody expenses 1,531,906 1,342,009 1,336,969 Sales commissions 80,165 94,377 115,925 Loss on disposal of property, plant and equipment 101,732 86,622 151,343 Impairment loss on property, plant and equipment 136,269 196,882 117,231 Impairment loss on goodwill and intangible assets 161,412 127,875 167,995 Increase to provisions 86,903 189,914 215,383 Donations 62,957 43,810 51,424 Other expenses 4,861,126 3,258,583 4,038,242 ₩ 57,584,936 50,872,411 56,441,970 (*1) Includes depreciation expense of investment property. (*2) The details of employee benefits expenses for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Wages and salaries ₩ 3,186,237 3,016,488 3,105,364 Expenses related to post-employment benefits 286,058 427,788 252,497 ₩ 3,472,295 3,444,276 3,357,861 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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Income Taxes | 35. Income Taxes (a) Income tax expense for the years ended December 31, 2015, 2016 and 2017 was as follows: 2015 2016 2017 (in millions of Won) Current income taxes ₩ 553,041 699,269 864,143 Deferred income tax due to temporary differences (253,860 ) (209,706 ) 300,037 Items recorded directly in equity (32,621 ) (110,019 ) 21,560 Income tax expense ₩ 266,560 379,544 1,185,740 (b) The income taxes credited (charged) directly to equity for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Net changes in the unrealized fair value of available-for-sale ₩ 60,077 (100,550 ) 1,271 Loss (gain) on sale of treasury shares 12 (10 ) (40 ) Other capital surplus (86,765 ) — — Others (5,945 ) (9,459 ) 20,329 ₩ (32,621 ) (110,019 ) 21,560 (c) The following table reconciles the calculated income tax expense based on POSCO’s statutory rate (24.2%) to the actual amount of taxes recorded by the Company for the years ended December 31, 2015, 2016 and 2017. 2015 2016 2017 (in millions of Won) Profit before income tax expense ₩ 150,345 1,411,609 4,095,051 Income tax expense computed at statutory rate 35,921 341,148 990,540 Adjustments: Tax credits (152,139 ) (30,124 ) (40,757 ) Over provisions from prior years (47,053 ) (11,829 ) (20,912 ) Investment in subsidiaries, associates and joint ventures 439,575 76,751 55,113 Tax effects due to permanent differences (26,045 ) (9,962 ) 4,798 Effect of tax rate change (*1) — — 175,647 Others 16,301 13,560 21,311 230,639 38,396 195,200 Income tax expense ₩ 266,560 379,544 1,185,740 Effective tax rate (%) 177.30 % 26.89 % 28.96 % (*1) During the year ended December 31, 2017, the statutory rate changed from 24.2% to 27.5% for taxable income in excess of ₩ (d) The movements in deferred tax assets (liabilities) for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 Beginning Inc. (Dec.) Ending Beginning Inc. (Dec.) Ending (in millions of Won) Deferred income tax due to temporary differences Allowance for doubtful accounts ₩ 202,592 10,527 213,119 213,119 60,875 273,994 Reserve for technology developments (177,676 ) 85,716 (91,960 ) (91,960 ) 53,973 (37,987 ) PP&E — Depreciation (15,240 ) 3,601 (11,639 ) (11,639 ) 26,280 14,641 Share of profit or loss of equity-accounted investees (45,174 ) 115,433 70,259 70,259 125,783 196,042 Allowance for inventories valuation 13,373 2,278 15,651 15,651 (4,871 ) 10,780 PP&E — Revaluation (1,393,501 ) (130,648 ) (1,524,149 ) (1,524,149 ) (304,015 ) (1,828,164 ) Prepaid expenses 19,180 485 19,665 19,665 335 20,000 PP&E — Impairment loss 8,055 (2,760 ) 5,295 5,295 245 5,540 Gain or loss on foreign currency translation (29,355 ) 23,398 (5,957 ) (5,957 ) (42,515 ) (48,472 ) Defined benefit obligations 354,175 7,663 361,838 361,838 68,279 430,117 Plan assets (287,839 ) (28,686 ) (316,525 ) (316,525 ) (36,129 ) (352,654 ) Provision for construction losses 612 385 997 997 (556 ) 441 Provision for construction warranty 21,604 2,718 24,322 24,322 4,395 28,717 Accrued income (8,982 ) (459 ) (9,441 ) (9,441 ) (3,474 ) (12,915 ) Impairment loss on AFS 266,474 (21,306 ) 245,168 245,168 (42,373 ) 202,795 Difference in acquisition costs of treasury shares 62,116 (17 ) 62,099 62,099 8,448 70,547 Others 296,207 107,541 403,748 403,748 (27,740 ) 376,008 (713,379 ) 175,869 (537,510 ) (537,510 ) (113,060 ) (650,570 ) Deferred income taxes recognized directly to equity Loss (gain) on valuation of available-for-sale 50,043 (100,550 ) (50,507 ) (50,507 ) 1,271 (49,236 ) Others 61,291 (9,459 ) 51,832 51,832 20,329 72,161 111,334 (110,009 ) 1,325 1,325 21,600 22,925 Deferred tax from tax credit Tax credit carry-forward and others 277,261 30,074 307,335 307,335 (189,303 ) 118,032 Investments in subsidiaries, associates and joint ventures Investments in subsidiaries, associates and joint ventures (18,089 ) 104,219 86,130 86,130 (17,704 ) 68,426 ₩ (342,873 ) 200,153 (142,720 ) (142,720 ) (298,467 ) (441,187 ) (e) Deferred tax assets and liabilities as of December 31, 2016 and 2017 are as follows: 2016 2017 Assets Liabilities Net Assets Liabilities Net (in millions of Won) Deferred income tax due to temporary differences Allowance for doubtful accounts ₩ 213,119 — 213,119 273,994 — 273,994 Reserve for technology developments — (91,960 ) (91,960 ) — (37,987 ) (37,987 ) PP&E — Depreciation 50,843 (62,482 ) (11,639 ) 59,912 (45,271 ) 14,641 Share of profit or loss of equity-accounted investees 178,538 (108,279 ) 70,259 236,637 (40,595 ) 196,042 Allowance for inventories valuation 15,651 — 15,651 10,780 — 10,780 PP&E — Revaluation — (1,524,149 ) (1,524,149 ) — (1,828,164 ) (1,828,164 ) Prepaid expenses 19,665 — 19,665 20,000 — 20,000 PP&E — Impairment loss 5,397 (102 ) 5,295 5,639 (99 ) 5,540 Gain or loss on foreign currency translation 99,836 (105,793 ) (5,957 ) 113,760 (162,232 ) (48,472 ) Defined benefit obligations 361,838 — 361,838 430,117 — 430,117 Plan assets — (316,525 ) (316,525 ) — (352,654 ) (352,654 ) Provision for construction losses 997 — 997 441 — 441 Provision for construction warranty 24,322 — 24,322 28,717 — 28,717 Accrued income — (9,441 ) (9,441 ) — (12,915 ) (12,915 ) Impairment loss on AFS 245,168 — 245,168 202,795 — 202,795 Difference in acquisition costs of treasury shares 62,099 — 62,099 70,547 — 70,547 Others 452,425 (48,677 ) 403,748 473,025 (97,017 ) 376,008 1,729,898 (2,267,408 ) (537,510 ) 1,926,364 (2,576,934 ) (650,570 ) Deferred income taxes recognized directly to equity Loss (gain) on valuation of available-for-sale 50,245 (100,752 ) (50,507 ) 110,865 (160,101 ) (49,236 ) Others 65,532 (13,700 ) 51,832 92,981 (20,820 ) 72,161 115,777 (114,452 ) 1,325 203,846 (180,921 ) 22,925 Deferred tax from tax credit Tax credit carry-forward and others 307,335 — 307,335 118,032 — 118,032 Investments in subsidiaries, associates and joint ventures Investments in subsidiaries, associates and joint ventures 561,506 (475,376 ) 86,130 563,406 (494,980 ) 68,426 ₩ 2,714,516 (2,857,236 ) (142,720 ) 2,811,648 (3,252,835 ) (441,187 ) (f) As of December 31, 2016 and 2017, The Company did not recognize income tax effects associated with deductible temporary differences of ₩ ₩ ₩ ₩ ₩ ₩ |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2017 | |
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Earnings per Share | 36. Earnings per Share Basic and diluted earnings per share for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in Won, except per share information) Profit attribute to controlling interest ₩ 171,493,811,117 1,354,806,734,940 2,756,230,487,872 Interests of hybrid bonds (33,029,632,499 ) (33,225,163,081 ) (33,048,799,997 ) Weighted-average number of common shares (*1) 79,993,834 79,996,389 79,998,600 Basic and diluted earnings per share ₩ 1,731 16,521 34,040 (*1) The weighted-average number of common shares used to calculate basic and diluted earnings per share are as follows: (shares) 2015 2016 2017 Total number of common shares issued 87,186,835 87,186,835 87,186,835 Weighted-average number of treasury shares (7,193,001 ) (7,190,446 ) (7,188,235 ) Weighted-average number of common shares outstanding 79,993,834 79,996,389 79,998,600 Since there were no potential shares of common stock which had dilutive effects as of December 31, 2015, 2016 and 2017, diluted earnings per share is equal to basic earnings per share. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
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Related Party Transactions | 37. Related Party Transactions (a) Significant transactions between the controlling company and related parties for the years ended December 31, 2015, 2016 and 2017 were as follows: 1) For the year ended December 31, 2015 Sales and others (*1) Purchase and others (*2) Sales Others Purchase of Purchase of Outsourced Others (in millions of Won) Subsidiaries POSCO ENGINEERING & CONSTRUCTION CO., LTD. ₩ 4,441 145 19 427,760 2,250 37,488 POSCO Processing & Service 1,074,826 24 437,626 — — 2,281 POSCO COATED & COLOR STEEL Co., Ltd. 380,626 — — — 9,359 104 POSCO ICT (*3) 1,259 7 — 210,877 29,612 182,745 eNtoB Corporation — — 261,989 6,501 130 22,017 POSCO CHEMTECH 436,594 30,343 519,956 9,515 297,183 1,773 POSCO ENERGY CO., LTD. 188,458 1,359 — — — 6 POSCO TMC Co., Ltd. 263,242 — — — 1,497 1,560 POSCO AST 362,658 15 4,115 — 39,175 1,611 POSHIMETAL Co., Ltd. 10,777 151 145,165 — — 46 POSCO DAEWOO Corporation 3,505,187 34,334 46,675 — — 480 SeAH Changwon Integrated Special Steel (*4) 2,811 176,904 8,239 — 515 75 POSCO PLANTEC Co., Ltd. (*4) 4,280 33 2,544 125,192 15,135 13,649 POSCO Thainox Public Company Limited 268,576 10 5,147 — — 34 POSCO America Corporation 624,549 6 — — — 725 POSCO Canada Ltd. — — 111,243 — — — POSCO Asia Co., Ltd. 1,822,932 960 269,086 — 513 2,273 Qingdao Pohang Stainless Steel Co., Ltd. 118,845 — — — — 220 POSCO JAPAN Co., Ltd. 1,051,910 9,383 25,957 2,278 201 2,754 POSCO MEXICO S.A. DE C.V. 270,184 80 — — — 11 PT. KRAKATAU POSCO — — 118,888 — — — POSCO Maharashtra Steel Private Limited 421,244 752 — — — 31 Others (*5) 867,334 14,474 223,393 113,769 212,539 129,506 11,680,733 268,980 2,180,042 895,892 608,109 399,389 Associates and joint ventures SeAH Changwon Integrated Special Steel (*4) 6,042 — 3,802 — 419 — POSCO PLANTEC Co., Ltd. (*4) 147 14 1,017 82,338 3,513 4,676 SNNC 4,673 594 422,420 — — — POSCO-SAMSUNG-Slovakia Processing center 26,379 — — — — — Others (*6,7) 28,841 40,600 51,855 — — — 66,082 41,208 479,094 82,338 3,932 4,676 ₩ 11,746,815 310,188 2,659,136 978,230 612,041 404,065 (*1) Sales and others mainly consist of sales of steel products to subsidiaries, associates and joint ventures. (*2) Purchases and others mainly consist of subsidiaries’ purchases of construction services and purchases of raw materials to manufacture steel products. (*3) Others (purchase) mainly consist of service fees related to maintenance and repair of ERP System. (*4) During the year ended December 31, 2015, it was reclassified from a subsidiary to an associate. (*5) During the year ended December 31, 2015, the Company borrowed USD 17.42 million from POSCO-Uruguay S.A., a subsidiary of the Company, and the entire amount was repaid as of December 31, 2015. (*6) During the year ended December 31, 2015, the Company lent USD 60 million to CSP-Compania (*7) The Company has collected loans of USD 3.85 million from LLP POSUK Titanium, an associate of the Company for the year ended December 31, 2015 2) For the year ended December 31, 2016 Sales and others (*1) Purchase and others (*2) Sales Others Purchase of Purchase of Outsourced Others (in millions of Won) Subsidiaries POSCO ENGINEERING & CONSTRUCTION CO., LTD. ₩ 29,511 16,661 8 183,768 — 24,511 POSCO Processing & Service 1,212,220 5,778 549,803 2,896 22,704 2,445 POSCO COATED & COLOR STEEL Co., Ltd. 326,078 2,560 — — 12,232 126 POSCO ICT (*3) 1,224 727 — 219,301 32,456 171,107 eNtoB Corporation — 5 278,016 9,836 212 19,436 POSCO CHEMTECH 319,164 33,784 502,448 14,847 290,427 5,139 POSCO ENERGY CO., LTD. 187,311 1,382 — — — 7 POSCO TMC Co., Ltd. (*4) 219,489 — 2 — 863 1,177 POSCO AST (*4) 152,098 1 — — 19,695 922 POSCO DAEWOO Corporation 3,227,716 34,341 92,203 — 343 — POSCO Thainox Public Company Limited 237,471 2,915 9,593 — 19 548 POSCO America Corporation 469,543 — 284 — — 1,103 POSCO Canada Ltd. 275 — 148,528 — — — POSCO Asia Co., Ltd. 1,758,080 1,373 403,174 247 939 3,602 Qingdao Pohang Stainless Steel Co., Ltd. 135,405 — — — — 525 POSCO JAPAN Co., Ltd. 1,112,489 128 23,217 3,744 345 3,841 POSCO-VIETNAM Co., Ltd. 226,063 445 — — — — POSCO MEXICO S.A. DE C.V. 274,210 462 — — — — POSCO Maharashtra Steel Private Limited 355,829 2,613 — — — 93 POSCO(Suzhou) Automotive Processing Center Co., Ltd. 149,911 — — — — — Others 766,263 22,717 207,601 62,202 212,344 145,562 11,160,350 125,892 2,214,877 496,841 592,579 380,144 Associates and joint ventures SeAH Changwon Integrated Special Steel 28 — 1,095 — 627 — POSCO PLANTEC Co., Ltd. 2,245 48 3,533 244,898 16,812 8,146 SNNC 6,004 1,042 487,395 — — 2 POSCO-SAMSUNG-Slovakia Processing center 44,686 — — — — — KOBRASCO — 29,297 — — — — Others 26,625 13,122 175,246 — — — 79,588 43,509 667,269 244,898 17,439 8,148 ₩ 11,239,938 169,401 2,882,146 741,739 610,018 388,292 (*1) Sales and others mainly consist of sales of steel products to subsidiaries, associates and joint ventures. (*2) Purchases and others mainly consist of subsidiaries’ purchases of construction services and purchases of raw materials to manufacture steel products. (*3) Others (purchase) mainly consist of service fees related to maintenance and repair of ERP System. (*4) During the year ended December 31, 2016, it was merged into POSCO Processing & Service. 3) For the year ended December 31, 2017 Sales and others (*1) Purchase and others (*2) Sales Others Purchase of Purchase of Outsourced Others (in millions of Won) Subsidiaries (*3) POSCO ENGINEERING & CONSTRUCTION CO., LTD. ₩ 3,328 71 — 151,639 32 18,352 POSCO Processing & Service 298,781 1 113,628 4,595 8,309 404 POSCO COATED & COLOR STEEL Co., Ltd. 417,369 3,533 — — 8,483 106 POSCO ICT (*4) 1,697 5,097 — 315,748 29,773 183,226 eNtoB Corporation 1 30 330,921 8,215 139 26,023 POSCO CHEMTECH 359,862 33,076 479,896 23,043 296,296 6,860 POSCO ENERGY CO., LTD. 179,966 1,456 — — — 2 POSCO DAEWOO Corporation 5,214,127 35,182 550,258 221 44,108 1,948 POSCO Thainox Public Company Limited 218,005 9,780 10,168 — — — POSCO America Corporation 345,225 — 90 — — 1,776 POSCO Canada Ltd. 439 690 278,915 — — — POSCO Asia Co., Ltd. 1,949,354 1,454 365,025 337 1,625 4,982 Qingdao Pohang Stainless Steel Co., Ltd. 161,803 — — — — 176 POSCO JAPAN Co., Ltd. 1,436,159 20 26,256 621 — 44,829 POSCO-VIETNAM Co., Ltd. 212,883 — — — — 7 POSCO MEXICO S.A. DE C.V. 276,387 — — — — 1,749 POSCO Maharashtra Steel Private Limited 467,206 — — — — 65 POSCO(Suzhou) Automotive Processing Center Co., Ltd. 192,467 — — — — — Others 932,048 10,073 262,828 25,270 240,687 118,665 12,667,107 100,463 2,417,985 529,689 629,452 409,170 Associates and joint ventures (*3) POSCO PLANTEC Co., Ltd. 2,947 112 5,487 300,041 20,718 19,763 SNNC 6,734 712 554,151 — — 4 POSCO-SAMSUNG-Slovakia Processing Center 52,779 — — — — — Roy Hill Holdings Pty Ltd — — 697,096 — — — CSP — Compania Siderurgica do Pecem 7,384 — 159,501 — — — Others 14,943 52,583 79,103 — — 3 84,787 53,407 1,495,338 300,041 20,718 19,770 ₩ 12,751,894 153,870 3,913,323 829,730 650,170 428,940 (*1) Sales and others mainly consist of sales of steel products to subsidiaries, associates and joint ventures. (*2) Purchases and others mainly consist of subsidiaries’ purchases of construction services and purchases of raw materials to manufacture steel products. (*3) As of December 31, 2017, the Company provided guarantees to related parties (Note 38). (*4) Others (purchase) mainly consist of service fees related to maintenance and repair of ERP System. (b) The related account balances of significant transactions between the controlling company and related companies as of December 31, 2016 and 2017 are as follows: 1) December 31, 2016 Receivables Payables Trade accounts and Others Total Trade accounts and Accounts Others Total (in millions of Won) Subsidiaries POSCO ENGINEERING & CONSTRUCTION CO., LTD. ₩ 3 3,359 3,362 — 9,825 515 10,340 POSCO Processing & Service 207,744 178 207,922 1,085 5,367 5,184 11,636 POSCO COATED & COLOR STEEL Co., Ltd. 48,716 324 49,040 — 5 1,600 1,605 POSCO ICT — 128 128 1,062 89,382 6,074 96,518 eNtoB Corporation — — — 9,948 29,310 15 39,273 POSCO CHEMTECH 27,253 3,868 31,121 54,702 11,870 19,282 85,854 POSCO ENERGY CO., LTD. 18,701 2,012 20,713 — — 1,425 1,425 POSCO DAEWOO Corporation 182,700 11,184 193,884 460 183 49 692 POSCO Thainox Public Company Limited 62,034 8 62,042 — 224 — 224 POSCO America Corporation 10,008 — 10,008 — — — — POSCO Asia Co., Ltd. 375,823 458 376,281 25,101 — — 25,101 Qingdao Pohang Stainless Steel Co., Ltd. 25,386 — 25,386 — 5 — 5 POSCO MEXICO S.A. DE C.V. 114,166 1,024 115,190 — — — — POSCO Maharashtra Steel Private Limited 208,737 9,923 218,660 — — — — Others 333,031 64,526 397,557 17,374 46,455 26,974 90,803 1,614,302 96,992 1,711,294 109,732 192,626 61,118 363,476 Associates and joint ventures POSCO PLANTEC Co., Ltd. 30 9 39 2,125 39,647 — 41,772 SNNC 223 26 249 40,201 — — 40,201 Others 800 1 801 991 17,685 — 18,676 1,053 36 1,089 43,317 57,332 — 100,649 ₩ 1,615,355 97,028 1,712,383 153,049 249,958 61,118 464,125 2) December 31, 2017 Receivables Payables Trade accounts and Others Total Trade accounts and Accounts Others Total (in millions of Won) Subsidiaries POSCO ENGINEERING & CONSTRUCTION CO., LTD. ₩ 2 2,908 2,910 — 21,965 674 22,639 POSCO COATED & COLOR STEEL Co., Ltd. 58,184 324 58,508 — 5 504 509 POSCO ICT 55 217 272 1,458 72,586 27,009 101,053 eNtoB Corporation — — — 12,252 31,899 20 44,171 POSCO CHEMTECH 61,810 3,589 65,399 51,774 20,313 17,568 89,655 POSCO ENERGY CO., LTD. 33,239 1,673 34,912 — — 1,425 1,425 POSCO DAEWOO Corporation 483,915 12,739 496,654 10,213 2,145 5,794 18,152 POSCO Thainox Public Company Limited 57,826 — 57,826 1,204 — — 1,204 POSCO America Corporation 5,365 — 5,365 — — — — POSCO Asia Co., Ltd. 404,857 541 405,398 9,811 24 — 9,835 Qingdao Pohang Stainless Steel Co., Ltd. 31,693 — 31,693 — — — — POSCO MEXICO S.A. DE C.V. 55,695 530 56,225 — — — — POSCO Maharashtra Steel Private Limited 392,630 5,733 398,363 — — — — Others 384,385 49,403 433,788 15,038 59,575 31,118 105,731 1,969,656 77,657 2,047,313 101,750 208,512 84,112 394,374 Associates and joint ventures POSCO PLANTEC Co., Ltd. 1,946 9 1,955 3,842 15,723 — 19,565 SNNC 648 61 709 49,506 3 — 49,509 Others 8,350 904 9,254 824 — — 824 10,944 974 11,918 54,172 15,726 — 69,898 ₩ 1,980,600 78,631 2,059,231 155,922 224,238 84,112 464,272 (c) Significant transactions between the Company, excluding the controlling company, and related companies for the years ended December 31, 2015, 2016 and 2017 were as follows: 1) December 31, 2015 Sales and others Purchase and others Sales Others Purchase of Others (in millions of Won) Associates and joint ventures SeAH Changwon integrated Special Steel ₩ 32,802 — 49,862 1,977 POSCO PLANTEC Co., Ltd. 10,543 — 5,953 6,386 New Songdo International City Development, LLC 420,094 — — 667 SNNC 32,160 44 6,518 53,260 Posco e&c Songdo International Building 6,278 — — 25,197 VSC POSCO Steel Corporation 37,416 — 2,395 3 USS-POSCO 353,626 — 1,109 — CSP — Compania Siderurgica do Pecem 845,979 — — — Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 68,300 111 70,236 — BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 3 — 23,320 — POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd 9,668 — — — POSCO SeAH Steel Wire(Nantong) Co., Ltd. 30,310 — 4 — Zhangjiagang Pohang Refractories Co., Ltd. 970 1,248 17,484 2,023 Sebang Steel — — 29,007 — SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO., LTD. 214,521 — 3,960 3,190 DMSA/AMSA 800 9,322 241,074 — South-East Asia Gas Pipeline Company Ltd. — 47,556 — — Others 415,217 17,793 18,518 2,683 ₩ 2,478,687 76,074 469,440 95,386 2) December 31, 2016 Sales and others Purchase and others Sales Others Purchase of Others (in millions of Won) Associates and joint ventures SeAH Changwon integrated Special Steel ₩ 16,294 — 22,029 — POSCO PLANTEC Co., Ltd. 21,659 5 3,335 5,912 New Songdo International City Development, LLC 226,042 — — 14 SNNC 29,330 — 21,479 9,494 Posco e&c Songdo International Building 4,245 — — 16,219 Chun-cheon Energy Co., Ltd 288,307 — — — Noeul Green Energy 107,268 — — — Incheon-Gimpo Expressway Co., Ltd. 102,183 — — — VSC POSCO Steel Corporation 43,650 47 479 — USS-POSCO 287,072 — 1,195 — CSP — Compania Siderurgica do Pecem 157,814 — — — Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 61,844 — 57,179 — LLP POSUK Titanium — — 14,575 — BX STEEL POSCO Cold Rolled Sheet Co., Ltd. — — 24,365 — POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd 15,759 — — — PT. Batutua Tembaga Raya — — 13,079 — POSCO SeAH Steel Wire(Nantong) Co., Ltd. 31,711 — 65 — Zhangjiagang Pohang Refractories Co., Ltd. 250 14 364 2,472 Sebang Steel — — 26,276 — SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO., LTD. 157,886 — 3,535 — DMSA/AMSA — — 72,582 — South-East Asia Gas Pipeline Company Ltd. — 87,973 — — Others 195,139 11,184 16,664 1,801 ₩ 1,746,453 99,223 277,201 35,912 3) December 31, 2017 Sales and others Purchase and others Sales Others Purchase of Others (in millions of Won) Associates and joint ventures POSCO PLANTEC Co., Ltd. ₩ 19,513 — 98 8,113 New Songdo International City Development, LLC 223,567 13,207 — 49 SNNC 26,288 — 3,578 17,985 Chun-cheon Energy Co., Ltd 42,147 — — — Noeul Green Energy 11,863 — — 2,178 VSC POSCO Steel Corporation 19,404 — 188 — USS-POSCO 26,899 107 2,222 — CSP — Compania Siderurgica do Pecem 241,299 — 101,018 21,154 Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 38,484 — 47,241 — LLP POSUK Titanium — — 3,972 — BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 4 — 20,145 — POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd 20,004 — — — PT. Batutua Tembaga Raya — — 21,024 — POSCO SeAH Steel Wire(Nantong) Co., Ltd. 34,088 — 192 — Zhangjiagang Pohang Refractories Co., Ltd. — — 87 1,632 Sebang Steel 441 — 23,778 — SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO., LTD. 43,764 — — — DMSA/AMSA — 99 47,092 — South-East Asia Gas Pipeline Company Ltd. — 62,423 — — Others 272,107 43,126 19,520 19,483 ₩ 1,019,872 118,962 290,155 70,594 (d) The related account balances of significant transactions between the Company, excluding the controlling company, and related companies as of December 31, 2016 and December 31, 2017 are as follows: 1) December 31, 2016 Receivables (*1) Payables Trade accounts and Loan Others Total Trade accounts and Others Total (in millions of Won) Associates and joint ventures POSCO PLANTEC Co., Ltd. ₩ 4,709 — 6 4,715 2,718 8,521 11,239 New Songdo International City Development, LLC 255,822 — 5,725 261,547 — — — Chun-cheon Energy Co., Ltd 12,142 — — 12,142 — 3,171 3,171 VSC POSCO Steel Corporation 5,265 — — 5,265 — — — USS-POSCO 583 — — 583 75 — 75 Nickel Mining Company SAS 133 60,425 116 60,674 — — — AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. 62,814 60,425 1,643 124,882 — 875 875 CSP — Compania Siderurgica do Pecem 224,760 — 149,700 374,460 — 109,272 109,272 Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 3,279 6,647 6 9,932 1,365 — 1,365 PT. Batutua Tembaga Raya — 38,120 — 38,120 2,293 — 2,293 POSCO SeAH Steel Wire(Nantong) Co., Ltd. 9,292 8,460 43 17,795 40 — 40 SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO.,LTD. 100,367 — — 100,367 — — — DMSA/AMSA — 90,638 — 90,638 — — — South-East Asia Gas Pipeline Company Ltd. — 276,605 48 276,653 — — — Others 184,402 142,812 6,593 333,807 4,615 750 5,365 ₩ 863,568 684,132 163,880 1,711,580 11,106 122,589 133,695 (*1) As of December 31, 2016, the Company recognizes bad debt allowance for receivables amounting to ₩ 2) December 31, 2017 Receivables (*1) Payables Trade accounts and Loan Others Total Trade accounts and Others Total (in millions of Won) Associates and joint ventures POSCO PLANTEC Co., Ltd. ₩ 2,287 — 5 2,292 3,442 5,595 9,037 New Songdo International City Development, LLC 484,038 282,775 1,696 768,509 — 7,146 7,146 Chun-cheon Energy Co., Ltd — — 21 21 — 9,617 9,617 VSC POSCO Steel Corporation 16 — — 16 17 — 17 USS-POSCO — — 4 4 — — — Nickel Mining Company SAS — 59,668 118 59,786 — — — CSP — Compania Siderurgica do Pecem 380,180 — 13,443 393,623 — 29,700 29,700 Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 2,108 5,357 6 7,471 2,449 — 2,449 PT. Batutua Tembaga Raya 24 29,048 — 29,072 — — — POSCO SeAH Steel Wire(Nantong) Co., Ltd. 8,067 5,357 32 13,456 107 — 107 SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO.,LTD. 715 — — 715 — 526 526 DMSA/AMSA — 69,713 4,443 74,156 — — — South-East Asia Gas Pipeline Company Ltd. — 229,880 — 229,880 — — — Others 134,397 134,506 6,885 275,788 1,856 2,005 3,861 ₩ 1,011,832 816,304 26,653 1,854,789 7,871 54,589 62,460 (*1) As of December 31, 2017, the Company recognizes bad debt allowance for receivables amounting to ₩ (e) Significant financial transactions between the Company, excluding the controlling company, and related companies for the years ended December 31, 2016 and 2017 were as follows: 1) December 31, 2016 Beginning Lend Collect Others (*3) Ending (in millions of Won) Associates and joint ventures METAPOLIS Co.,Ltd. ₩ 26,000 — (12,730 ) — 13,270 Posco e&c Songdo International Building (*1) — 298,865 — (298,865 ) — DMSA/AMSA (*2) 99,854 11,774 — (20,990 ) 90,638 South-East Asia Gas Pipeline Company Ltd. 283,954 27,087 (43,080 ) 8,644 276,605 PT. Batutua Tembaga Raya 36,830 — — 1,290 38,120 PT. Tanggamus Electric Power 2,359 1,174 — 73 3,606 PT. Wampu Electric Power 4,454 1,169 — 138 5,761 PT. POSMI Steel Indonesia 4,688 — — 146 4,834 Nickel Mining Company SAS 17,580 40,594 — 2,251 60,425 POSK(Pinghu) Steel Processing Center Co., Ltd. 5,743 5,683 (11,366 ) (60 ) — AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. 58,600 — — 1,825 60,425 Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 10,782 — (4,471 ) 336 6,647 KRAKATAU POS-CHEM DONG-SUH — 6,959 — 292 7,251 Hamparan Mulya 3,516 — — 110 3,626 POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd 5,274 — — 164 5,438 POSCO SeAH Steel Wire(Nantong) Co., Ltd. 11,720 — (3,480 ) 220 8,460 POS-SeAH — 6,959 — 292 7,251 AMCI (WA) PTY LTD 85,168 4,665 — 1,942 91,775 ₩ 656,522 404,929 (75,127 ) (302,192 ) 684,132 (*1) During the year ended December 31, 2016, it was classified as a subsidiary from an associate. (*2) During the year ended December 31, 2016, loans amounting to ₩ (*3) Includes adjustments of foreign currency translation differences and others. 2) December 31, 2017 Beginning Lend Collect Others (*4) Ending (in millions of Won) Associates and joint ventures METAPOLIS Co.,Ltd. (*1) ₩ 13,270 — — (13,270 ) — New Songdo International City Development, LLC — 484,644 (201,869 ) — 282,775 GALE International Korea, LLC — 2,000 — — 2,000 DMSA/AMSA (*2) 90,638 2,956 — (23,881 ) 69,713 South-East Asia Gas Pipeline Company Ltd. 276,605 28,967 (46,252 ) (29,440 ) 229,880 PT. Batutua Tembaga Raya 38,120 — — (9,072 ) 29,048 PT. Tanggamus Electric Power 3,606 — — (409 ) 3,197 PT. Wampu Electric Power 5,761 — — (654 ) 5,107 PT. POSMI Steel Indonesia 4,834 — — (548 ) 4,286 Nickel Mining Company SAS 60,425 — — (757 ) 59,668 AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. (*1) 60,425 — — (60,425 ) — Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 6,647 — (577 ) (713 ) 5,357 KRAKATAU POS-CHEM DONG-SUH 7,251 — — (823 ) 6,428 Hamparan Mulya 3,626 — (3,626 ) — — POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd 5,438 — (5,438 ) — — POSCO SeAH Steel Wire(Nantong) Co., Ltd. 8,460 — (2,262 ) (841 ) 5,357 POS-SeAH 7,251 — (1,142 ) 319 6,428 AMCI (WA) PTY LTD 91,775 4,327 — (4,041 ) 92,061 POS-AUSTEM (*3) — — — 5,357 5,357 POS-AUSTEM (*3) — — — 8,571 8,571 SAMHWAN VINA CO., LTD (*3) — — — 1,071 1,071 ₩ 684,132 522,894 (261,166 ) (129,556 ) 816,304 (*1) During the year ended December 31, 2017, it was excluded from associates. (*2) During the year ended December 31, 2017, loans amounting to ₩ (*3) During the year ended December 31, 2017, it was newly classified to associates and joint ventures. (*4) Includes adjustments of foreign currency translation differences and others. (f) For the years ended December 31, 2015, 2016 and 2017, details of compensation to key management officers were as follows: 2015 2016 2017 (in millions of Won) Short-term benefits ₩ 111,278 90,916 112,688 Long-term benefits 19,513 17,905 8,632 Retirement benefits 21,850 17,870 20,422 ₩ 152,641 126,691 141,742 Key management officers include directors (including non-standing |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Commitments and Contingencies | 38. Commitments and Contingencies (a) Contingent liabilities Contingent liabilities may develop in a way not initially expected. Therefore, management continuously assesses contingent liabilities to determine whether an outflow of resources embodying economic benefits has become probable. If it becomes probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability, a provision is recognized in the consolidated financial statements of the period in which the change in probability occurs (except in the extremely rare circumstances where no reliable estimate can be made). Management makes estimates and assumptions that affect disclosures of commitments and contingencies. All estimates and assumptions are based on the evaluation of current circumstances and appraisals with the supports of internal specialists or external consultants. Management regularly analyzes current information about these matters and provides for probable contingent losses including the estimate of legal expense to resolve the matters. Internal and external lawyers are used for these assessments. In making the decision regarding the need for a provision, management considers whether the Company has an obligation as a result of a past event, whether it is probable that an outflow or cash or other resources embodying economic benefits will be required to settle the obligation and the ability to make a reliable estimate of the amount of the obligation. (b) Details of guarantees Contingent liabilities on outstanding guarantees provided by the Company as of December 31, 2017 are as follows: Guarantee limit Guarantee amount Guarantors Guarantee beneficiary Financial Foreign currency Won Foreign Won (in millions of Won) [The Company] POSCO POSCO Asia Co., Ltd. BOC USD 50,000,000 53,570 50,000,000 53,570 POSCO ASSAN TST STEEL INDUSTRY SMBC and others USD 146,527,500 156,990 131,874,750 141,291 POSCO COATED STEEL (THAILAND) CO., LTD. The Great&CO Co.,Ltd (SPC) THB 5,501,000,000 180,268 5,501,000,000 180,268 POSCO Maharashtra Steel Private Limited Export-Import Bank of Korea and others USD 649,853,000 696,252 323,918,500 347,045 POSCO MEXICO S.A. DE C.V. BOA and others USD 160,000,000 171,424 160,000,000 171,424 POSCO SS-VINA Export-Import Bank of Korea and others USD 354,351,050 379,652 314,599,225 337,062 POSCO VST CO., LTD. ANZ and others USD 65,000,000 69,641 8,125,000 8,706 POSCO-VIETNAM Co., Ltd. Export-Import Bank of Korea USD 196,000,000 209,994 196,000,000 209,994 PT. KRAKATAU POSCO Export-Import Bank of Korea and others USD 1,350,300,000 1,446,711 1,187,394,785 1,272,174 Zhangjiagang Pohang Stainless Steel Co., Ltd. BTMU and others CNY 760,500,000 124,456 684,450,000 112,011 POSCO DAEWOO Corporation Daewoo Global Development. Pte., Ltd Export-Import Bank of Korea USD 21,633,300 23,178 21,633,300 23,178 MIRAE ASSET DAEWOO CO.,LTD. KRW 29,137 29,137 10,703 10,703 Daewoo Power PNG Ltd. Export-Import Bank of Korea USD 54,400,000 58,284 54,400,000 58,284 Daewoo Textile LLC Export-Import Bank of Korea USD 4,000,000 4,286 4,000,000 4,286 POSCO ASSAN TST STEEL INDUSTRY ING and others USD 14,652,750 15,699 14,652,750 15,699 POSCO DAEWOO INDIA PVT., LTD. Shinhan Bank and others USD 162,400,000 173,995 51,237,684 54,896 SC Bank and others INR 7,350,000,000 122,892 2,037,278,075 34,063 PT. Bio Inti Agrindo Export-Import Bank of Korea and others USD 120,875,000 129,505 120,875,000 129,505 Songdo Posco family Housing SAMSUNG SECURITIES CO.,LTD and others KRW 70,000 70,000 49,500 49,500 POSCO ENGINEERING & CONSTRUCTION CO., LTD. POSCO E&C Vietnam Co., Ltd. Export-Import Bank of Korea USD 30,000,000 32,142 30,000,000 32,142 HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd. Woori Bank and others USD 138,000,000 147,853 138,000,000 147,853 POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. HSBC USD 100,000,000 107,140 100,000,000 107,140 POSCO ENGINEERING (THAILAND) CO., LTD. POSCO Asia Co., Ltd USD 39,451,000 42,268 39,451,000 42,268 POSCO Engineering and Construction India Private Limited Woori Bank USD 2,100,000 2,250 2,100,000 2,250 PT PEN INDONESIA POSCO Asia Co., Ltd. USD 5,000,000 5,357 5,000,000 5,357 PT. POSCO E&C INDONESIA BNP Indonesia IDR 79,000,000,000 6,241 79,000,000,000 6,241 Songdo Posco family Housing SAMSUNG SECURITIES CO.,LTD and others KRW 70,000 70,000 49,500 49,500 Daewoo Global Development. Pte., Ltd POSCO Asia Co., Ltd. and others USD 68,719,200 73,626 59,088,100 63,307 POSCO ICT PT.POSCO ICT INDONESIA POSCO Asia Co., Ltd. USD 1,500,000 1,607 1,500,000 1,607 POSCO CHEMTECH PT.Krakatau Posco Chemtech Calcination Hana Bank USD 33,600,000 35,999 20,705,882 22,184 POSCO COATED & COLOR STEEL Co., Ltd. Myanmar POSCO C&C Company, Limited. POSCO Asia Co., Ltd. and others USD 13,986,947 14,985 13,986,947 14,985 POSCO ENERGY CO., LTD. PT. KRAKATAU POSCO ENERGY Export-Import Bank of Korea and others USD 193,900,000 207,744 137,396,174 147,206 POSCO Asia Co., Ltd. POSCO ASSAN TST STEEL INDUSTRY SMBC USD 25,000,000 26,785 25,000,000 26,785 [Associates and joint ventures] POSCO CSP — Compania Siderurgica do Pecem Export-Import Bank of Korea and others USD 420,000,000 449,990 420,000,000 449,990 BNDES BRL 464,060,000 150,100 464,060,000 150,100 LLP POSUK Titanium SMBC USD 15,000,000 16,071 15,000,000 16,071 Nickel Mining Company SAS SMBC EUR 46,000,000 58,846 37,000,000 47,332 POSCO DAEWOO Corporation GLOBAL KOMSCO Daewoo LLC Industrial & Commercial Bank of China USD 8,225,000 8,812 8,225,000 8,812 POSCO ENGINEERING & CONSTRUCTION CO., LTD. New Songdo International City Development, LLC Others KRW 340,000 340,000 317,900 317,900 UITrans LRT Co., Ltd. Kookmin Bank and others KRW 20,740 20,740 20,740 20,740 Chun-cheon Energy Co., Ltd Kookmin Bank and others KRW 11,600 11,600 10,993 10,993 POSCO ICT Incheon-Gimpo Expressway co., Ltd. Korea Development Bank KRW 100,000 100,000 100,000 100,000 UITrans LRT Co., Ltd. Kookmin Bank KRW 76,000 76,000 76,000 76,000 POSCO CHEMTECH KRAKATAU POS-CHEM DONG-SUH Hana Bank USD 1,140,000 1,221 1,140,000 1,221 POSCO(Suzhou) Automotive Processing Center Co.,Ltd. POS-InfraAuto Korea Development Bank USD 780,000 836 780,000 836 [Others] POSCO DAEWOO Corporation Ambatovy Project Investments Limited and others Export-Import Bank of Korea USD 87,272,727 93,504 28,325,258 30,348 POSCO ENGINEERING & CONSTRUCTION CO., LTD. Ecocity CO.,LTD and others Others KRW 960,011 960,011 446,098 446,098 AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. POSCO Asia Co., Ltd. and others USD 150,000,000 160,710 150,000,000 160,710 POSCO ICT SMS Energy and others Hana Bank and others KRW 104,880 104,880 73,676 73,676 Hyochun CO., LTD Daegu Bank and others KRW 39,575 39,575 39,575 39,575 BLT Enterprise and others Kyobo Life Insurance Co.,Ltd and others KRW 1,163,585 1,163,585 1,163,585 1,163,585 POSCO AUSTRALIA PTY LTD Department of Trade and Investment(NSW Government) Woori Bank and others AUD 25,260,721 21,097 25,260,721 21,097 USD 4,683,667,474 5,018,081 3,834,409,355 4,108,186 KRW 2,985,528 2,985,528 2,358,270 2,358,270 CNY 760,500,000 124,456 684,450,000 112,011 INR 7,350,000,000 122,892 2,037,278,075 34,063 IDR 79,000,000,000 6,241 79,000,000,000 6,241 THB 5,501,000,000 180,268 5,501,000,000 180,268 EUR 46,000,000 58,846 37,000,000 47,332 AUD 25,260,721 21,097 25,260,721 21,097 BRL 464,060,000 150,100 464,060,000 150,100 (c) POSCO ENGINEERING & CONSTRUCTION CO., LTD. has provided the completion guarantees for Samsung C&T Corporation amounting to ₩ ₩ (d) Other commitments Details of other commitments of the Company as of December 31, 2017 are as follows: POSCO POSCO entered into long-term contracts to purchase iron ore, coal, nickel and others. The contracts of iron ore and coal generally have terms of more than three years and the contracts of nickel have terms of more than one year. These contracts provide for periodic price adjustments based on the market price. As of December 31, 2017, 116 million tons of iron ore and 18 million tons of coal remained to be purchased under such long-term contracts. POSCO entered into an agreement with Tangguh Liquefied Natural Gas (LNG) Consortium in Indonesia to purchase 550 thousand tons of LNG annually for 20 years commencing in August 2005. The purchase price is subject to change, based on changes of the monthly standard oil price (JCC) and with a price ceiling. As of December 31, 2017, the Company entered into commitments with KOREA ENERGY AGENCY for long-term foreign currency borrowings, which enables the Company to borrow up to the amount of USD 6.49 million. The borrowings are related to the Company’s the exploration of gas hydrates in Western Fergana-Chinabad. The repayment of the borrowings depends on the success of the projects. The Company is not liable for the repayment of full or part of the amount borrowed if the respective projects fail. The Company has agreed to pay a certain portion of its profits under certain conditions, as defined by the borrowing agreements. As of December 31, 2017, the ending balance of the borrowing amounts to USD 1.02 million. POSCO has provided a supplemental funding agreement, as the largest shareholder, as requested from the creditors, including Norddeutsche Landesbank, for seamless funding to POSCO ENERGY Co., Ltd. under construction of new power plant. The Company provides a supplementary fund of up to ₩ The Company provides supplementary funding for the purpose of promoting the Suncheon Bay PRT business of Suncheon Eco Trans Co., Ltd, a subsidiary of the Company, at the request of creditors. POSCO ENGINEERING & CONSTRUCTION CO., LTD. As of December 31, 2017, POSCO ENGINEERING & CONSTRUCTION CO., LTD. has foreign currency guarantee of up to USD 2,311 million and uses USD 1,306 million with Woori Bank and others. POSCO ICT As of December 31, 2017, in relation to contract enforcement, POSCO ICT was provided with ₩ ₩ (e) Litigation in progress As of December 31, 2017, litigations in progress that POSCO and certain subsidiaries are defendants in legal actions arising from the normal course of business are as follows: Company Legal Claim amount Korean Won Description (In millions of Won, in thousands of foreign currencies) POSCO 15 KRW 23,037 23,037 Lawsuit on claim for employee right and others(*1) 1 USD 1,583 1,696 Arbitration on trading and others POSCO DAEWOO Corporation 2 EUR 2,747 3,514 Lawsuit on claim for damages and others 3 INR 4,518,694 75,553 Lawsuit on claim for payment on guarantees and others(*1) 10 KRW 9,903 9,903 Lawsuit on claim for payment and others 3 USD 22,228 23,815 Lawsuit on claim for damages and others(*1) 1 PKR 124,775 1,208 Lawsuit on claim for damages 1 CAD 79,000 67,363 Lawsuit on claim for damages POSCO ENGINEERING & CONSTRUCTION CO., LTD. 104 KRW 461,134 461,134 Arbitration on construction costs allocation and others POSCO ICT 13 KRW 9,894 9,894 Lawsuit on claim for payment and others POSCO A&C 3 KRW 3,985 3,985 Lawsuit on claim for payment on construction POSCO ENERGY CO., LTD. 4 KRW 7,017 7,017 Lawsuit on claim for damages and revocation of electricity supply contract and others POSCO E&C CHINA CO., LTD. 11 CNY 13,679 2,239 Lawsuit on claim for payment of reserve for construction warranty and others 1 KRW 3,305 3,305 Lawsuit on claim for payment on construction Posco e&c Songdo International Building 3 KRW 892 892 Lawsuit on affirmation of the non-existence POSPOWER CO., Ltd. 1 KRW 1,000 1,000 Lawsuit on claim for damages POSCO ENGINEERING(THAILAND) CO., LTD. 7 THB 724,400 23,739 Lawsuit on claim for payment on construction POSCO TNPC Otomotiv Celik San. Ve Tic. A.S 6 TRY 31 9 Lawsuit on claim for unfair dismissal and others PT. KRAKATAU POSCO 1 IDR 324,858,033 25,664 Lawsuit on claim for payment on construction POSCO(Dalian)IT Center Development Co., Ltd. 2 CNY 423 69 Lawsuit over contract dispute dealing apartment Brazil Sao Paulo Steel Processing Center 3 BRL 12,167 3,935 Lawsuit on claim for payment on construction and others POSCO ENGINEERING &CONSTRUCTION DO BRAZIL LTDA. 184 BRL 121,058 39,156 Lawsuit on claim for damages and others(*1) HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd. 1 KRW 3,305 3,305 Lawsuit on claim for payment on construction POSCO India Chennai Steel Processing Center Pvt.Ltd. 6 USD 8,409 9,009 Lawsuit on custom duty and others (*1) The Company made a reliable estimate in 163 lawsuits by considering the possibility and amount of outflow of resources and recognized ₩ For all the other lawsuits and claims, management does not believe the Company has any present obligations and therefore, the Company has not recognized any provisions as of December 31, 2017 for the matters. |
Additional Information of Cash
Additional Information of Cash Flow Statements | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Additional Information of Cash Flow Statements | 39. Additional Information of Cash Flow Statements (a) Changes in operating assets and liabilities for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Trade accounts and notes receivable ₩ 1,586,113 273,419 63,075 Other receivables 259,741 191,591 113,740 Inventories 2,456,068 (889,998 ) (1,435,170 ) Other current assets 42,131 (287,377 ) 110,688 Other non-current 72,826 33,584 12,455 Trade accounts and notes payable (894,129 ) 769,337 (607,999 ) Other payables 39,811 (179,174 ) (26,922 ) Other current liabilities (457,947 ) 2,490 338,273 Provisions (119,172 ) (124,884 ) (145,763 ) Payments of severance benefits (157,983 ) (278,278 ) (185,220 ) Plan assets (115,274 ) (138,854 ) 3,815 Other non-current 72,267 223,574 (82,605 ) ₩ 2,784,452 (404,570 ) (1,841,633 ) (b) Changes in liabilities arising from financial activities for the year ended December 31, 2017 were as follows: Liabilities Derivatives held Short-term long-term Dividend Finance (in millions of Won) Beginning ₩ 7,979,727 14,725,271 7,770 114,409 (52,373 ) Changes from financing cash flows 558,083 (1,410,033 ) (931,232 ) (10,536 ) — Changes arising from obtaining or losing (12,469 ) 3,299 — — — The effect of changes in foreign exchange rates (350,523 ) (435,170 ) — (10,855 ) — Changes in fair values — — — — 171,693 Other changes: Decrease in retained earnings — — 863,579 — — Decrease in non-controlling — — 67,096 — — Amortization of discount on debentures issued — 5,472 — — — Ending ₩ 8,174,818 12,888,839 7,213 93,018 119,320 |
Operating Segments and Geograph
Operating Segments and Geographic Information | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Operating Segments and Geographic Information | 40. Operating Segments and Geographic Information (a) The Company’s operating businesses are organized based on the nature of markets and customers. The Company has four reportable operating segments—steel, construction, trading and others. The steel segment includes production of steel products and revenue of such products. The construction segment includes planning, designing and construction of industrial plants, civil engineering projects and commercial and residential buildings, both in Korea and overseas. The trading segment consists of exporting and importing a wide range of steel products and raw materials that are both obtained from and supplied to POSCO, as well as between other suppliers and purchasers in Korea and overseas. Other segments include power generation, liquefied natural gas production, network and system integration and logistics. The policies of classification and measurement on operating segments were the same for all periods presented. (b) Information about reportable segments as of and for the years ended December 31, 2015, 2016 and 2017 was as follows: 1) As of and for the year ended December 31, 2015 Steel Trading Construction Others Total (in millions of Won) External revenues ₩ 28,292,824 18,315,487 8,515,780 3,068,254 58,192,345 Internal revenues 16,543,951 8,692,020 1,352,067 2,691,361 29,279,399 Including inter segment revenue 9,146,808 4,480,744 1,090,193 2,571,219 17,288,964 Total revenues 44,836,775 27,007,507 9,867,847 5,759,615 87,471,744 Interest income 139,821 55,630 27,134 16,173 238,758 Interest expenses (560,767 ) (76,672 ) (91,742 ) (141,095 ) (870,276 ) Depreciation and amortization (2,782,680 ) (166,814 ) (50,605 ) (282,817 ) (3,282,916 ) Impairment loss on property, plant and equipment and others (243,828 ) (17,281 ) (28,345 ) (22,979 ) (312,433 ) Impairment loss on available-for-sale (151,503 ) (1,410 ) (47,616 ) (40,261 ) (240,790 ) Share of profit or loss of investment in associates and JVs (562,133 ) (212,535 ) (25,223 ) (22,618 ) (822,509 ) Income tax expense (390,000 ) (4,772 ) (30,615 ) (18,718 ) (444,105 ) Segment profit (loss) 181,495 38,843 (275,651 ) (65,570 ) (120,883 ) Segment assets 70,102,972 12,160,406 9,997,683 10,962,594 103,223,655 Investment in associates 17,457,391 1,097,971 1,076,024 1,186,307 20,817,693 Acquisition of non-current 2,102,674 303,753 276,863 345,971 3,029,261 Segment liabilities 21,078,613 8,953,410 5,716,550 6,472,925 42,221,498 2) As of and for the year ended December 31, 2016 Steel Trading Construction Others Total (in millions of Won) External revenues ₩ 26,844,154 16,774,078 6,768,348 2,696,933 53,083,513 Internal revenues 16,062,016 9,646,026 713,703 2,379,945 28,801,690 Including inter segment revenue 8,992,783 5,296,847 557,526 2,285,128 17,132,284 Total revenues 42,906,170 26,420,104 7,482,051 5,076,878 81,885,203 Interest income 126,210 40,424 65,256 13,564 245,454 Interest expenses (459,345 ) (70,841 ) (102,292 ) (126,523 ) (759,001 ) Depreciation and amortization (2,788,535 ) (165,863 ) (57,719 ) (264,299 ) (3,276,416 ) Impairment loss on property, plant and equipment and others (99,165 ) (45,995 ) (9,426 ) (88,696 ) (243,282 ) Impairment loss on available-for-sale (225,225 ) (28,988 ) (35,331 ) (24,902 ) (314,446 ) Share of profit or loss of investment in associates and JVs (211,084 ) (53,586 ) (283,833 ) (6,369 ) (554,872 ) Income tax expense (495,874 ) (18,629 ) 107,520 (56,026 ) (463,009 ) Segment profit (loss) 1,511,383 53,244 (1,403,712 ) (25,889 ) 135,026 Segment assets 69,914,939 13,580,179 9,501,046 8,529,600 101,525,764 Investment in associates 16,109,360 1,100,973 795,445 1,200,295 19,206,073 Acquisition of non-current 2,334,842 249,597 25,533 191,715 2,801,687 Segment liabilities 20,292,764 10,134,170 6,780,380 4,709,689 41,917,003 3) As of and for the year ended December 31, 2017 Steel Trading Construction Others Total (in millions of Won) External revenues ₩ 30,230,368 20,802,207 6,886,606 2,735,919 60,655,100 Internal revenues 17,381,010 14,075,996 398,924 2,548,674 34,404,604 Including inter segment revenue 12,004,614 8,043,643 329,215 2,446,029 22,823,501 Total revenues 47,611,378 34,878,203 7,285,530 5,284,593 95,059,704 Interest income 128,827 32,799 100,922 17,940 280,488 Interest expenses (422,357 ) (121,967 ) (112,983 ) (100,656 ) (757,963 ) Depreciation and amortization (2,856,133 ) (206,490 ) (42,123 ) (255,620 ) (3,360,366 ) Impairment loss on property, plant and equipment and others (149,840 ) (140,839 ) (37,476 ) (8,564 ) (336,719 ) Impairment loss on available-for-sale (95,261 ) — (18,637 ) (13,421 ) (127,319 ) Share of profit or loss of investment in associates and JVs 8,352 — (8,555 ) (1,518 ) (1,721 ) Income tax expense (977,853 ) (109,710 ) (109,961 ) (77,172 ) (1,274,696 ) Segment profit (loss) 2,790,855 112,661 24,545 232,700 3,160,761 Segment assets 70,017,816 14,139,098 8,609,753 8,776,090 101,542,757 Investment in associates 16,116,654 1,134,798 668,392 1,193,895 19,113,739 Acquisition of non-current 2,033,184 286,185 99,190 251,665 2,670,224 Segment liabilities 19,057,249 10,386,294 5,744,693 4,620,902 39,809,138 (c) Reconciliations of total segment revenues, profit or loss, assets and liabilities, and other significant items to their respective consolidated financial statement line items are as follows: 1) Revenues 2015 2016 2017 (in millions of Won) Total revenue for reportable segments ₩ 87,471,744 81,885,203 95,059,704 Elimination of inter-segment revenue (29,279,399 ) (28,801,690 ) (34,404,604 ) Basis difference (*2) 329,923 (143,742 ) (468,233 ) ₩ 58,522,268 52,939,771 60,186,867 2) Profit 2015 2016 2017 (in millions of Won) Total profit (loss) for reportable segments ₩ (120,883 ) 135,026 3,160,761 Goodwill and corporate FV adjustments (95,150 ) (123,110 ) (84,370 ) Elimination of inter-segment profits 119,852 1,036,253 (102,922 ) Income tax expense 276,939 384,685 1,206,223 Basis difference (*2) (30,413 ) (21,245 ) (84,641 ) Profit before income tax expense ₩ 150,345 1,411,609 4,095,051 3) Assets 2016 2017 (in millions of Won) Total assets for reportable segments (*1) ₩ 101,525,764 101,542,757 Equity-accounted investees (15,322,271 ) (15,555,972 ) Goodwill and corporate FV adjustments 3,750,915 3,368,333 Elimination of inter-segment assets (10,191,413 ) (10,330,159 ) Basis difference (*2) 374,619 760,670 ₩ 80,137,614 79,785,629 (*1) As segment assets and liabilities are determined based on separate financial statements, for subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate financial statements is eliminated upon consolidation. In addition, adjustments are made to adjust the amount of investment in associates and joint ventures from the amount reflected in segment assets to that determined using equity method in consolidated financial statements. 4) Liabilities 2016 2017 (in millions of Won) Total liabilities for reportable segments ₩ 41,917,003 39,809,138 Corporate FV adjustments 442,178 483,693 Elimination of inter-segment liabilities (8,434,580 ) (8,731,880 ) Basis difference (*2) 447,744 897,953 ₩ 34,372,345 32,458,904 5) Other significant items a) December 31, 2015 Total Corporate FV Elimination of inter-segment Basis (*2) Consolidated (in millions of Won) Interest income ₩ 238,758 — (28,565 ) — 210,193 Interest expenses (870,276 ) 1,282 80,222 — (788,772 ) Depreciation and amortization (3,282,916 ) (117,595 ) 182,265 — (3,218,246 ) Share of profit or loss of investment in associates (822,509 ) — 316,455 — (506,054 ) Income tax expense (444,105 ) 24,294 142,872 10,379 (266,560 ) Impairment loss on property, plant and equipment and others (312,433 ) — (142,234 ) — (454,667 ) Impairment loss on available-for-sale (240,790 ) — 98,009 — (142,781 ) ₩ (5,734,271 ) (92,019 ) 649,024 10,379 (5,166,887 ) b) December 31, 2016 Total Corporate FV Elimination of inter-segment Basis (*2) Consolidated (in millions of Won) Interest income ₩ 245,454 — (62,979 ) — 182,475 Interest expenses (759,001 ) (807 ) 101,082 — (658,726 ) Depreciation and amortization (3,276,416 ) (104,949 ) 167,518 — (3,213,847 ) Share of profit or loss of investment in associates (554,872 ) (38,732 ) 504,927 — (88,677 ) Income tax expense (463,009 ) 21,945 56,379 5,141 (379,544 ) Impairment loss on property, plant and equipment and others (243,282 ) — (125,657 ) — (368,939 ) Impairment loss on available-for-sale (314,446 ) — 66,042 — (248,404 ) ₩ (5,365,572 ) (122,543 ) 707,312 5,141 (4,775,662 ) c) December 31, 2017 Total Corporate FV Elimination of inter-segment Basis (*2) Consolidated (in millions of Won) Interest income ₩ 280,488 — (68,037 ) — 212,451 Interest expenses (757,963 ) 1,304 103,544 — (653,115 ) Depreciation and amortization (3,360,366 ) (106,195 ) 169,141 — (3,297,420 ) Share of profit or loss of investment in associates (1,721 ) — 12,261 — 10,540 Income tax expense (1,274,696 ) 21,270 47,203 20,483 (1,185,740 ) Impairment loss on property, plant and equipment and others (336,719 ) (867 ) 34,619 — (302,967 ) Impairment loss on available-for-sale (127,319 ) — 4,105 — (123,214 ) ₩ (5,578,296 ) (84,488 ) 302,836 20,483 (5,339,465 ) (*2) Basis difference is related to the difference in recognizing revenue and expenses in connection with development and sale of certain residential real estate between the report reviewed by the CEO and the consolidated financial statements. (d) Revenue by geographic area for years ended December 31, 2015, 2016 and 2017 was as follows: 2015 2016 2017 (in millions of Won) Domestic ₩ 39,268,907 34,883,941 38,882,220 Japan 1,934,808 1,892,022 2,200,405 China 5,756,867 5,908,046 6,731,214 Asia-other 5,888,045 5,649,843 7,750,553 North America 1,921,039 1,899,291 1,725,120 Others 3,422,679 2,850,370 3,365,588 58,192,345 53,083,513 60,655,100 Basis difference 329,923 (143,742 ) (468,233 ) ₩ 58,522,268 52,939,771 60,186,867 In presenting geographic information revenue is based on the geographical location of customers. (e) Non-current 2016 2017 (in millions of Won) Domestic ₩ 31,772,641 30,790,462 Japan 187,266 162,328 China 1,451,405 1,284,561 Asia-other 6,163,388 5,266,799 North America 168,800 277,249 Others 1,233,288 1,119,319 ₩ 40,976,788 38,900,718 Non-current (f) There are no customers whose revenue is 10% or more of consolidated revenue. |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Basis of consolidation | Basis of consolidation (a) Business combinations The Company accounts for business combinations using the acquisition method when control is transferred to the Company. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree’s employees (acquiree’s awards), then all or a portion of the amount of the acquirer’s replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based measure of the replacement awards compared with the market-based measure of the acquiree’s awards and the extent to which the replacement awards relate to pre-combination (b) Non-controlling Non-controlling (c) Subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. (d) Loss of control When the Company loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related non-controlling (e) Interests in equity-accounted investees The Company’s interests in equity-control investees comprise interests in associates and joint ventures. Associates are those entities in which the Company has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Company has joint control, whereby the Company has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Company’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control ceases. (f) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Company’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. |
Foreign currency transactions and translation | Foreign currency transactions and translation (a) Foreign currency transactions Foreign currency transactions are initially recorded using the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of each reporting period, foreign currency monetary items are translated using the closing rate. Non-monetary Non-monetary Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous financial statements are recognized in profit or loss in the period in which they arise. When gains or losses on non-monetary non-monetary (b) Foreign operations If the presentation currency of the Company is different from a foreign operation’s functional currency, the financial statements of the foreign operation are translated into the presentation currency using the following methods: The assets and liabilities of foreign operations, whose functional currency is not the currency of a hyperinflationary economy, are translated to presentation currency at exchange rates at the reporting date. The income and expenses of foreign operations are translated to functional currency at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation are treated as assets and liabilities of the foreign operation. Thus, they are expressed in the functional currency of the foreign operation and translated at the closing rate. When a foreign operation is disposed of, the relevant amount in the translation is transferred to profit or loss as part of the profit or loss on disposal. On the partial disposal of a subsidiary that includes a foreign operation, the relevant proportion of such cumulative amount is reattributed to non-controlling Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are recognized in other comprehensive income in the translation reserve. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents comprise cash on hand, demand deposits, and short-term investments in highly liquid securities that are readily convertible to known amounts of cash with maturities of three months or less from the acquisition date and which are subject to an insignificant risk of changes in value. Equity investments are excluded from cash and cash equivalents. |
Non-derivative financial assets | Non-derivative The Company recognizes and measures non-derivative held-to-maturity available-for-sale Upon initial recognition, non-derivative (a) Financial assets at fair value through profit or loss Financial assets are classified at fair value through profit or loss if they are held for trading or designated as such upon initial recognition. Upon initial recognition, transaction costs are recognized in profit or loss when incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognized in profit or loss. (b) Held-to-maturity A non-derivative held-to-maturity. held-to-maturity (c) Loans and receivables Loans and receivables are non-derivative (d) Available-for-sale Available-for-sale non-derivative available-for-sale held-to-maturity available-for-sale (e) Derecognition of non-derivative The Company derecognizes non-derivative If the Company retains substantially all the risks and rewards of ownership of the transferred financial assets, the Company continues to recognize the transferred financial assets and recognizes financial liabilities for the consideration received. (f) Offsetting a financial asset and a financial liability Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when the Company currently has a legally enforceable right to offset the recognized amounts, and there is the intention to settle on a net basis or to realize the asset and settle the liability simultaneously. |
Inventories | Inventories Inventory costs, except materials-in-transit Inventories are measured at the lower of cost or net realizable value. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories arising from an increase in net realizable value is recognized as a reduction in the amount of inventories recognized as a cost of goods sold in the period in which the reversal occurs. The carrying amount of those inventories is recognized as cost of goods sold in the period in which the related revenue is recognized. |
Non-current assets held for sale | Non-current Non-current non-current The Company recognizes an impairment loss for any initial or subsequent write-down of an asset or disposal group to fair value less costs to sell, and a gain for any subsequent increase in fair value less costs to sell, up to the cumulative impairment loss previously recognized in accordance with IAS No. 36 “Impairment of Assets”. A non-current |
Investment property | Investment property Property held to earn rentals or for capital appreciation or both is classified as investment property. Investment property is measured initially at its cost. Transaction costs are included in the initial measurement. Subsequently, investment property is carried at depreciated cost less any accumulated impairment losses. Subsequent costs are recognized in the carrying amount of investment property at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day Depreciation methods, useful lives and residual values are reviewed at the end of each reporting date and adjusted, if appropriate. The change is accounted for as a change in an accounting estimate. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are initially measured at cost and after initial recognition, are carried at cost less accumulated depreciation and any accumulated impairment losses. The cost of property, plant and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and, when the Company has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the item and restoring the site on which it is located. The cost of replacing a part of an item is recognized in the carrying amount of the item of property, plant and equipment, if the following recognition criteria are met: (a) it is probable that future economic benefits associated with the item will flow to the Company, and (b) the cost can be measured reliably. The carrying amount of the replaced part is derecognized at the time the replacement part is recognized. The costs of the day-to-day Items of property, plant and equipment are depreciated from the date they are available for use or, in respect of self-constructed assets, from the date that the asset is completed and ready for use. Other than land, the costs of an asset less its estimated residual value are depreciated. Depreciation of property, plant and equipment is recognized in profit or loss on a straight-line basis, which most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset, over the estimated useful lives of each component of an item of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Land is not depreciated. Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately. The gain or loss arising from the derecognition of an item of property, plant and equipment is included in profit or loss when the item is derecognized. The estimated useful lives for the current and comparative periods are as follows: Buildings 3-50 Structures 4-50 Machinery and equipment 4-25 Vehicles 3-20 Tools 3-10 Furniture and fixtures 3-20 Lease assets 3-30 Bearer plants 20 years The estimated residual value, useful lives and the depreciation method are reviewed at least at the end of each reporting period and, if expectations differ from previous estimates, the changes are accounted for as changes in accounting estimates. |
Borrowing costs | Borrowing costs The Company capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. Other borrowing costs are recognized in expense as incurred. A qualifying asset is an asset that requires a substantial period of time to get ready for its intended use or sale. Financial assets and inventories that are manufactured or otherwise produced over a short period of time are not qualifying assets. Assets that are ready for their intended use or sale when acquired are not qualifying assets. To the extent that the Company borrows funds specifically for the purpose of obtaining a qualifying asset, the Company determines the amount of borrowing costs eligible for capitalization as the actual borrowing costs incurred on that borrowing during the period less any investment income on the temporary investment of those borrowings. The Company immediately recognizes other borrowing costs as an expense. To the extent that the Company borrows funds generally and uses them for the purpose of obtaining a qualifying asset, the Company shall determine the amount of borrowing costs eligible for capitalization by applying a capitalization rate to the expenditures on that asset. The capitalization rate shall be the weighted average of the borrowing costs applicable to the borrowings of the Company that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. The amount of borrowing costs that the Company capitalizes during a period shall not exceed the amount of borrowing costs incurred during that period. |
Intangible assets | Intangible assets Intangible assets are measured initially at cost and, subsequently, are carried at cost less accumulated amortization and accumulated impairment losses. Amortization of intangible assets except for goodwill is calculated on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. The residual value of intangible assets is zero. However, as there are no foreseeable limits to the periods over which club memberships are expected to be available for use, this intangible asset is determined as having an indefinite useful life and not amortized. Intellectual property rights 4-25 Development costs 3-5 Port facilities usage rights 4-75 Other intangible assets 2-15 Amortization periods and the amortization methods for intangible assets with finite useful lives are reviewed at the end of each reporting period. The useful lives of intangible assets that are not being amortized are reviewed at the end of each reporting period to determine whether events and circumstances continue to support indefinite useful life assessments for those assets. Changes are accounted for as changes in accounting estimates. Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in profit or loss as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are recognized in profit or loss as incurred. Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures, including expenditures on internally generated goodwill and brands, are recognized in profit or loss as incurred. |
Exploration for and evaluation of mineral resources | Exploration for and evaluation of mineral resources POSCO is engaged in exploration projects for mineral resources through subsidiaries, associates and joint ventures or other contractual arrangements. Expenditures related to the development of mineral resources are recognized as exploration or development intangible assets. The nature of these intangible assets are as follows: (a) Exploration and evaluation assets Exploration and evaluation assets consist of expenditures for topographical studies, geophysical studies and trenching. These assets are reclassified as development assets when it is proved that the exploration has identified commercially viable mineral deposit. (b) Development assets When proved reserves are determined and development is sanctioned, development expenditures incurred are capitalized. These expenditures include evaluation of oil fields, construction of oil/gas wells, drilling for viability and others. On completion of development and inception of extraction for commercial production of developed proved reserves, the development assets are reclassified as either property, plant and equipment or as intellectual property rights (mining rights) under intangible assets based on the nature of the capitalized expenditure. The respective property, plant and equipment and intellectual property (mining rights) are each depreciated and amortized based on proved reserves on a unit of production basis. |
Government grants | Government grants Government grants are not recognized unless there is reasonable assurance that the Company will comply with the grant’s conditions and that the grant will be received. (a) Grants related to assets Government grants whose primary condition is that the Company purchase, construct or otherwise acquire long-term assets are deducted from the carrying amount of the assets and recognized in profit or loss on a systematic and rational basis over the life of the depreciable assets. (b) Grants related to income Government grants which are intended to compensate the Company for expenses incurred are deducted from the related expenses. |
Leases | Leases The Company classifies and accounts for leases as either a finance or operating lease, depending on the terms. Leases where the Company assumes substantially all of the risks and rewards of ownership are classified as finance leases. All other leases are classified as operating leases. (a) Finance leases At the commencement of the lease term, the Company recognizes as finance assets and finance liabilities the lower amount of the fair value of the leased property and the present value of the minimum lease payments, each determined at the inception of the lease. Any initial direct costs are added to the amount recognized as an asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are charged as expenses in the periods in which they are incurred. The depreciable amount of a leased asset is allocated to each accounting period during the period of expected use on a systematic basis consistent with the depreciation policy the Company adopts for similar depreciable assets that are owned. If there is no reasonable certainty that the Company will obtain ownership by the end of the lease term, the asset is fully depreciated over the shorter of the lease term and its useful life. (b) Operating leases Lease obligations under operating leases are recognized as an expense on a straight-line basis over the lease term. Contingent rents are charged as expenses in the periods in which they are incurred. (c) Determining whether an arrangement contains a lease Determining whether an arrangement is, or contains, a lease is based on the substance of the arrangement and requires an assessment of whether fulfillment of the arrangement is dependent on the use of a specific asset or assets (the asset) and the arrangement conveys a right to use the asset. At inception or reassessment of the arrangement, management of the Company separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. If management of the Company concludes for a financial lease that it is impracticable to separate the payments reliably, the Company recognizes an asset and a liability at an amount equal to the fair value of the underlying asset that was identified as the subject of the lease. Subsequently, the liability shall be reduced as payments are made and an imputed finance charge on the liability recognized using the purchaser’s incremental borrowing rate of interest. |
Impairment for financial assets | Impairment for financial assets A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. However, losses expected as a result of future events, regardless of likelihood, are not recognized. Objective evidence that a financial asset or group of financial assets are impaired includes: (a) significant financial difficulty of the issuer or obligor; (b) a breach of contract, such as a default or delinquency in interest or principal payments; (c) the lender, for economic or legal reasons relating to the borrower’s financial difficulty, granting to the borrower a concession that the lender would not otherwise consider; (d) it becoming probable that the borrower will enter bankruptcy or other financial reorganization; (e) the disappearance of an active market for that financial asset because of financial difficulties; or (f) observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group. In addition, for an investment in an equity security, a significant or prolonged decline in its fair value below its cost is objective evidence of impairment. If there is objective evidence that financial assets are impaired, impairment losses are measured and recognized. (a) Financial assets measured at amortized cost An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of its estimated future cash flows discounted at the asset’s original effective interest rate. If it is not practicable to obtain the instrument’s estimated future cash flows, impairment losses would be measured by using prices from any observable current market transactions. The Company can recognize impairment losses directly or establish a provision to cover impairment losses. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss shall be reversed either directly or by adjusting an allowance account. (b) Financial assets carried at cost If there is objective evidence that an impairment loss has occurred on an unquoted equity instrument that is not carried at fair value because its fair value cannot be reliably measured, or on a derivative asset that is linked to and must be settled by delivery of such an unquoted equity instrument, the amount of the impairment loss is measured as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses are not reversed. (c) Available-for-sale When a decline in the fair value of an available-for-sale available-for-sale available-for-sale |
Impairment for non-financial assets | Impairment for non-financial The carrying amounts of the Company’s non-financial non-current Management estimates the recoverable amount of an individual asset. If it is impossible to measure the individual recoverable amount of an asset, then management estimates the recoverable amount of cash-generating unit (“CGU”). A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The Company determined that individual operating entities are CGUs. The recoverable amount of an asset or CGU is the greater of its value-in-use value-in-use pre-tax An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. Goodwill acquired in a business combination is allocated to each CGU that is expected to benefit from the synergies arising from the goodwill acquired. Any impairment identified at the CGU level will first reduce the carrying amount of goodwill and then be used to reduce the carrying amount of the other assets in the CGU on a pro rata basis. Except for impairment losses in respect of goodwill which are never reversed, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Derivative financial instruments and hedges | Derivative financial instruments and hedges Derivatives are initially recognized at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are recognized in profit or loss. (a) Hedge accounting The Company holds forward exchange contracts, currency swaps and commodity future contracts to manage foreign exchange risk and commodity fair value risk. The Company designated derivatives as hedging instruments to hedge the risk of changes in the fair value of assets, liabilities or firm commitments (a fair value hedge) and foreign currency risk of highly probable forecasted transactions or firm commitments (a cash flow hedge). On initial designation of the hedge, the Company formally documents the relationship between the hedging instruments and hedged items, including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. ① Fair value hedge Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognized in profit or loss. The gain or loss from remeasuring the hedging instrument at fair value for a derivative hedging instrument and the gain or loss on the hedged item attributable to the hedged risk are recognized in profit or loss in the same line item of the consolidated statement of comprehensive income. The Company discontinues fair value hedge accounting if the hedging instrument expires or is sold, terminated or exercised, or if the hedge no longer meets the criteria for hedge accounting. Any adjustment arising from gain or loss on the hedged item attributable to the hedged risk is amortized to profit or loss from the date the hedge accounting is discontinued. ② Cash flow hedge When a derivative is designated to hedge the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income, net of tax, and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. The cumulative gain or loss on the hedging instrument that has been recognized in other comprehensive income is reclassified to profit or loss in the periods during which the forecasted transaction occurs. If the forecasted transaction is no longer expected to occur, then the balance in other comprehensive income is recognized immediately in profit or loss. (b) Embedded derivatives Embedded derivatives are separated from the host contract and accounted for separately only if the following criteria have been met: (a) the economic characteristics and risks of the host contract and the embedded derivatives are not clearly and closely related to a separate instrument with the same terms as the embedded derivative that would meet the definition of a derivative, and (b) the hybrid (combined) instrument is not measured at fair value through profit or loss. Changes in the fair value of separable embedded derivatives from the host contract are recognized immediately in profit or loss. However, convertible rights of convertible bonds are not separated from the host contract and the compound financial instruments of bonds and convertible rights are designated and measured at fair value through profit and loss. (c) Other derivatives Changes in the fair value of a derivative that is not designated as a hedging instrument are recognized immediately in profit or loss. |
Non-derivative financial liabilities | Non-derivative The Company classifies non-derivative (a) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading or designated as such upon initial recognition. Subsequent to initial recognition, financial liabilities at fair value through profit or loss are measured at fair value, and changes therein are recognized in profit or loss. Upon initial recognition, transaction costs that are directly attributable to the acquisition are recognized in profit or loss as incurred. (b) Other financial liabilities Non-derivative |
Construction work in progress | Construction work in progress The gross amount due from customers for contract work is presented for all contracts in which costs incurred plus recognized profits (less recognized losses) exceed progress billings. If progress billings exceed costs incurred plus recognized profits (less recognized losses), then the gross amount due to customers for contract work is presented. Cost includes all expenditures related directly to specific projects and an allocation of fixed and variable overheads incurred in the Company’s contract activities based on normal operating capacity. The Company recognizes advances received regarding the amount received from the ordering organization before the commencement of the construction. Also, the Company recognized trade accounts and notes receivable with respect to the amount billed to the ordering organization. |
Employee benefits | Employee benefits (a) Short-term employee benefits Short-term employee benefits are employee benefits that are due to be settled within twelve months after the end of the period in which the employees render the related service. When an employee has rendered service to the Company during an accounting period, the Company recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for that service as profit or loss. If the Company has a legal or constructive obligation which can be reliably measured, the Company recognizes the amount of expected payment for profit-sharing and bonuses payable as liabilities. (b) Other long-term employee benefits Other long-term employee benefits include employee benefits that are settled beyond 12 months after the end of the period in which the employees render the related service, and are calculated at the present value of the amount of future benefit that employees have earned in return for their service in the current and prior periods, less the fair value of any related assets. Any actuarial gains and losses are recognized in profit or loss in the period in which they arise. (c) Retirement benefits: Defined contribution plans For defined contribution plans, when an employee has rendered service to the Company during a period, the Company recognizes the contribution payable to a defined contribution plan in exchange for that service as an accrued expense, after deducting any contributions already paid. If the contributions already paid exceed the contribution due for service before the end of the reporting period, the Company recognizes that excess as an asset (prepaid expense) to the extent that the prepayment will lead to a reduction in future payments or a cash refund. (d) Retirement benefits: Defined benefit plans A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company’s net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. The fair value of plan assets is deducted. The calculation is performed annually by an independent actuary using the projected unit credit method. The discount rate is the yield at the reporting date on corporate bonds that have maturity dates approximating the terms of the Company’s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The Company recognizes all actuarial gains and losses arising from actuarial assumption changes and experiential adjustments in other comprehensive income when incurred. When the fair value of plan assets exceeds the present value of the defined benefit obligation, the Company recognizes an asset, to the extent of the present value of the total of cumulative any economic benefits available in the form of refunds from the plan or reduction in the future contributions to the plan. Remeasurements of net defined benefit liabilities, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss in curtailment is recognized immediately in profit or loss. The Company recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs. |
Provisions | Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The risks and uncertainties that inevitably surround many events and circumstances are taken into account in reaching the best estimate of a provision. Where the effect of the time value of money is material, provisions are determined at the present value of the expected future cash flows. Where some or all of the expenditures required to settle a provision are expected to be reimbursed by another party, the reimbursement shall be recognized when, and only when, it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a separate asset. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed. A provision for warranties is recognized when the underlying products are sold. The provision is based on historical warranty. Regarding provision for construction warranties, warranty period starts from the completion of construction in accordance with construction contracts. If the Company has an obligation for warranties, provision for warranties which are estimated based on historical warranty data are recorded as cost of construction and provision for warranties during the construction period. A provision for restoration regarding contamination of land is recognized in accordance with the Company’s announced Environment Policy and legal requirement as needed. A provision is used only for expenditures for which the provision was originally recognized. |
Emission Rights | Emission Rights The Company accounts for greenhouse gases emission right and the relevant liability as follows pursuant to the Act on Allocation and Trading of Greenhouse Gas Emission (a) Greenhouse Gases Emission Right Greenhouse Gases Emission Right consists of emission allowances which are allocated from the government free of charge and those purchased from the market. The cost includes any directly attributable costs incurred during the normal course of business. Emission rights held for the purpose of performing the obligation are classified as intangible asset and initially measured at cost and subsequently carried at cost less accumulated impairment losses. Emission rights held for short-swing profits are classified as current asset and are measured at fair value with any changes in fair value recognized as profit or loss in the respective reporting period. The Company derecognizes an emission right asset when the emission allowance is unusable, disposed or submitted to government when the future economic benefits are no longer expected to be probable. (b) Emission liability Emission liability is a present obligation of submitting emission rights to the government with regard to emission of greenhouse gas. Emission liability is recognized when there is a high possibility of outflows of resources in performing the obligation and the costs required to perform the obligation are reliably estimable. Emission liability is an amount of estimated obligations for emission rights to be submitted to the government for the performing period. The emission liability is measured based on the expected quantity of emission for the performing period in excess of emission allowance in possession and the unit price for such emission rights in the market at the end of the reporting period. |
Equity instruments | Equity instruments (a) Share capital Common stock is classified as equity and the incremental costs arising directly attributable to the issuance of common stock less their tax effects are deducted from equity. If the Company reacquires its own equity instruments, the amount of those instruments (“treasury shares”) are presented as a contra equity account. No gain or loss is recognized in profit or loss on the purchase, sale, issuance or cancellation of its own equity instruments. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase to equity, and the resulting surplus or deficit on the transaction is recorded in capital surplus. (b) Hybrid Bonds Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of financial liability and an equity instrument. When the Company has an unconditional right to avoid delivering cash or another financial asset to settle a contractual obligation, the instruments are classified as equity instruments. |
Revenue | Revenue Revenue from the sale of goods, services provided and the use of assets is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates, which are not significant for all periods presented. (a) Sale of goods Revenue from the sale of goods in the ordinary course of activities is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates. Revenue is recognized when persuasive evidence exists, usually in the form of an executed sales agreement, that the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. The appropriate timing for transfer of risks and rewards varies depending on the individual terms and conditions of the sales contract. For international sales, this timing depends on the type of international commercial terms of the contract. (b) Construction contracts Construction contracts of the Company primarily consist of contracts for the construction of plants and infrastructure facilities, and revenue recognition for different types of contracts is as follows: When the outcome of a construction contract can be estimated reliably, contract revenue is recognized in profit or loss in proportion to the stage of completion of the contract. The stage of completion of a contract is determined based on the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs. Contract revenue includes the initial amount agreed in the contract plus any variation in contract work, claims and incentive payments, to the extent that it is probable that they will result in revenue and can be measured reliably. When the outcome of a construction contract cannot be estimated reliably, the revenue is recognized only to the extent of contract costs incurred that it is probable will be recoverable. An expected loss on the construction contract is recognized as an expense immediately. The Company has construction contracts in which control and the significant risks and rewards of ownership of the residential real estate are transferred to the buyer upon the delivery. Revenue and expenses from development and sale of these residential real estate are recognized when an individual unit of residential real estate is delivered to the buyer. (c) Services rendered Revenue from services rendered is recognized in profit or loss in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed by reference to surveys of work performed. (d) Rental income Rental income from investment property, net of lease incentives granted, is recognized in profit or loss on a straight-line basis over the term of the lease. |
Finance income and finance costs | Finance income and finance costs Finance income comprises interest income on funds invested (including available-for-sale available-for-sale Finance costs comprise interest expense on borrowings and changes in the fair value of financial assets at fair value through profit or loss and loss on valuations of hedging instruments that are recognized in profit or loss. Borrowing costs are recognized in profit or loss using the effective interest rate method. |
Income taxes | Income taxes Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. The Company recognizes interest and penalties related to corporate income tax as if it is related to the income taxes, the Company applies IAS No. 12 “Income Taxes”, if it is not related to the income taxes, the Company applies IAS No. 37 “Provisions Contingent Liabilities and Contingent Assets”. (a) Current income tax Current income tax is the expected income tax payable or receivable on the taxable profit or loss for the year, using tax rates enacted or substantively enacted at the end of the reporting period and any adjustment to tax payable in respect of previous years. The taxable profit is different from the accounting profit for the period since the taxable profit is calculated excluding the temporary differences, which will be taxable or deductible in determining taxable profit of future periods, and non-taxable non-deductible (b) Deferred income tax The measurement of deferred income tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. The Company recognizes a deferred income tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and joint ventures, except to the extent that the Company is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Company recognizes a deferred income tax asset for deductible temporary differences arising from investments in subsidiaries, associates and joint ventures, to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized. However, deferred income tax is not recognized for the following temporary differences: taxable temporary differences arising on the initial recognition of goodwill, or the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit or loss nor taxable income. The carrying amount of a deferred income tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred income tax liabilities and deferred income tax assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset only if there is a legally enforceable right to offset the related current income tax liabilities and assets, and they relate to income taxes levied by the same tax authority and they intend to settle current income tax liabilities and assets on a net basis. |
Earnings per share | Earnings per share Management calculates basic earnings per share (“EPS”) data for POSCO’s ordinary shares, which is presented at the end of the statement of comprehensive income. Basic EPS is calculated by dividing profit attributable to ordinary shareholders of POSCO by the weighted average number of ordinary shares outstanding during the period, adjusted for own shares held. |
Operating segments | Operating segments An operating segment is a component of the Company that: a) engages in business activities from which it may earn revenues and incur expenditures, including revenues and expenses that relate to transactions with any of the Company’s other components, b) whose operating results are regularly reviewed by the Company’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. Management has determined that the CODM of the Company is the CEO. With regard to construction segment, segment profit and loss is determined in the same way that consolidated profit after tax for the period is generally determined under IFRS except that revenues and expenses from the development and sale of certain residential real estate are determined by reference to the stage of completion of the contact activity at the end of the reporting period, while in the consolidated financial statements, they are recognized when an individual unit of residential real estate is delivered to the buyer. No adjustments are made for corporate allocations to segment profit and loss. In addition, segment assets and liabilities are generally measured based on total assets and liabilities in accordance with IFRS without any adjustment for corporate allocations, except that assets and liabilities in connection with the construction and sale of residential real estate are determined by reference to the stage of completion of the contract activity at the end of each period. For the other segments, segment profit and loss is determined the same way that consolidated net after tax profit for the period is generally determined under IFRS without any adjustment for corporate allocations. The accounting policies used by each segment are consistent with the accounting policies used in the preparation of the consolidated financial statements. Segment assets and liabilities are generally measured based on total assets and liabilities in accordance with IFRS without any adjustment for corporate allocations. Also, segment assets and liabilities are based on the separate financial statements of the entities instead of on consolidated basis. In addition, there are varying levels of transactions amongst the reportable segments. These transactions include sales of property, plant and assets, and rendering of construction service and so on. Segment results that are reported to the CEO include items directly attributable to a segment and items allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill. |
New standards and interpretations not yet adopted | New standards and interpretations not yet adopted The Company will apply IFRS No. 9 “Financial Instruments” and IFRS No. 15 “Revenue from Contracts with Customers” for the year beginning on January 1, 2018. The Company has completed an analysis of the financial impacts resulting from adoption of new standards and the estimated effect on equity in the consolidated financial statements at the date of initial application based on available information which are summarized as follows. December 31, IFRS No. 9 IFRS No. 15 Date of initial (in millions of Won) Reserves ₩ (682,556 ) (401,344 ) — (1,083,900 ) Retained earnings 42,974,658 368,612 (71,066 ) 43,272,204 Non-controlling 3,666,334 (19,545 ) (59,060 ) 3,587,729 ₩ 45,958,436 (52,277 ) (130,126 ) 45,776,033 The above estimated amounts could differ from the actual impact when the Company adopts the new standards in 2018 for the following reasons. • Changes in internal controls related to application of new standards • Changes in the Company’s selection in accounting policy during the year ending December 31, 2018 when initial disclosure of the consolidated financial statements at the date of initial application is made The following new standards, including IFRS No. 9 and IFRS No. 15, interpretations and amendments to existing standards have been published but are not mandatory for the Company for annual periods beginning on January 1, 2017, and the Company has not early adopted them. (a) IFRS No. 9 “Financial Instruments” IFRS No. 9 “Financial Instruments” regulates requirements for measurement and recognition of certain contracts in relation to trading financial assets and liabilities or non-financial The standard will generally be applied retrospectively with some exemptions allowing an entity not to restate the comparative information for prior periods in relation to classification and measurement (including impairment) changes. Such exemptions will be applied by the Company. The Company will recognize the accumulated effect resulting from initial application of IFRS No. 9 as reserves, retained earnings and non-controlling The standard’s expected impact on the consolidated financial statements are as follows. 1) Classification and measurement of financial assets When applying IFRS No. 9, the classification of financial assets will be driven by the Company’s business model for managing the financial assets and contractual terms of cash flow. The following table shows the classification of financial assets measured subsequently at amortized cost, at fair value through other comprehensive income and at fair value through profit or loss. If a hybrid contract contains a host that is a financial asset, the classification of the hybrid contract shall be determined for the entire contract without separating the embedded derivative. Business model Contractual cash flows are solely payments of principal and interests All other cases To collect contractual cash flows Amortized cost (*1) Fair value through profit or loss (*2) Both to collect contractual cash flows and sell financial assets Fair value through other comprehensive income (*1) For trading, and others Fair value through profit or loss (*1) The Company may irrevocably designate as at fair value through profit or loss to eliminate or significantly reduce an accounting mismatch. (*2) The Company may irrevocably designate equity investments that are not held for trading as at fair value through other comprehensive income. As of December 31, 2017, the Company had financial asset at fair value through profit or loss of ₩ available-for-sale ₩ held-to-maturity ₩ ₩ As a result of analysis of the impact on the consolidated financial statements, the Company expects that debt instruments whose contractual cash flows do not solely represent payments of principal and interest and those held for trading will be measured at fair value through profit or loss; loans and receivables whose contractual cash flows solely represent receipt of principal and interest but are not owned for the purpose of collection of contractual cash flows will be measured at fair value through other comprehensive income or fair value through profit or loss. Accordingly, the financial assets at fair value through profit or loss may increase upon adoption of IFRS No. 9 which may increase the volatility in profit or loss. The Company expects the application of IFRS No. 9 on these financial assets will not have a material impact on the consolidated financial statements. In accordance with IFRS No. 9, the Company may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value of an investment in an equity instrument which is not held for trading at initial recognition. As of December 31, 2017, the Company had equity instruments classified as financial assets available-for-sale ₩ ₩ ₩ 2) Impairment: Financial Assets and Contract Assets IFRS No. 9 replaces the incurred loss model in the existing standard with a forward-looking expected credit loss model for debt instruments, lease receivables, contractual assets, loan commitments, and financial guarantee contracts. Under IFRS No. 9, impairment losses are likely to be recognized earlier than using the incurred loss model under the existing guidance in IAS No. 39 as loss allowances will be measured either 12-month If credit risk has increased significantly since the initial recognition, a loss allowance for lifetime expected credit loss is required to be measured at the end of every reporting period. If credit risk has not increased significantly since the initial recognition, a loss allowance is measured based on 12-month If the financial instrument has low credit risk at the end of the reporting period, the Company may assume that the credit risk has not increased significantly since initial recognition. However, a loss allowance for lifetime expected credit losses is required for contract assets or trade receivables that do not contain a significant financing component. Additionally, the Company has elected to recognize lifetime expected credit losses for contract assets or trade receivables that contain a significant financing component. The Company expects impairment losses of financial assets under IFRS No. 9 to be recognized earlier. As of January 1, 2018, the date of initial application, the Company expects to recognize an increase in loss allowance of ₩ non-controlling ₩ ₩ 3) Classification and Measurement of Financial Liabilities IFRS No. 9 mostly adheres to the existing requirements under IAS No. 39 regarding the classification of financial liabilities. Under IAS No. 39, all financial liabilities designated at fair value through profit or loss recognized their fair value movements in profit or loss. However, IFRS No. 9 requires the amount of the change in the liability’s fair value attributable to changes in the credit risk to be recognized in other comprehensive income. Amounts presented in other comprehensive income are not subsequently transferred to profit or loss. The Company did not designate financial liabilities as financial liability at fair value through profit or loss as of December 31, 2017 and expects the adoption of IFRS No. 9 will not have significant impact on the classification of financial liabilities. 4) Hedge Accounting Regarding the initial application of IFRS No. 9, the Company may choose as its accounting policy choice to continue to apply all of the hedge accounting requirements of IAS No. 39 instead of the requirements of IFRS No. 9. The Company determined to consistently apply hedge accounting requirements of IAS No. 39. (b) IFRS No. 15 “Revenue from Contracts with Customers” IFRS No. 15 “Revenue from Contracts with Customers” provides a unified five-step model for determining the timing, measurement and recognition of revenue. It replaces existing revenue recognition guidance, including IAS No. 18 “Revenue”, IAS No. 11 “Construction Contracts”, SIC No. 31 “Revenue- Barter Transactions Involving Advertising Services”, IFRIC No. 13 “Customer Loyalty Programs”, IFRIC No. 15 “Agreements for the Construction of Real Estate”, and IFRIC No. 18 “Transfers of Assets from Customers”. The Company intends to apply the modified retrospective approach by recognizing the cumulative impact of initially applying the revenue standard as of January 1, 2018, the date of initial application and the Company also decided to apply the practical expedients as allowed by IFRS No. 15 by applying the new standard only to those contracts that are not considered as completed contracts at the date of initial application. Accordingly, upon adoption of IFRS No. 15, the Company will not restate the financial statements for comparative periods. Existing IFRS standards and interpretations including IAS No. 18 provide revenue recognition guidance by transaction types such as sales of goods, rendering of services, interest income, royalty income, dividend income and construction revenue; however, under the new standard, IFRS No. 15, the five-step approach (Step 1: Identify the contract(s) with a customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price to the performance obligations in the contract, Step 5: Recognize revenue when the entity satisfied a performance obligation) is applied for all types of contracts or agreements. The standard’s expected impact on the consolidated financial statements are as follows. 1) Identification of performance obligations The Company holds certain contracts for sales of manufactured product and merchandise which include transportation service. When applying IFRS No. 15, sales of manufactured products or merchandise and delivery of products (i.e. shipping service) are identified as separate performance obligations in the contracts with customers. For transactions for which the shipping terms are on shipment basis and the customer pays shipping costs, the two performance obligations are separately accounted for because delivery of products is performed after the control over the products is transferred to the customer. The transaction price allocated to the performance obligation of delivery service will be recognized when the obligation of delivery of the product is completed. The Company identified shipping service included in the sales contract as a separate performance obligation that will be satisfied over the promised service period. As of January 1, 2018, the date of initial application, change in relevant accounting policy is expected to result in decrease in retained earnings and non-controlling ₩ ₩ Certain construction contracts of the Company include design, purchase and construction services through separate service contracts. According to IFRS No. 15, if service or goods provided by the Company are highly dependent or correlated, the Company should identify them as a single performance obligation regardless of the number of contracts made. The Company considered each service contract as a combined single obligation and therefore, upon adoption of IFRS No. 15 as of January 1, 2018, the date of initial application, the Company expects to recognize increases in retained earnings and non-controlling ₩ ₩ 2) Variable consideration Under IFRS No. 15, the Company estimates the amount of variable consideration by using the expected value which the Company expects to better predict the amount of consideration. The Company recognizes revenue with transaction price including variable consideration only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the refund period has lapsed. In certain sales arrangements, unit price is subject to adjustment due to quality of products. A certain percentage of sales discount is also provided in case customers make payment before the settlement due date. In addition, certain service contracts are subject to compensation payment if the Company fails to achieve a promised level of obligation. As of January 1, 2018, the date of initial application of IFRS No. 15, the adoption is expected to result in decrease in retained earnings of ₩ ₩ 3) Performance obligation satisfied over time In accordance with IFRS No. 15, revenue is recognized over time by measuring progress only if the Company’s performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. The Company analyzed certain service contracts, where the Company provides manufacturing services for customized machinery. Currently the related revenue is recognized over the period when such services are provided. Under IFRS No. 15, as the Company does not have an enforceable right to payment for performance completed to date, the related revenue is recognized at the time when the machinery is delivered. As of January 1, 2018, the date of initial application, changes in accounting policy due to enforceable right to payment are expected to result in decreases in retained earnings and non-controlling ₩ ₩ According to IFRS No. 15, the effects of any inputs that do not depict the transfer of control of goods or services to the customer such as the costs of wasted materials, labor or other resources to fulfill the contract that were not reflected in the price of the contract should be excluded from calculating percentage of completion. As of January 1, 2018, the date of initial application, change in percentage of completion due to excessive use of materials is expected to result in decreases in retained earnings and non-controlling ₩ ₩ 4) Incremental costs of obtaining a contract In accordance with IFRS No. 15, the Company recognizes as an asset the incremental costs of obtaining a contract with a customer if the Company expects to recover those costs, and costs that are recognized as assets are amortized over the period that the related goods or services are transferred to the customer. Certain costs incurred in construction segment such as costs to obtain a contract that would have been incurred regardless of whether the contract was obtained should be recognized as an expense immediately, unless those costs are explicitly chargeable to the customer regardless of whether the contract is obtained. Such costs have been previously capitalized if it is probable the related contracts will be entered into. As of January 1, 2018, the date of initial application, change in accounting policy regarding incremental costs of obtaining a contract is expected to result in decreases in retained earnings and non-controlling ₩ ₩ (c) IFRS No. 16 “Leases” IFRS No. 16 “Leases” will replace IAS No. 17 “Leases” and IFRIC No. 4 “Determining whether an Arrangement contains a Lease”. It is effective for annual periods beginning on or after January 1, 2019, with early adoption permitted for a Company which has adopted IFRS No. 15. As a lessee, the Company shall apply this standard using one of the following two methods; (a) retrospectively to each prior reporting period presented in accordance with IAS No. 8 “Accounting Policies, Changes in Accounting Estimates and Errors” but using the practical expedients for completed contracts- i.e. completed contracts as of the beginning of the earliest prior period presented are not restated; or (b) retrospectively with the cumulative effect of initially applying this standard recognized at the date of initial application. IFRS No. 16 suggests a single accounting model that requires a lessee to recognize lease related asset and liability in the consolidated financial statements. A lessee is required to recognize a right-of-use Application of IFRS No. 16 will change current operating lease expense which has been recognized in straight-line method into depreciation expense of right-of-use The Company has not yet initiated the preparation for the application of IFRS No. 16 and has not performed an assessment of the impact resulting from the application of IFRS No. 16. The Company will complete the analysis of financial impacts arising from applying this standard in 2018. |
General Information (Tables)
General Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
POSCO's Shareholders | As of December 31, 2017, POSCO’s shareholders are as follows: Shareholder’s name Number of shares Ownership (%) National Pension Service 9,660,885 11.08 Nippon Steel & Sumitomo Metal Corporation (*1) 2,894,712 3.32 BlackRock Institutional Trust Company, N.A. (*1) 2,483,875 2.85 Government of Singapore Investment Corp Private Limited 1,934,312 2.22 KB Financial Group Inc. and subsidiaries (*2) 1,919,361 2.20 Others 68,293,690 78.33 87,186,835 100.00 (*1) Includes American Depository Receipts (ADRs) of POSCO, each of which represents 0.25 share of POSCO’s common share which has par value of ₩ (*2) Includes shares held by subsidiaries pursuant to Articles of Incorporation. |
Details of Consolidated Subsidiaries | As of December 31, 2017, the shares of POSCO are listed on the Korea Exchange, while its ADRs are listed on the New York Stock Exchange. (b) Consolidated subsidiaries Details of consolidated subsidiaries as of December 31, 2016 and 2017 are as follows: Principal operations Ownership (%) December 31, 2016 December 31, 2017 POSCO Subsidiaries Total POSCO Subsidiaries Total Region [Domestic] POSCO ENGINEERING & CONSTRUCTION CO., LTD. Engineering and construction 52.80 — 52.80 52.80 — 52.80 Pohang POSCO Processing & Service Steel sales and trading 93.95 0.45 94.40 93.95 0.45 94.40 Seoul POSCO COATED & COLOR STEEL Co., Ltd. Coated steel manufacturing 56.87 — 56.87 56.87 — 56.87 Pohang POSCO ICT Computer hardware and software distribution 65.38 — 65.38 65.38 — 65.38 Pohang POSCO Research Institute Economic research and consulting 100.00 — 100.00 100.00 — 100.00 Seoul POSMATE Business facility maintenance 57.25 11.05 68.30 83.83 16.17 100.00 Seoul POSCO A&C Architecture and consulting 100.00 — 100.00 100.00 — 100.00 Seoul POSCO Venture Capital Co., Ltd. Investment in venture companies 95.00 — 95.00 95.00 — 95.00 Pohang eNtoB Corporation Electronic commerce 7.50 53.63 61.13 7.50 53.63 61.13 Seoul POSCO CHEMTECH Refractories manufacturing and sales 60.00 — 60.00 60.00 — 60.00 Pohang POSCO-Terminal Co., Ltd. Transporting and warehousing 51.00 — 51.00 51.00 — 51.00 Gwangyang POSCO M-TECH Packing materials manufacturing and sales 48.85 — 48.85 48.85 — 48.85 Pohang POSCO ENERGY CO., LTD. Generation of electricity 89.02 — 89.02 89.02 — 89.02 Seoul POSCO NIPPON STEEL RHF JOINT VENTURE.CO.,Ltd. Steel byproduct manufacturing and sales 70.00 — 70.00 70.00 — 70.00 Pohang MegaAsset Co.,Ltd. Real estate rental and sales — 100.00 100.00 — 100.00 100.00 Incheon Future Creation Fund Postech Early Stage account Investment in venture companies — 40.00 40.00 — 40.00 40.00 Seoul POSCO WOMAN’S FUND Investment in venture companies — 40.00 40.00 — 40.00 40.00 Seoul POSPOWER Co., Ltd. Generation of electricity — 100.00 100.00 — 100.00 100.00 Samcheok Songdo Posco Family housing House manufacturing and management — 100.00 100.00 — 100.00 100.00 Incheon Posco Group University Education service and real estate business 100.00 — 100.00 100.00 — 100.00 Incheon HOTEL LAONZENA Hotel business — 100.00 100.00 — 100.00 100.00 Daegu Growth Ladder POSCO K-Growth Investment in venture companies — 50.00 50.00 — 50.00 50.00 Pohang 2015 POSCO New technology II Fund Investment in venture companies — 25.00 25.00 — 25.00 25.00 Pohang POCA STEM Co., Ltd Stem cell medicine development — 100.00 100.00 — 100.00 100.00 Seoul Posco e&c Songdo International Building Non-residential — 100.00 100.00 — 100.00 100.00 Seoul POSCO ES MATERIALS CO., Ltd. Secondary and storage battery manufacturing 75.32 — 75.32 75.32 — 75.32 Gumi Poscoene Refuse derived fuel and power generation — 100.00 100.00 — 100.00 100.00 Seoul POSCO Humans Construction 90.30 — 90.30 90.30 — 90.30 Pohang Mapo Hibroad Parking co., Ltd. Construction — 70.99 70.99 — 71.00 71.00 Seoul BLUE O&M Co.,Ltd. Engineering service — 100.00 100.00 — 100.00 100.00 Pohang Busan E&E Co,. Ltd. Refuse derived fuel and power generation 70.00 — 70.00 70.00 — 70.00 Busan POSCO Family Strategy Fund Investment in venture companies 69.91 30.09 100.00 69.91 30.09 100.00 Pohang POSCO DAEWOO Corporation Trading, energy & resource development 60.31 — 60.31 62.90 0.04 62.94 Seoul Pohang Scrap Recycling Distribution Center Co., Ltd. Steel processing and sales — 51.00 51.00 — 51.00 51.00 Pohang PSC Energy Global Co., Ltd. Investment in energy industry — 100.00 100.00 — 100.00 100.00 Pohang Suncheon Eco Trans Co., Ltd Train manufacturing and management 100.00 — 100.00 100.00 — 100.00 Suncheon POSCO Research & Technology Intellectual Property Services and consulting — — — 100.00 — 100.00 Seoul Kyobo Securities Bond Plus 6M Professional Private Equity Trust W-2 Private equity trust — — — 97.47 — 97.47 Seoul Kyobo Securities Bond Plus 6M Professional Private Equity Trust W-5 Private equity trust — — — — 99.67 99.67 Seoul Mirae Asset Smart Q Sigma 2.0 Professional Private Equity Trust Private equity trust — — — 99.01 — 99.01 Seoul IT Engineering CO. Ltd Automotive engineering service — 17.00 17.00 — — — Seoul POSCO Engineering CO.,Ltd Construction and engineering service — 95.56 95.56 — — — Incheon [Foreign] POSCO America Corporation Steel trading 99.45 0.55 100.00 99.45 0.55 100.00 USA POSCO AUSTRALIA PTY LTD Raw material sales & mine development 100.00 — 100.00 100.00 — 100.00 Australia POSCO Canada Ltd. Coal sales — 100.00 100.00 — 100.00 100.00 Canada POSCO Asia Co., Ltd. Steel and raw material trading 100.00 — 100.00 100.00 — 100.00 China POSCO-CTPC Co., Ltd. Steel manufacturing and sales 56.60 43.40 100.00 56.60 43.40 100.00 China POSCO E&C Vietnam Co., Ltd. Steel structure manufacturing and sales — 100.00 100.00 — 100.00 100.00 Vietnam Zhangjiagang Pohang Stainless Steel Co., Ltd. Stainless steel manufacturing and sales 58.60 23.88 82.48 58.60 23.88 82.48 China POSCO(Guangdong) Coated Steel Co., Ltd. Plating steel sheet manufacturing and sales 87.04 10.04 97.08 87.04 10.04 97.08 China POSCO (Thailand) Company Limited Steel manufacturing and sales 85.62 14.38 100.00 88.58 11.42 100.00 Thailand Myanmar POSCO Steel Co., Ltd Zinc relief manufacturing and sales 70.00 — 70.00 70.00 — 70.00 Myanmar POSCO-MKPC SDN BHD Steel manufacturing and sales 44.69 25.31 70.00 44.69 25.31 70.00 Malaysia Qingdao Pohang Stainless Steel Co., Ltd. Stainless steel manufacturing and sales 70.00 30.00 100.00 70.00 30.00 100.00 China POSCO(Suzhou) Automotive Steel manufacturing and sales 90.00 10.00 100.00 90.00 10.00 100.00 China POSCO-China Qingdao Steel manufacturing and sales — 100.00 100.00 — 100.00 100.00 China POS-ORE Iron ore sales and sales — 100.00 100.00 — 100.00 100.00 Australia POSCO-China Holding Corp. Holding company 100.00 — 100.00 100.00 — 100.00 China POSCO JAPAN Co., Ltd. Steel trading 100.00 — 100.00 100.00 — 100.00 Japan POS-CD Coal sales — 100.00 100.00 — 100.00 100.00 Australia POS-GC Coal sales — 100.00 100.00 — 100.00 100.00 Australia POSCO-India Private Limited Steel manufacturing and sales 99.99 — 99.99 99.99 — 99.99 India POSCO-India Pune Processing Center. Pvt. Ltd. Steel manufacturing and sales 65.00 — 65.00 65.00 — 65.00 India POSCO Japan PC CO., LTD Steel manufacturing and sales — 86.12 86.12 — 86.12 86.12 Japan POSCO-CFPC Co., Ltd. Steel manufacturing and sales 39.60 60.40 100.00 39.60 60.40 100.00 China POSCO E&C CHINA Co., Ltd. Civil engineering and construction — 100.00 100.00 — 100.00 100.00 China POSCO MPPC S.A. de C.V. Steel manufacturing and sales — 95.00 95.00 21.02 75.29 96.31 Mexico Zhangjigang Pohang Port Co., Ltd. Loading and unloading service — 100.00 100.00 — 100.00 100.00 China POSCO-VIETNAM Co., Ltd. Steel manufacturing and sales 100.00 — 100.00 100.00 — 100.00 Vietnam POSCO MEXICO S.A. DE C.V. Automotive steel sheet 84.84 15.16 100.00 84.84 15.16 100.00 Mexico POSCAN Elkview Coal sales — 100.00 100.00 — 100.00 100.00 Canada POSCO-Poland Wroclaw Steel manufacturing and sales 60.00 — 60.00 60.00 — 60.00 Poland POS-NP Coal sales — 100.00 100.00 — 100.00 100.00 Australia POSCO RUS LLC Trading and business development 90.00 10.00 100.00 90.00 10.00 100.00 Russia POSCO DAEWOO WAIGAIQIAO Intermediary trade & bonded — 100.00 100.00 — 100.00 100.00 China PT. Bio Inti Agrindo Forest resources development — 85.00 85.00 — 85.00 85.00 Indonesia POSCO ENGINEERING Iron ore development and sales — 100.00 100.00 — 100.00 100.00 Australia POSCO-TISCO (JILIN) Steel manufacturing and sales 50.00 10.00 60.00 50.00 10.00 60.00 China POSCO Thainox Public Company Limited STS cold-rolled steel manufacturing and sales 84.93 — 84.93 84.88 — 84.88 Thailand Hunchun Posco Hyundai Logistics Logistics — 80.00 80.00 — 80.00 80.00 China POSCO DAEWOO VIETNAM CO., LTD Trading business — 100.00 100.00 — 100.00 100.00 Vietnam POSCO(Chongqing) Automotive Steel manufacturing and sales 90.00 10.00 100.00 90.00 10.00 100.00 China SUZHOU POSCO-CORE Component manufacturing and sales — 100.00 100.00 — 100.00 100.00 China PT.Krakatau Posco Chemtech Calcination Quicklime manufacturing and sales — 80.00 80.00 — 80.00 80.00 Indonesia POSCO AFRICA (PROPRIETARY) LIMITED Mine development 100.00 — 100.00 100.00 — 100.00 South POSCO ICT BRASIL IT service and engineering — 100.00 100.00 — 100.00 100.00 Brazil LA-SRDC Scrap manufacturing — 100.00 100.00 — 100.00 100.00 USA DONG FANG JIN HONG Real estate development, rental — 100.00 100.00 — 100.00 100.00 China POSCO AMERICA Human resource service — 100.00 100.00 — 100.00 100.00 Mexico POSCO(Guangdong) Steel manufacturing and sales 83.64 10.00 93.64 83.64 10.00 93.64 China POSCO-Malaysia SDN. BHD. Steel manufacturing and sales 81.79 13.63 95.42 81.79 13.63 95.42 Malaysia PT KRAKATAU BLUE WATER Wastewater treatment facilities — 67.00 67.00 — 67.00 67.00 Indonesia POSCO DAEWOO MYANMAR Trading business — 100.00 100.00 — 100.00 100.00 Myanmar POSCO-Italy Processing Center Stainless steel sheet 80.00 10.00 90.00 80.00 10.00 90.00 Italy POSCO DAEWOO E&P CANADA CORPORATION Crude oil and natural gas mining — 100.00 100.00 — 100.00 100.00 Canada Myanmar POSCO C&C Company, Limited. Steel manufacturing and sales — 70.00 70.00 — 70.00 70.00 Myanmar POSCO ICT VIETNAM IT service and electric control engineering — 100.00 100.00 — 100.00 100.00 Vietnam Daewoo Global Development. Pte., Ltd Real estate development — 51.00 51.00 — 81.51 81.51 Myanmar Myanmar POSCO Engineering & Construction and engineering service — 100.00 100.00 — 100.00 100.00 Myanmar POS-Minerals Mine development management and sales — 100.00 100.00 — 100.00 100.00 USA POSCO(Wuhu) Automotive Steel manufacturing and sales 68.57 31.43 100.00 68.57 31.43 100.00 China POSCO Engineering and Construction Civil engineering and construction — 100.00 100.00 — 100.00 100.00 India POSCO COATED STEEL (THAILAND) CO., LTD. Automotive steel sheet manufacturing and sales 100.00 — 100.00 100.00 — 100.00 Thailand Daewoo Amara Company Limited Real estate development — 98.54 98.54 — 85.00 85.00 Myanmar Daewoo Power and Infra (PTY) Limited Electricity — 100.00 100.00 — 100.00 100.00 South POSMATE-CHINA CO., LTD Business facility maintenance — 100.00 100.00 — 100.00 100.00 China Daewoo Precious Resources Co., Ltd. Resources development — 70.00 70.00 — 70.00 70.00 Myanmar POSCO-Mexico Villagran Wire-rod Steel manufacturing and sales 56.75 10.00 66.75 56.75 10.00 66.75 Mexico POSCO-CDSFC Steel structure manufacturing 50.20 49.80 100.00 50.20 49.80 100.00 China POSCO ChengDu Processing Center Steel manufacturing and sales 33.00 10.00 43.00 33.00 10.00 43.00 China POSCO SUZHOU Processing Center Co., Ltd. Steel manufacturing and sales 30.00 70.00 100.00 30.00 70.00 100.00 China POSCO E&C SMART S DE RL DE CV Civil engineering and construction — 100.00 100.00 — 100.00 100.00 Mexico POSCO Philippine Manila Processing Center, Inc. Steel manufacturing and sales — 100.00 100.00 — 100.00 100.00 Philippines POSCO E&C HOLDINGS CO., Ltd. Holding company — 100.00 100.00 — 100.00 100.00 Thailand POSCO E&C (THAILAND) CO., Ltd. Construction and engineering — 100.00 100.00 — 100.00 100.00 Thailand Daewoo Power PNG Electricity production — 100.00 100.00 — 100.00 100.00 Papua New PT.Krakatau Posco Social Enterprise Social enterprise — 100.00 100.00 — 100.00 100.00 Indonesia Ventanas Philippines Construction Inc Construction — 100.00 100.00 — 100.00 100.00 Philippines POSCO E&C Mongolia Construction and engineering service — 100.00 100.00 — 100.00 100.00 Mongolia POSCO Gulf SFC LLC Steel manufacturing and sales — 81.93 81.93 — 97.76 97.76 United SANPU TRADING Co., Ltd. Raw material trading — 70.00 70.00 — 70.00 70.00 China Zhangjiagang BLZ Pohang International Trading Steel Intermediate trade — 100.00 100.00 — 100.00 100.00 China POSCO MESDC S.A. DE C.V. Logistics & Steel sales — 56.80 56.80 — 56.80 56.80 Mexico POSCO ICT-China IT service and DVR business — 100.00 100.00 — 100.00 100.00 China Pos-Sea Steel Intermediate trade — 67.54 67.54 — 100.00 100.00 Singapore POSCO Europe Steel Distribution Center Logistics & Steel sales 50.00 20.00 70.00 50.00 20.00 70.00 Slovenia POSCO ENGINEERING (THAILAND) CO., LTD. Construction and engineering service — 100.00 100.00 — 100.00 100.00 Thailand POSCO VST CO., LTD. Stainless steel sheet manufacturing and sales 95.65 — 95.65 95.65 — 95.65 Vietnam POSCO Maharashtra Steel Private Limited Steel manufacturing and sales 100.00 — 100.00 100.00 — 100.00 India POSCO India Chennai Steel Processing Center Pvt. Ltd. Steel manufacturing and sales 100.00 — 100.00 93.34 1.98 95.32 India POSCO TNPC Otomotiv Celik San. Ve Tic. A.S Steel manufacturing and sales 100.00 — 100.00 100.00 — 100.00 Turkey POSCO VIETNAM HOLDINGS CO., LTD (formerly, POSCO VNPC Co., Ltd.) Steel manufacturing and sales 70.00 — 70.00 83.54 5.29 88.83 Vietnam POSCO(Liaoning) Automotive Processing Center Co., Ltd. Steel manufacturing and sales 90.00 10.00 100.00 90.00 10.00 100.00 China POSCO-Indonesia Jakarta Processing Center Steel manufacturing and sales 65.00 20.00 85.00 65.00 20.00 85.00 Indonesia POSCO E&C VENEZUELA C.A. Civil engineering and construction — 100.00 100.00 — 100.00 100.00 Venezuela PT.MRI Mine development 65.00 — 65.00 65.00 — 65.00 Indonesia POSCO TMC INDIA PRIVATE LIMITED Steel manufacturing and sales — 100.00 100.00 — 100.00 100.00 India POSCO-AAPC Steel manufacturing and sales — 97.80 97.80 — 97.80 97.80 USA PT PEN INDONESIA Construction — 100.00 100.00 — 100.00 100.00 Indonesia POSCO(Yantai) Automotive Processing Center Co., Ltd. Steel manufacturing and sales 90.00 10.00 100.00 90.00 10.00 100.00 China POSCO India Steel Distribution Center Private Ltd. Steel logistics — 100.00 100.00 — 100.00 100.00 India POSCO China Dalian Plate Processing Center Co., Ltd. Plate manufacturing and sales 80.00 10.00 90.00 80.00 10.00 90.00 China POSCO-South Asia Company Limited Steel sales 100.00 — 100.00 100.00 — 100.00 Thailand POSCO SS-VINA Steel manufacturing and sales 100.00 — 100.00 100.00 — 100.00 Vietnam PT.POSCO ICT INDONESIA IT service and electric control engineering — 66.99 66.99 — 66.99 66.99 Indonesia POSCO NCR Coal Ltd. Coal sales — 100.00 100.00 — 100.00 100.00 Canada POSCO WA PTY LTD Iron ore sales & mine development 100.00 — 100.00 100.00 — 100.00 Australia POSCO Engineering and Construction - UZ Civil engineering and construction — 100.00 100.00 — 100.00 100.00 Uzbekistan POSCO AUSTRALIA GP PTY LIMITED Resource development — 100.00 100.00 — 100.00 100.00 Australia POSCO DAEWOO POWER (PNGPOM) LTD. Electricity production — 100.00 100.00 — 100.00 100.00 Papua PT. KRAKATAU POSCO ENERGY Electricity production construction and operation — 90.00 90.00 — 90.00 90.00 Indonesia POSCO DAEWOO AMERICA CORP. Trading business — 100.00 100.00 — 100.00 100.00 USA POSCO DAEWOO DEUTSCHLAND GMBH Trading business — 100.00 100.00 — 100.00 100.00 Germany POSCO DAEWOO JAPAN Corp Trading business — 100.00 100.00 — 100.00 100.00 Japan POSCO DAEWOO SINGAPORE PTE LTD. Trading business — 100.00 100.00 — 100.00 100.00 Singapore POSCO DAEWOO ITALIA S.R.L. Trading business — 100.00 100.00 — 100.00 100.00 Italy POSCO DAEWOO CHINA CO., LTD Trading business — 100.00 100.00 — 100.00 100.00 China Daewoo Textile LLC Textile manufacturing — 100.00 100.00 — 100.00 100.00 Uzbekistan POSCO DAEWOO AUSTRALIA HOLDINGS PTY. LTD. Resource development — 100.00 100.00 — 100.00 100.00 Australia POSCO MAURITIUS LIMITED Coal development and sales — 100.00 100.00 — 100.00 100.00 Mauritius PT. KRAKATAU POSCO Steel manufacturing and sales 70.00 — 70.00 70.00 — 70.00 Indonesia POSCO DAEWOO MEXICO S.A. de C.V. Trading business — 100.00 100.00 — 100.00 100.00 Mexico Daewoo International Guangzhou Corp. Trading business — 100.00 100.00 — 100.00 100.00 China POSCO DAEWOO MALAYSIA SDN BHD Trading business — 100.00 100.00 — 100.00 100.00 Malaysia PT.POSCO INDONESIA INTI Mine development 99.99 — 99.99 99.99 — 99.99 Indonesia POSCO DAEWOO SHANGHAI CO., LTD. Trading business — 100.00 100.00 — 100.00 100.00 China PGSF, L.P. Investment in bio tech Industry — 100.00 100.00 — 100.00 100.00 USA POSCO DAEWOO INDIA PVT., LTD. Trading business — 100.00 100.00 — 100.00 100.00 India POSCO(Dalian) IT Center Development Co., Ltd. Real estate development and investment — 100.00 100.00 — 100.00 100.00 China PT. POSCO E&C INDONESIA Civil engineering and construction — 100.00 100.00 — 100.00 100.00 Indonesia HUME COAL PTY LTD Raw material manufacturing — 100.00 100.00 — 100.00 100.00 Australia Brazil Sao Paulo Steel Processing Center Steel manufacturing and sales — 76.00 76.00 — 76.00 76.00 Brazil DAESAN (CAMBODIA) Co., Ltd. Real estate development and investment — 100.00 100.00 — 100.00 100.00 Cambodia POSCO ENGINEERING Construction — 100.00 100.00 — 100.00 100.00 Brazil POSCO ASSAN TST STEEL INDUSTRY Steel manufacturing and sales 60.00 10.00 70.00 60.00 10.00 70.00 Turkey HONG KONG POSCO E&C (CHINA) Real estate development and investment — 100.00 100.00 — 100.00 100.00 Hong Kong Zhangjiagang Pohang Refractories Co., Ltd. (*1) Refractory materials sales & furnace maintenance — — — — 51.00 51.00 China Golden Lace DAEWOO Company Limited Rice processing — — — — 60.00 60.00 Myanmar POSCO RU Limited Liability Company Trade and business development — — — 100.00 — 100.00 Russia POSCO DAEWOO UKRAINE LLC Grain sales — — — — 100.00 100.00 Ukraine KIS Devonian Canada Corporation Petroleum gas extraction — — — — 100.00 100.00 Canada POSEC Hawaii, Inc. Real estate Industry — 100.00 100.00 — — — USA POSCO India Delhi Steel Steel manufacturing and sales 66.40 10.00 76.40 — — — India USA-SRDC Scrap sales — 100.00 100.00 — — — USA POSCO-Vietnam Processing Center Co., Ltd. Steel manufacturing and sales 87.07 4.98 92.05 — — — Vietnam POSCO MAPC SA DE CV Automotive steel sheet 80.00 20.00 100.00 — — — Mexico Yingkou Puxiang Trade Co.,Ltd. Refractory quality test & — 100.00 100.00 — — — China SANTOS CMI Guatemala S.A. Construction and engineering service — 100.00 100.00 — — — Guatemala POSCO India Ahmedabad Steel Processing Center Pvt.Ltd. Steel manufacturing and sales 100.00 — 100.00 — — — India COINSA INGENIERIA Y Construction — 50.00 50.00 — — — Bolivia POSCO VIETNAM HOLDINGS CO., LTD Holding company 79.28 20.72 100.00 — — — Vietnam Kwanika Copper Corporation (*2) Resources development — 100.00 100.00 — — — Canada Chongqing POSCO CISL Automotive Automotive steel sheet 51.00 — 51.00 — — — China POSCO YongXin Rare Earth Metal Co., Ltd. Magnet material manufacturing and sales — 51.60 51.60 — — — China PT. POSCO MTECH INDONESIA Steelmaking materials manufacturing and sales — 99.98 99.98 — — — Indonesia POSCO (Zhangjiagang) STS Processing Center Co., Ltd Steel manufacturing and sales — 100.00 100.00 — — — China EPC EQUITIES LLP Engineering, procurement and construction — 80.00 80.00 — — — England SANTOS CMI CONSTRUCTION TRADING LLP Engineering, procurement and construction — 99.90 99.90 — — — England SANTOS CMI INC. USA Engineering, procurement and construction — 100.00 100.00 — — — USA SANTOS CMI ENGENHARIA E Engineering, procurement and construction — 99.98 99.98 — — — Brazil SANTOS CMI PERU S.A. Engineering, procurement and construction — 99.99 99.99 — — — Peru SANTOS CMI CONSTRUCCIONES S.A. Engineering, procurement and construction — 100.00 100.00 — — — Uruguay GENTECH INTERNATIONAL INC. Engineering, procurement and construction — 90.00 90.00 — — — Panama SANTOS CMI S.A. Engineering, procurement and construction — 80.00 80.00 — — — Ecuador SANTOS CMI CONSTRUCCIONES Engineering, procurement and construction — 99.00 99.00 — — — Chile COMPANIA DE AUTOMATIZACION Engineering, procurement and construction — 90.00 90.00 — — — Ecuador POSCO Electrical Steel India Private Limited Electrical steel manufacturing and sales 100.00 — 100.00 — — — India (*1) Reclassified to subsidiary from associate during the year ended December 31, 2017. (*2) Reclassified to joint venture from subsidiary during the year ended December 31, 2017. |
Details of Non-controlling Interest | Details of non-controlling 1) December 31, 2015 POSCO PT. POSCO POSCO POSCO Others Total (in millions of Won) Current assets ₩ 3,930,857 441,999 360,812 5,115,325 590,460 9,648,917 20,088,370 Non-current 4,777,482 3,363,935 248,549 1,756,367 3,333,351 7,776,264 21,255,948 Current liabilities (3,568,714 ) (1,004,002 ) (106,167 ) (3,125,697 ) (663,945 ) (9,692,004 ) (18,160,529 ) Non-current (1,941,909 ) (2,315,554 ) (5,405 ) (768,529 ) (2,420,547 ) (2,567,980 ) (10,019,924 ) Equity 3,197,716 486,378 497,789 2,977,466 839,319 5,165,197 13,163,865 Non-controlling 1,269,096 145,913 199,116 1,405,391 535,878 1,182,137 4,737,531 Sales 16,890,723 1,227,266 1,175,272 6,866,802 1,909,919 25,784,254 53,854,236 Profit (loss) for the period 79,092 (398,438 ) 35,516 108,895 15,831 (835,389 ) (994,493 ) Profit (loss) attributable to non-controlling 31,390 (119,531 ) 14,206 51,399 1,738 (247,106 ) (267,904 ) Cash flows from operating activities 433,493 (13,595 ) 19,921 434,257 6,075 (72,371 ) 807,780 Cash flows from investing activities (74,644 ) (8,994 ) 25,318 21,075 (20,980 ) (110,712 ) (168,937 ) Cash flows from financing activities (before dividends to non-controlling (340,532 ) 18,886 66 69,615 11,572 289,715 49,322 Dividend to non-controlling (22,597 ) — (4,135 ) (703 ) (24,125 ) (145,582 ) (197,142 ) Effect of exchange rate fluctuation on cash held 430 83 — 819 — 3,502 4,834 Net increase (decrease) in cash and cash equivalents (3,850 ) (3,620 ) 41,170 525,063 (27,458 ) (35,448 ) 495,857 2) December 31, 2016 POSCO PT. POSCO POSCO POSCO Others Total (in millions of Won) Current assets ₩ 4,038,313 460,376 397,370 5,163,436 713,039 9,696,140 20,468,674 Non-current 4,510,085 3,304,292 243,401 1,710,398 3,038,665 7,749,277 20,556,118 Current liabilities (3,662,811 ) (1,120,077 ) (109,016 ) (3,284,090 ) (937,668 ) (9,669,053 ) (18,782,715 ) Non-current (1,681,182 ) (2,337,612 ) (2,337 ) (855,791 ) (2,172,226 ) (2,856,498 ) (9,905,646 ) Equity 3,204,405 306,979 529,418 2,733,953 641,810 4,919,866 12,336,431 Non-controlling 1,271,750 92,094 211,767 1,290,450 514,200 945,962 4,326,223 Sales 15,417,550 1,244,711 1,076,455 5,352,395 1,657,890 23,251,563 48,000,564 Profit (loss) for the period 113,832 (187,151 ) 41,829 (760,187 ) (130,809 ) (461,034 ) (1,383,520 ) Profit (loss) attributable to non-controlling 45,177 (56,145 ) 16,732 (358,815 ) (14,357 ) (312,297 ) (679,705 ) Cash flows from operating activities 337,338 45,672 30,295 (211,182 ) 18,107 53,050 273,280 Cash flows from investing activities (35,054 ) (8,804 ) (42,021 ) (102,939 ) (1,047 ) (253,206 ) (443,071 ) Cash flows from financing activities (before dividends to non-controlling (295,226 ) (36,286 ) (1,250 ) (20,953 ) (2,875 ) 204,797 (151,793 ) Dividend to non-controlling (22,597 ) — (4,726 ) (14,800 ) (24,378 ) (7,349 ) (73,850 ) Effect of exchange rate fluctuation on cash held 10 67 1 760 — 1,687 2,525 Net increase (decrease) in cash and cash equivalents (15,529 ) 649 (17,701 ) (349,114 ) (10,193 ) (1,021 ) (392,909 ) 3) December 31, 2017 POSCO PT. POSCO POSCO POSCO Others Total (in millions of Won) Current assets ₩ 4,483,544 557,041 441,325 4,878,251 1,054,538 8,579,813 19,994,512 Non-current 4,590,394 2,771,504 316,724 2,444,616 2,859,824 6,676,559 19,659,621 Current liabilities (4,221,443 ) (1,237,255 ) (145,649 ) (3,896,680 ) (785,462 ) (8,313,902 ) (18,600,391 ) Non-current (1,549,013 ) (1,933,247 ) (970 ) (833,403 ) (2,200,065 ) (2,048,454 ) (8,565,152 ) Equity 3,303,482 158,043 611,430 2,592,784 928,835 4,894,016 12,488,590 Non-controlling 1,224,303 47,413 244,572 1,223,816 762,390 974,941 4,477,435 Sales 20,891,526 1,635,837 1,163,918 5,794,532 1,578,026 23,547,072 54,610,911 Profit (loss) for the period 115,321 (117,729 ) 101,019 169,011 70,795 258,053 596,470 Profit (loss) attributable to non-controlling 42,739 (35,318 ) 40,408 79,775 7,770 39,605 174,979 Cash flows from operating activities 128,875 (27,817 ) 20,042 (84,840 ) 30,295 140,418 206,973 Cash flows from investing activities (86,365 ) (5,502 ) (18,699 ) (171,924 ) (2,792 ) (63,621 ) (348,903 ) Cash flows from financing activities (before dividends to non-controlling (19,295 ) 31,782 8 150,801 220,317 (38,090 ) 345,523 Dividend to non-controlling (22,597 ) — (7,088 ) — (24,183 ) (12,777 ) (66,645 ) Effect of exchange rate fluctuation on cash held (459 ) (147 ) (6 ) (3,541 ) — (15,532 ) (19,685 ) Net increase (decrease) in cash and cash equivalents 159 (1,684 ) (5,743 ) (109,504 ) 223,637 10,398 117,263 |
Details of Associates | Details of associates and joint ventures 1) Associates Details of associates as of December 31, 2016 and 2017 are as follows: Ownership (%) Investee Category of business 2016 2017 Region [Domestic] EQP POSCO Global NO1 Natural Resources PEF Investment in new technologies 29.37 31.14 Seoul POSCO PLANTEC Co., Ltd. (*2) Construction of industrial plant 73.94 73.94 Ulsan SNNC Raw material manufacturing and sales 49.00 49.00 Gwangyang QSONE Co.,Ltd. Real estate rental and facility management 50.00 50.00 Seoul Chun-cheon Energy Co., Ltd Electricity generation 29.90 45.67 Chuncheon Incheon-Gimpo Expressway Co., Ltd. (*1) Construction 20.04 18.26 Anyang BLUE OCEAN Private Equity Fund Private equity financial 27.52 27.52 Seoul UITrans LRT Co., Ltd. Transporting 38.19 38.19 Seoul Keystone NO. 1. Private Equity Fund Private equity financial 40.45 40.45 Seoul CHUNGJU ENTERPRISE CITY Real estate development 29.53 29.53 Chungju Daesung Steel (*1) Steel sales 17.54 17.54 Busan KoFC POSCO HANWHA KB Shared Growth (*1) Investment in new technologies 12.50 12.50 Seoul KONES, Corp. Technical service 41.67 41.67 Gyeongju Gale International Korea, LLC Real estate rental 29.90 29.90 Seoul Pohang Techno Valley PFV Corporation (*3) Real estate development, supply and rental 30.28 57.39 Pohang Gunggi Green Energy (*1) Electricity generation 19.00 19.00 Hwaseong Pohang Special Welding Co.,Ltd. Welding material and tools manufacturing and sales 50.00 50.00 Pohang KC Chemicals CORP (*1) Machinery manufacturing 19.00 19.00 Hwaseong Posco-IDV (*1) Investment in new technologies 17.86 17.86 Seoul DAEHO GLOBAL MANAGEMENT CO., LTD. Investment advisory service 35.82 35.82 Pohang Clean Gimpo Co., Ltd. Construction 29.58 29.58 Gimpo Postech Early Stage Fund (*1) Investment in new technologies 10.00 10.00 Pohang POSCO Energy Valley Fund Investment in new technologies 20.00 20.00 Pohang Pureun Tongyeong Enviro Co., Ltd. Sewerage treatment 20.40 20.40 Tongyeong Posgreen Co., Ltd. (*1) Lime and plaster manufacturing 19.00 19.00 Gwangyang Pohang E&E Co,. Ltd. Investment in waste energy 30.00 30.00 Pohang POSTECH Social Enterprise Fund (*1) Investment in new technologies 9.17 9.17 Seoul Applied Science Corp. Machinery manufacturing 24.88 23.87 Paju Noeul Green Energy (*1) Electricity generation 10.00 10.00 Seoul Pohang Techno Valley AMC Construction 29.50 29.50 Pohang New Songdo International City Development, LLC Real estate rental 29.90 29.90 Seoul Mokpo Deayang Industrial Corporation Real estate development and rental 27.40 27.40 Mokpo Clean Iksan Co., Ltd. Construction 23.50 23.50 Iksan Innovalley Co., Ltd. Real estate development 28.77 28.77 Yongin Pure Gimpo Co., Ltd. Construction 28.79 28.79 Seoul Garolim Tidal Power Plant Co.,Ltd Tidal power plant construction and management 32.13 32.13 Seosan 2016 PoscoPlutus New Technology Investment Fund Investment in new technologies 25.17 25.17 Seoul Hyundai Invest Guggenheim CLO Private Special Asset Investment Trust II Investment in new technologies 38.47 38.47 Seoul PoscoPlutus Bio Fund (*1) Investment in new technologies 11.97 11.97 Seoul PoscoPlutus Project Fund (*1) Investment in new technologies 11.91 11.91 Seoul Posco Agrifood Export Investment Fund Investment in new technologies 30.00 30.00 Seoul PoscoPlutus Project II Investment Fund (*1) Investment in new technologies 0.61 0.61 Seoul Posco Culture Contents Fund Investment in new technologies 31.67 31.67 Seoul PCC Centroid 1st Fund (*4) Investment in new technologies — 24.10 Seoul PCC Amberstone Private Equity Fund I (*1,4) Investment in new technologies — 9.71 Seoul POSCO Advanced Technical Staff Fund (*1,4) Investment in new technologies — 15.87 Seoul POSCO 4th Industrial Revolution Fund (*4) Investment in new technologies — 20.00 Seoul METAPOLIS Co.,Ltd. (*6) Multiplex development 40.05 — Hwaseong Universal Studios Resort Asset Management Corporation (*5) Real estate services 26.17 — Seoul Busan-Gimhae Light Rail Transit Co., Ltd. (*5) Transporting 25.00 — Gimhae [Foreign] South-East Asia Gas Pipeline Company Ltd. Pipeline construction and management 25.04 25.04 Myanmar AES-VCM Electricity generation 30.00 30.00 Vietnam 7623704 Canada Inc. (*1) Investments management 10.40 10.40 Canada Eureka Moly LLC Raw material manufacturing and sales 20.00 20.00 USA AMCI (WA) PTY LTD Iron ore sales & mine development 49.00 49.00 Australia Nickel Mining Company SAS Raw material manufacturing and sales 49.00 49.00 New NCR LLC Coal sales 29.41 29.41 Canada KOREA LNG LTD. Gas production and sales 20.00 20.00 England PT. Batutua Tembaga Raya Raw material manufacturing and sales 24.10 22.00 Indonesia Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd Tinplate manufacturing and sales 34.00 34.00 China PT. Wampu Electric Power Construction and civil engineering 20.00 20.00 Indonesia POSCO SeAH Steel Wire(Nantong) Co., Ltd. Steel processing and sales 25.00 25.00 China VSC POSCO Steel Corporation Steel processing and sales 50.00 50.00 Vietnam IMFA ALLOYS FINLEASE LTD Raw material manufacturing and sales 24.00 24.00 India General Medicines Company Ltd. Medicine manufacturing and sales 33.00 33.00 Sudan PT.INDONESIA POS CHEMTECH CHOSUN Ref Refractory manufacturing and sales 30.19 30.19 Indonesia POSK(Pinghu) Steel Processing Center Co., Ltd. Steel processing and sales 20.00 20.00 China SHANGHAI LANSHENG DAEWOO CORP. Trading 49.00 49.00 China POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd Steel processing and sales 25.00 25.00 China SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO., LTD. Trading 49.00 49.00 China PT. Tanggamus Electric Power (*1) Construction and civil engineering 17.50 17.50 Indonesia NS-Thainox Steel manufacturing and sales 49.00 49.00 Vietnam Hamparan Mulya Resource development 45.00 45.00 Indonesia Sebang Steel Scrap sales 49.00 49.00 Japan GLOBAL KOMSCO Daewoo LLC Cotton celluloid manufacturing and sales 35.00 35.00 Uzbekistan POSCO-Poggenamp Electrical Steel Pvt. Ltd. Steel manufacturing and sales 26.00 26.00 India KIRIN VIETNAM CO., LTD (*1) Panel manufacturing 19.00 19.00 Vietnam POSCHROME (PROPRIETARY) LIMITED Raw material manufacturing and sales 50.00 50.00 South CAML RESOURCES PTY LTD Raw material manufacturing and sales 33.34 33.34 Australia KG Power(M) SDN. BHD Energy & resource development 20.00 20.00 Malaysia LI3 ENERGY INC Energy & resource development 26.06 26.06 Peru LLP POSUK Titanium Titanium manufacturing and sales 36.83 36.83 Kazakhstan POS-SeAH Steel manufacturing and sales 25.00 25.00 Thailand Jupiter Mines Limited (*1) Energy & resource development 17.08 17.06 Australia KRAKATAU POS-CHEM DONG-SUH (*1) Chemical by-product 19.00 19.00 Indonesia SAMHWAN VINA CO., LTD (*1,4) Steel manufacturing and sales — 19.00 Vietnam JB CLARK HILLS (*4) Construction — 25.00 Philippines Saudi-Korean Company for Maintenance Properties Management LLC (*1,4) Building management — 19.00 Saudi AN KHANH NEW CITY DEVELOPMENT (*5) Highway construction and new town development 50.00 — Vietnam Fifth Combined Heat and Power Plant LLC (*5) Thermal power generation 30.00 — Mongolia Chongqing CISL High Strength Cold Rolling (*6) Steel manufacturing and sales 10.00 — China (*1) Considering the composition of board of directors, the Company is able to exercise significant influence even though the Company’s percentage of ownership is below 20%. (*2) On September 30, 2015, in order to improve its financial standing and normalize operation, the associates reached a workout agreement with its Creditor Financial Institutions Committee. As a result, the Company lost its control and classified its shares as investment in associate. (*3) Considering the composition of board of directors, the Company does not have control and classified its shares as investment in an associate, even though the Company’s percentage of ownership is over 50%. (*4) These associates were newly established or acquired in 2017. (*5) Excluded from associates due to the disposal of shares during the year ended December 31, 2017. (*6) Excluded from associates due to loss of significant influence during the year ended December 31, 2017. |
Details of Joint Ventures | Details of joint ventures as of December 31, 2016 and 2017 are as follows: Ownership (%) Investee Category of business 2016 2017 Region [Domestic] POSCO MITSUBISHI CARBON TECHNOLOGY Steel processing and sales 60.00 60.00 Gwangyang POSCO-SGI (*1) Investment in new technologies — 24.55 Seoul POSCO-KB (*1) Investment in new technologies — 18.75 Seoul POSCO-NSC (*1) Investment in new technologies — 16.67 Seoul PCC L&K New Technology 1st Fund (*1) Investment in new technologies — 10.00 Seoul PoscoPlutus Project 3rd Investment Fund (*1) Investment in new technologies — 5.96 Seoul [Foreign] Roy Hill Holdings Pty Ltd Energy & resource development 12.50 12.50 Australia POSCO-NPS Mine development 50.00 50.00 USA CSP — Compania Siderurgica do Pecem Steel manufacturing and sales 20.00 20.00 Brazil BX STEEL POSCO Cold Rolled Sheet Co., Ltd. Steel processing and sales 25.00 25.00 China KOBRASCO Steel materials manufacturing and sales 50.00 50.00 Brazil DMSA/AMSA Energy & resource development 4.00 4.00 Madagascar PT. POSMI Steel Indonesia Steel processing and sales 36.69 36.69 Indonesia VNS-DAEWOO Steel scrap processing and sale 40.00 40.00 Vietnam YULCHON MEXICO S.A. DE C.V. Tube for automobile manufacturing 19.00 19.00 Mexico POSCO-SAMSUNG-Slovakia Processing Center Steel processing and sales 30.00 30.00 Slovakia United Spiral Pipe, LLC Material manufacturing and sales 35.00 35.00 USA Korea Siberia Wood CJSC Forest resource development 50.00 50.00 Russia Hyunson Engineering & Construction HYENCO Construction 4.90 4.90 Algeria USS-POSCO Cold-rolled steel manufacturing and sales 50.00 50.00 USA POSCO E&C Saudi Arabia Civil engineering and construction 40.00 40.00 Saudi Pos-Austem (*1) Automotive parts manufacturing — 19.90 China POS-AUSTEM (*1) Automotive parts manufacturing — 11.06 China POS-AUSTEM (*1) Automotive parts manufacturing — 13.00 China POS-InfraAuto (*1) Automotive parts manufacturing — 16.20 China Kwanika Copper Corporation (formerly, Daewoo Minerals Canada Corporation) (*2) Energy & resource development — 35.00 Canada Henan Tsingpu Ferro Alloy Co., Ltd. (*3) Raw material manufacturing and sales 49.00 — China Zhangjiagang Pohang Refractories Co., Ltd. (*4) Refractory manufacturing 50.00 — China (*1) These joint ventures were newly established in 2017. (*2) Reclassified to joint venture from subsidiary during the year ended December 31, 2017. (*3) Excluded from joint ventures due to the disposal of shares during the year ended December 31, 2017. (*4) Reclassified to subsidiary from joint venture during the year ended December 31, 2017. |
Consolidated Subsidiaries Acquired or Newly Established | Consolidated subsidiaries acquired or newly established during the year ended December 31, 2017 are as follows: Company Date of addition Ownership (%) Reason POSCO RU Limited Liability Company January 2017 100.00 New establishment Golden Lace DAEWOO Company Limited April 2017 100.00 New establishment POSCO Research & Technology June 2017 100.00 New establishment POSCO DAEWOO UKRAINE LLC July 2017 100.00 New establishment Zhangjiagang Pohang Refractories Co., Ltd. July 2017 51.00 Reclassification from associate Kyobo Securities Bond Plus 6M Professional Private Equity Trust W-2 October 2017 97.47 Acquisition of control Mirae Asset Smart Q Sigma 2.0 Professional Private Equity Trust October 2017 99.01 Acquisition of control Kyobo Securities Bond Plus 6M Professional Private Equity Trust W-5 November 2017 99.67 Acquisition of control KIS Devonian Canada Corporation December 2017 100.00 Acquisition of control |
Subsidiaries That Were Excluded From Consolidation | Excluded subsidiaries Subsidiaries that were excluded from consolidation during the year ended December 31, 2017 are as follows: Company Date of exclusion Reason POSCO MAPC SA DE CV January 2017 Merged into POSCO MPPC S.A. de C.V. POSCO (Zhangjiagang) STS Processing Center Co., Ltd January 2017 Merged into Zhangjiagang Pohang Stainless Steel Co., Ltd. POSCO Engineering CO., Ltd February 2017 Merged into POSCO ENGINEERING & CONSTRUCTION CO., LTD. POSCO YongXin Rare Earth Metal Co., Ltd. March 2017 Disposal SANTOS CMI S.A. March 2017 Disposal EPC EQUITIES LLP March 2017 Disposal SANTOS CMI Guatemala S.A. March 2017 Disposal COINSA INGENIERIA Y PETROQUIMICA S.R.L March 2017 Disposal SANTOS CMI CONSTRUCTION TRADING LLP March 2017 Disposal SANTOS CMI INC. USA March 2017 Disposal SANTOS CMI ENGENHARIA E CONSTRUCOES LTDA March 2017 Disposal SANTOS CMI PERU S.A. March 2017 Disposal SANTOS CMI CONSTRUCCIONES S.A. March 2017 Disposal GENTECH INTERNATIONAL INC. March 2017 Disposal SANTOS CMI CONSTRUCCIONES DE CHILE S.A. March 2017 Disposal COMPANIADEAUTOMATIZACION & CONTROL, GENESYS S.A. March 2017 Disposal POSCO Electrical Steel India Private Limited March 2017 Merged into POSCO Maharashtra Steel Private Limited POSEC Hawaii, Inc. May 2017 Exclusion upon liquidation PT. POSCO MTECH INDONESIA May 2017 Disposal POSCO VIETNAM HOLDINGS CO., LTD July 2017 Merged into POSCO VIETNAM HOLDINGS CO., LTD (formerly, POSCO-VNPC CO., LTD.) POSCO-Vietnam Processing Center Co., Ltd. July 2017 Merged into POSCO VIETNAM HOLDINGS CO., LTD (formerly, POSCO-VNPC CO., LTD.) Yingkou Puxiang Trade Co.,Ltd. July 2017 Merged into Zhangjiagang Pohang Refractories Co., Ltd Chongqing POSCO CISL Automotive Steel Co., Ltd. September 2017 Loss of control IT Engineering Co., Ltd. November 2017 Disposal POSCO India Delhi Steel Processing Center Private Limited November 2017 Merged into POSCO India Chennai Steel Processing Center Pvt.Ltd. POSCO India Ahmedabad Steel Processing Center Pvt.Ltd. November 2017 Merged into POSCO India Chennai Steel Processing Center Pvt.Ltd. Kwanika Copper Corporation (formerly, Daewoo Minerals Canada Corporation) November 2017 Change in status due to a decline in stake USA-SRDC December 2017 Exclusion upon liquidation |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Estimated Useful Lives of Property, Plant and Equipment | The estimated useful lives for the current and comparative periods are as follows: Buildings 3-50 Structures 4-50 Machinery and equipment 4-25 Vehicles 3-20 Tools 3-10 Furniture and fixtures 3-20 Lease assets 3-30 Bearer plants 20 years |
Estimated Useful Lives of Intangible Assets | Amortization of intangible assets except for goodwill is calculated on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. The residual value of intangible assets is zero. However, as there are no foreseeable limits to the periods over which club memberships are expected to be available for use, this intangible asset is determined as having an indefinite useful life and not amortized. Intellectual property rights 4-25 Development costs 3-5 Port facilities usage rights 4-75 Other intangible assets 2-15 |
Summary of New Standards and Interpretations Not Yet Adopted | The Company will apply IFRS No. 9 “Financial Instruments” and IFRS No. 15 “Revenue from Contracts with Customers” for the year beginning on January 1, 2018. The Company has completed an analysis of the financial impacts resulting from adoption of new standards and the estimated effect on equity in the consolidated financial statements at the date of initial application based on available information which are summarized as follows. December 31, IFRS No. 9 IFRS No. 15 Date of initial (in millions of Won) Reserves ₩ (682,556 ) (401,344 ) — (1,083,900 ) Retained earnings 42,974,658 368,612 (71,066 ) 43,272,204 Non-controlling 3,666,334 (19,545 ) (59,060 ) 3,587,729 ₩ 45,958,436 (52,277 ) (130,126 ) 45,776,033 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Net Borrowing-to-Equity Ratio | Net borrowing-to-equity 2016 2017 (in millions of Won) Total borrowings ₩ 22,704,998 21,063,657 Less: Cash and cash equivalents 2,447,619 2,612,530 Net borrowings 20,257,379 18,451,127 Total equity 45,765,269 47,326,725 Net borrowings-to-equity 44.26 % 38.99 % |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents as of December 31, 2016 and 2017 are as follows: 2016 2017 (*1) (in millions of Won) Cash ₩ 11,960 1,896 Demand deposits and checking accounts 1,312,426 1,259,813 Time deposits 254,888 360,985 Other cash equivalents 868,345 989,836 ₩ 2,447,619 2,612,530 (*1) As of December 31, 2017, cash equivalents amounting to ₩ |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Financial Assets | Financial assets as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Financial assets at fair value through profit or loss Financial assets held for trading ₩ — 1,970 Derivatives assets held for trading 147,582 65,051 Derivatives assets designated as hedging instruments — 3,239 Available-for-sale 2,514,924 1,978,115 Held-to-maturity 2,470 5,211 Loans and receivables 19,277,709 21,268,107 ₩ 21,942,685 23,321,693 |
Summary of Financial Liabilities | Financial liabilities as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Financial liabilities at fair value through profit or loss Derivatives liabilities held for trading ₩ 122,896 142,280 Derivatives liabilities designated as hedging instruments — 13,230 Financial liabilities measured at amortized cost Trade accounts and notes payable 4,117,798 3,477,678 Borrowings 22,704,998 21,063,657 Financial guarantee liabilities 108,161 88,407 Others 2,007,114 1,865,683 ₩ 29,060,967 26,650,935 |
Finance Income and Costs by Category of Financial Instruments | Finance income and costs by category of financial instrument for the years ended December 31, 2015, 2016 and 2017 were as follows: ① Finance income and costs Other comprehensive loss Interest income (expense) Gain and loss on valuation Gain and loss on foreign currency Gain and loss on disposal Impairment loss Others Total (in millions of Won) Derivatives assets ₩ — 129,949 — 357,715 — — 487,664 — Available-for-sale 1,956 — — 138,782 (142,781 ) 183,712 181,669 (187,854 ) Held-to-maturity 456 — — — — (688 ) (232 ) — Loans and receivables 207,781 — 283,030 (15,406 ) — (217 ) 475,188 — Derivatives liabilities — (46,748 ) — (334,340 ) — — (381,088 ) — Financial liabilities measured at amortized cost (788,772 ) — (665,583 ) — — (138,827 ) (1,593,182 ) — ₩ (578,579 ) 83,201 (382,553 ) 146,751 (142,781 ) 43,980 (829,981 ) (187,854 ) ② Finance income and costs Interest income (expense) Gain and loss on valuation Gain and loss on foreign currency Gain and loss on disposal Impairment loss Others Total Other (in millions of Won) Derivatives assets ₩ — 57,411 — 310,625 — — 368,036 — Available-for-sale 431 — — 127,524 (248,404 ) 41,000 (79,449 ) 310,608 Held-to-maturity 266 — — — — 38 304 — Loans and receivables 181,778 — 140,751 (17,854 ) — (172 ) 304,503 — Derivatives liabilities — (72,976 ) — (332,415 ) — — (405,391 ) — Financial liabilities measured at amortized cost (658,726 ) — (283,059 ) (61 ) — (28,367 ) (970,213 ) — ₩ (476,251 ) (15,565) (142,308 ) 87,819 (248,404 ) 12,499 (782,210 ) 310,608 ③ Finance income and costs Interest income (expense) Gain and loss on valuation Gain and loss on foreign currency Gain and loss on disposal Impairment loss Others Total Other (in millions of Won) Financial assets held for trading ₩ — 16 — — — — 16 — Derivatives assets — (99,942 ) — 206,362 — — 106,420 (143 ) Available-for-sale 60 — — 418,789 (123,214 ) 92,961 388,596 (31,389 ) Held-to-maturity 236 — — — — 7 243 — Loans and receivables 212,155 — (607,837 ) (32,456 ) — (304 ) (428,442 ) — Derivatives liabilities — (61,809 ) — (231,908 ) — — (293,717 ) — Financial liabilities measured at amortized cost (653,115 ) — 777,935 — — (9,546 ) 115,274 — ₩ (440,664 ) (161,735 ) 170,098 360,787 (123,214 ) 83,118 (111,610 ) (31,532 ) |
Maximum Exposure to Credit Risk | The carrying amount of financial assets represents the Company’s maximum exposure to credit risk. The maximum exposure to credit risk as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Cash and cash equivalents ₩ 2,447,619 2,612,530 Financial assets held for trading — 1,970 Derivative assets 147,582 68,290 Available-for-sale 51,649 192,866 Held-to-maturity 2,470 5,211 Loans and other receivables 7,104,940 9,099,444 Trade accounts and notes receivable, net 9,674,026 8,824,563 Long-term trade accounts and notes receivable, net 51,124 731,570 ₩ 19,479,410 21,536,444 |
Allowance for Doubtful Accounts | Allowance for doubtful accounts as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Trade accounts and notes receivable ₩ 558,125 634,129 Other accounts receivable 203,346 187,706 Loans 210,346 258,957 Other assets 5,954 13,672 ₩ 977,771 1,094,464 |
Impairment Losses on Financial Assets | Impairment losses on financial assets for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 (in millions of Won) Bad debt expenses on trade accounts and notes receivable ₩ 165,150 173,694 Other bad debt expenses (*1) 50,225 100,920 Impairment loss on available-for-sale 248,404 123,214 Less: Recovery of allowance for other bad debt accounts (12,658 ) (2,743 ) Less: Recovery of impairment loss on held-to-maturity (38 ) (20 ) ₩ 451,083 395,065 (*1) Other bad debt expenses are mainly related to other receivables and loans. |
Aging and Impairment Losses of Trade Accounts and Notes Receivable and Other Receivables | The aging and impairment losses of trade accounts and notes receivable as of December 31, 2016 and 2017 are as follows: 2016 2017 Trade accounts and Impairment Trade accounts and Impairment (in millions of Won) Not due ₩ 7,963,491 62,511 7,736,092 65,314 Over due less than 1 month 790,042 27,482 445,390 12,546 1 month – 3 months 205,394 8,955 170,682 742 3 months – 12 months 189,605 26,814 384,313 21,030 Over 12 months 1,134,743 432,363 1,453,785 534,497 ₩ 10,283,275 558,125 10,190,262 634,129 ④ 2016 2017 Other Impairment Other Impairment (in millions of Won) Not due ₩ 1,641,924 23,958 1,888,726 9,672 Over due less than 1 month 197,772 75,207 235,559 35,539 1 month – 3 months 27,525 1,189 69,372 54,335 3 months – 12 months 82,337 20,300 96,942 64,467 over 12 months 357,401 298,992 365,202 296,322 ₩ 2,306,959 419,646 2,655,801 460,335 |
Changes in Allowance for Doubtful Accounts | Changes in the allowance for doubtful accounts for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Beginning ₩ 954,153 999,678 977,771 Bad debt expenses 189,616 165,150 173,694 Other bad debt expenses 147,619 37,567 98,177 Others (*1) (291,710 ) (224,624 ) (155,178 ) Ending ₩ 999,678 977,771 1,094,464 (*1) Others for the year ended December 31, 2015 included a decrease of ₩ write-off ₩ ₩ |
Contractual Maturities for Non-derivative Financial Liabilities | Contractual maturities for non-derivative Book value Contractual Within 1 year - After (in millions of Won) Trade accounts and notes payable ₩ 3,477,678 3,478,992 3,466,001 12,991 — Borrowings 21,063,657 22,928,112 12,093,516 9,200,416 1,634,180 Financial guarantee liabilities (*1) 88,407 3,135,084 3,135,084 — — Other financial liabilities 1,865,683 1,874,667 1,721,004 153,663 — ₩ 26,495,425 31,416,855 20,415,605 9,367,070 1,634,180 (*1) For issued financial guarantee contracts, the maximum amount of the guarantee is allocated to the earliest period in which the guarantee could be called. |
Maturity Analysis of Derivative Financial Liabilities | The maturity analysis of derivative financial liabilities is as follows: Within 1 year 1 year - Total (in millions of Won) Currency forward ₩ 9,744 300 10,044 Currency futures 9,632 74,834 84,466 Currency swaps 25,553 10,504 36,057 Interest swaps 153 — 153 Other forwards 24,790 — 24,790 ₩ 69,872 85,638 155,510 |
Carrying Amount and Fair Value of Financial Instruments | The carrying amount and the fair value of financial instruments as of December 31, 2016 and 2017 are as follows: 2016 2017 Book value Fair value Book value Fair value (in millions of Won) Financial assets measured at fair value Available-for-sale (*1) ₩ 2,139,687 2,139,687 1,506,893 1,506,893 Financial assets held for trading — — 1,970 1,970 Derivatives assets 147,582 147,582 68,290 68,290 2,287,269 2,287,269 1,577,153 1,577,153 Financial assets measured at amortized cost (*2) Cash and cash equivalents 2,447,619 2,447,619 2,612,530 2,612,530 Trade accounts and notes receivable, net 9,725,150 9,725,150 9,556,133 9,556,133 Loans and other receivables, net 7,104,940 7,104,940 9,099,444 9,099,444 Held-to-maturity 2,470 2,470 5,211 5,211 19,280,179 19,280,179 21,273,318 21,273,318 Financial liabilities measured at fair value Derivatives liabilities 122,896 122,896 155,510 155,510 Financial liabilities measured at amortized cost (*2) Trade accounts and notes payable 4,117,798 4,117,798 3,477,678 3,477,678 Borrowings 22,704,998 22,956,571 21,063,657 21,217,415 Financial guarantee liabilities 108,161 108,161 88,407 88,407 Others 2,007,114 2,007,114 1,865,683 1,865,683 ₩ 28,938,071 29,189,644 26,495,425 26,649,183 (*1) Available-for-sale (*2) The fair value of financial assets and liabilities measured at amortized cost is measured using discounted cash flow method, and the fair value is mainly calculated for the disclosures in the note. On the other hand, the Company has not performed fair value measurement for the financial assets and liabilities measured at amortized cost except borrowings which are classified as fair value hierarchy level 2 since their carrying amounts approximate fair value. |
Fair Values of Financial Assets and Financial Liabilities | The fair values of financial assets and financial liabilities by fair value hierarchy as of December 31, 2016 and 2017 are as follows: ① December 31, 2016 Level 1 Level 2 Level 3 Total (in millions of Won) Financial assets Available-for-sale ₩ 1,800,943 — 338,744 2,139,687 Derivatives assets — 137,236 10,346 147,582 1,800,943 137,236 349,090 2,287,269 Financial liabilities Derivatives liabilities ₩ — 122,896 — 122,896 ② December 31, 2017 Level 1 Level 2 Level 3 Total (in millions of Won) Financial assets Available-for-sale ₩ 1,137,662 17,812 351,419 1,506,893 Financial assets held for trading — 1,970 — 1,970 Derivatives assets — 68,290 — 68,290 1,137,662 88,072 351,419 1,577,153 Financial liabilities Derivatives liabilities ₩ — 155,510 — 155,510 |
Value Measurement Method and Significant but not Observable Inputs for the Financial Assets Classified as Fair Value Hierarchy Level 3 | Value measurement method and significant but not observable inputs for the financial assets classified as fair value hierarchy level 3 as of December 31, 2017 are as follows: Fair value Valuation technique Inputs Range of inputs Effect on fair value (in millions of Won) Available-for-sale ₩ 235,803 Discounted cash flows Growth rate 0% ~ 2.0% As growth rate increases, fair value increases Discount rate 0.5% ~ 11.9% As discount rate increases, fair value decreases 14,775 Market comparable companies Price multiple 1.085 ~ 5.245 As price multiple increases, fair value increases 100,841 Asset value approach — — — |
Sensitivity Analysis of Financial Assets and Financial Liabilities Classified as Level 3 of Fair Value Hierarchy | Sensitivity analysis of financial assets and financial liabilities classified as Level 3 of fair value hierarchy If other inputs remain constant as of December 31, 2017 and one of the significant but not observable input is changed, the effect on fair value measurement is as follows: Input variable Favorable Unfavorable (in millions of Won) Available-for-sale Fluctuation 0.5% of growth rate ₩ 5,713 4,641 Fluctuation 0.5% of discount rate 27,238 22,724 |
Currency risk [member] | |
Market Risk Exposure | The Company has exposure to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of the changes in foreign exchange rates. The exposure to currency risk as of December 31, 2016 and 2017 are as follows: 2016 2017 Assets Liabilities Assets Liabilities (in millions of Won) USD ₩ 5,007,649 6,636,065 4,215,151 5,940,380 EUR 463,110 550,235 552,630 454,072 JPY 45,975 821,403 165,356 709,318 Others 219,444 286,112 220,723 117,632 |
Sensitivity Analysis for Market Risk | As of December 31, 2016 and 2017, provided that functional currency against foreign currencies other than functional currency hypothetically strengthens or weakens by 10%, the changes in gain or loss during the years ended December 31, 2016 and 2017 were as follows: 2016 2017 10% increase 10% decrease 10% increase 10% decrease (in millions of Won) USD ₩ (162,842 ) 162,842 (172,523 ) 172,523 EUR (8,713 ) 8,713 9,856 (9,856 ) JPY (77,543 ) 77,543 (54,396 ) 54,396 |
Interest rate risk [member] | |
Market Risk Exposure | The carrying amount of interest-bearing financial instruments as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Fixed rate Financial assets ₩ 8,650,483 10,943,300 Financial liabilities (10,794,724 ) (11,179,635 ) (2,144,241 ) (236,335 ) Variable rate Financial liabilities ₩ (12,024,683) (9,977,040 ) |
Sensitivity Analysis for Market Risk | As of December 31, 2016 and 2017, provided that other factors remain the same and the interest rate of borrowings with floating rates increases or decreases by 1%, the changes in interest expense for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 1% increase 1% decrease 1% increase 1% decrease (in millions of Won) Variable rate financial instruments ₩ (120,247) 120,247 (99,770 ) 99,770 |
Level 3 [member] | |
Fair Values of Financial Assets and Financial Liabilities | Changes in fair value of financial assets and financial liabilities classified as Level 3 for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 (in millions of Won) Beginning ₩ 466,407 349,090 Acquisition and others 47,493 129,766 Gain (loss) on valuations of derivatives (59,829 ) (10,346 ) Other comprehensive income (loss) (38,731 ) 35,126 Impairment (19,111 ) (107,934 ) Disposal and others (47,139 ) (44,283 ) Ending ₩ 349,090 351,419 |
Other receivables [member] | |
Summary of Financial Assets | Other receivables as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Current Loans ₩ 421,818 617,696 Other accounts receivable 1,131,492 960,543 Accrued income 139,618 179,971 Deposits 93,891 107,137 Others 13,606 18,925 Less: Allowance for doubtful accounts (260,683 ) (248,266 ) ₩ 1,539,742 1,636,006 Non-current Loans ₩ 733,974 874,158 Other accounts receivable 81,938 92,939 Accrued income 1,746 1,663 Deposits 104,217 122,485 Less: Allowance for doubtful accounts (158,963 ) (212,069 ) ₩ 762,912 879,176 |
Others [member] | |
Summary of Financial Assets | Other financial assets as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Current Derivatives assets held for trading ₩ 49,281 63,912 Financial assets held for trading — 1,970 Available-for-sale 2,952 136,141 Current portion of held-to-maturity 422 421 Short-term financial instruments (*1,2) 5,172,256 6,843,436 ₩ 5,224,911 7,045,880 Non-current Derivatives assets held for trading ₩ 98,301 4,378 Available-for-sale (*3,4) 2,392,534 1,730,753 Available-for-sale 46,330 54,439 Available-for-sale 73,108 56,782 Held-to-maturity 2,048 4,790 Long-term financial instruments (*2) 45,371 60,542 ₩ 2,657,692 1,911,684 (*1) As of December 31, 2016 and 2017, ₩ ₩ (*2) As of December 31, 2016 and 2017, financial instruments amounting to ₩ ₩ (*3) During the year ended December 31, 2017, there were objective evidences of impairment for listed equity securities such as FINE BESTEEL CO., LTD and others and for non-listed ₩ (*4) As of December 31, 2016 and 2017, ₩ ₩ available-for-sale |
Trade accounts and notes receivables, net [member] | |
Summary of Financial Assets | Trade accounts and notes receivable as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Current Trade accounts and notes receivable ₩ 9,320,915 8,579,620 Finance lease receivables 10,300 10,469 Unbilled due from customers for contract work 860,287 728,007 Less: Allowance for doubtful accounts (517,476 ) (493,533 ) ₩ 9,674,026 8,824,563 Non-current Trade accounts and notes receivable ₩ 80,447 871,432 Finance lease receivables 11,326 734 Less: Allowance for doubtful accounts (40,649 ) (140,596 ) ₩ 51,124 731,570 |
Finance lease receivables [Member] | |
Summary of Financial Assets | Finance lease receivables are as follows: Customer Contents 2016 2017 (in millions of Won) Korea Electric Power Corporation Combined thermal power plant 3~4 ₩ 20,648 10,469 KC Chemicals CORP Machinery and equipment 244 — Hystech.Co. Ltd. Machinery and equipment 734 734 ₩ 21,626 11,203 |
Other payables [member] | |
Summary of Financial Liabilities | Other payables as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Current Accounts payable ₩ 854,623 800,374 Accrued expenses 665,295 653,923 Dividend payable 7,770 7,213 Finance lease liabilities 24,523 17,763 Withholdings 299,448 274,188 ₩ 1,851,659 1,753,461 Non-current Accounts payable ₩ 6,823 4,632 Accrued expenses 41,082 14,234 Finance lease liabilities 89,886 75,255 Long-term withholdings 70,768 53,629 ₩ 208,559 147,750 |
Others [member] | |
Summary of Financial Liabilities | Other financial liabilities as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Current Derivatives liabilities ₩ 85,786 69,872 Financial guarantee liabilities 63,962 59,940 ₩ 149,748 129,812 Non-current Derivatives liabilities ₩ 37,110 85,638 Financial guarantee liabilities 44,199 28,467 ₩ 81,309 114,105 |
Trade Accounts and Notes Rece52
Trade Accounts and Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Gross Amount and Present Value of Minimum Lease Payments | The gross amount and present value of minimum lease payments as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Less than 1 year ₩ 13,114 11,771 1 year – 5 years 12,547 828 Unrealized interest income (4,035 ) (1,396 ) Present value of minimum lease payment ₩ 21,626 11,203 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Inventories | Inventories as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Finished goods ₩ 1,200,344 1,526,628 Merchandise 851,325 930,558 Semi-finished goods 1,552,988 1,721,130 Raw materials 1,939,539 2,329,268 Fuel and materials 817,397 808,016 Construction inventories 1,455,115 1,692,092 Materials-in-transit 1,807,816 1,818,576 Others 94,535 103,144 9,719,059 10,929,412 Less: Allowance for inventories valuation (203,164 ) (135,631 ) ₩ 9,515,895 10,793,781 |
Changes of Allowance for Inventories Valuation | The changes of allowance for inventories valuation for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Beginning ₩ 161,940 231,378 203,164 Loss on valuation of inventories 152,952 152,249 78,560 Realization on disposal of inventories (77,102 ) (161,458 ) (138,967 ) Others (6,412 ) (19,005 ) (7,126 ) Ending ₩ 231,378 203,164 135,631 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Details of Assets Held For Sale and Related Liabilities | Details of assets held for sale as of December 31, 2016 and 2017 are as follows: 2016 2017 Controlling Subsidiaries (*1) Total Controlling Subsidiaries (*2) Total (in millions of Won) Assets Property, plant and equipment 764 305,864 306,628 392 71,340 71,732 Others — 5,330 5,330 — 36 36 ₩ 764 311,194 311,958 392 71,376 71,768 (*1) During the year ended December 2016, Posco e&c Songdo International Building, a subsidiary of the Company, entered into a sales contract regarding disposal of the office building of POSCO ENGINEERING & CONSTRUCTION CO., LTD. in Songdo and classified the accompanying property, plant and equipment as assets held for sale. During the year ended December 2017, disposal of the accompanying assets held for sale was completed. (*2) During the year ended December 2017, POSCO ENGINEERING & CONSTRUCTION CO., LTD., a subsidiary of the Company, determined to dispose of the office building, Seomyeon Fiesta, in Busan and classified the related property, plant and equipment amounting to ₩ |
Investments in Associates and55
Investments in Associates and Joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Investments in Associates and Joint Ventures | Investments in associates and joint ventures as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Investments in associates ₩ 1,595,441 1,520,441 Investments in joint ventures 2,286,948 2,037,491 ₩ 3,882,389 3,557,932 |
Details of Investments in Associates | Details of investments in associates as of December 31, 2016 and 2017 are as follows: Number of Ownership (%) Acquisition cost Book value Company 2016 2017 (in millions of Won) [Domestic] EQP POSCO Global NO1 Natural Resources PEF 178,713,975,892 31.14 ₩ 178,787 ₩ 175,690 175,553 SNNC 18,130,000 49.00 90,650 107,859 110,424 QSONE Co.,Ltd. 200,000 50.00 84,395 84,799 85,049 Chun-cheon Energy Co., Ltd. (*1) 16,098,143 45.67 80,491 45,077 74,378 Incheon-Gimpo Expressway Co., Ltd. (*1) 9,032,539 18.26 45,163 37,372 31,660 BLUE OCEAN Private Equity Fund 333 27.52 33,300 35,752 19,620 CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd 2,008,000 29.53 10,040 12,551 17,252 UITrans LRT Co., Ltd. (*1) 7,714,380 38.19 38,572 17,851 15,841 Daesung Steel 108,038 17.54 14,000 12,302 15,500 Keystone NO. 1. Private Equity Fund 13,800,000 40.45 13,800 13,314 12,379 KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund 6,485 12.50 6,485 11,890 6,828 KONES, Corp. 3,250,000 41.67 6,893 5,641 2,827 Others (35 companies) (*1) 55,061 67,325 615,159 634,636 [Foreign] South-East Asia Gas Pipeline Company Ltd. 135,219,000 25.04 150,779 215,996 197,069 AES-VCM (*2) — 30.00 164,303 167,141 142,348 7623704 Canada Inc. 114,452,000 10.40 124,341 137,512 121,702 Eureka Moly LLC — 20.00 240,123 89,601 79,398 AMCI (WA) PTY LTD 49 49.00 209,664 70,501 63,378 Nickel Mining Company SAS 3,234,698 49.00 157,585 45,138 45,905 NCR LLC — 29.41 37,634 36,738 33,738 KOREA LNG LTD. 2,400 20.00 135,205 63,058 33,422 PT. Batutua Tembaga Raya 128,285 22.00 21,824 22,723 21,823 Zhongyue POSCO (Qinhuangdao) Tinplate 10,200,000 34.00 9,517 18,008 15,617 PT. Wampu Electric Power (*1) 8,708,400 20.00 10,054 8,706 13,391 POSCO SeAH Steel Wire(Nantong) Co., Ltd. 50 25.00 4,723 6,840 6,517 Others (26 companies) (*1) 98,320 111,497 980,282 885,805 ₩ 1,595,441 1,520,441 (*1) As of December 31, 2016 and 2017, investments in associates amounting to ₩ ₩ (*2) As of December 31, 2016 and 2017, shares of PSC Energy Global Co., Ltd., a subsidiary of the Company, are provided as collateral in relation to the associates’ borrowings. |
Details of Investments in Joint Ventures | Details of investments in joint ventures as of December 31, 2016 and 2017 are as follows: Number of shares Ownership (%) Acquisition cost Book value Company 2016 2017 (in millions of Won) [Domestic] POSCO MITSUBISHI CARBON TECHNOLOGY 11,568,000 60.00 ₩ 115,680 ₩ 83,113 110,760 Others (5 companies) — 6,094 83,113 116,854 [Foreign] Roy Hill Holdings Pty Ltd (*1) 13,117,972 12.50 1,528,672 1,186,859 1,125,133 POSCO-NPS 325,050,000 50.00 364,609 393,570 348,836 CSP — Compania Siderurgica do Pecem 1,108,696,532 20.00 558,821 330,463 146,427 KOBRASCO 2,010,719,185 50.00 32,950 88,308 108,485 BX STEEL POSCO Cold Rolled Sheet Co., Ltd. — 25.00 61,961 97,369 88,305 DMSA/AMSA (*1) — 4.00 304,623 74,935 56,735 Others (14 companies) 32,331 46,716 2,203,835 1,920,637 ₩ 2,286,948 2,037,491 (*1) As of December 31, 2016 and 2017, the investments in joint ventures are provided as collateral in relation to the joint ventures’ borrowings. |
Movements of Investments in Associates and Joint Ventures | The movements of investments in associates and joint ventures for the years ended December 31, 2016 and 2017 were as follows: 1) For the year ended December 31, 2016 Company December 31, Acquisition Dividends Share of profits Other (*1) December 31, (in millions of Won) [Domestic] EQP POSCO Global NO1 Natural Resources PEF ₩ 175,676 222 — (399 ) 191 175,690 SNNC 111,326 — — (3,417 ) (50 ) 107,859 QSONE Co.,Ltd. 83,919 — — 880 — 84,799 Chun-cheon Energy Co., Ltd 30,420 19,832 — (5,175 ) — 45,077 Incheon-Gimpo Expressway Co., Ltd. 39,447 — — (2,758 ) 683 37,372 BLUE OCEAN Private Equity Fund 35,437 — — 643 (328 ) 35,752 CHUNGJU ENTERPRISE CITY 12,265 — — 286 — 12,551 UITrans LRT Co., Ltd. 40,903 6,817 — (29,825 ) (44 ) 17,851 Daesung Steel 14,000 — — (2,272 ) 574 12,302 Keystone NO. 1. Private Equity Fund 13,015 — — 281 18 13,314 KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund 14,829 1,875 — 1,186 (6,000 ) 11,890 KONES, Corp. 5,775 — — (256 ) 122 5,641 POSCO MITSUBISHI CARBON TECHNOLOGY 104,970 — — (21,929 ) 72 83,113 POSCO PLANTEC Co., Ltd. 171,218 — — (171,927 ) 709 — SeAH Changwon Integrated Special Steel 165,754 — — 4,797 (170,551 ) — POSCO ES MATERIALS CO.,LTD 38,447 — — (2,061 ) (36,386 ) — Others (33 companies) 33,933 20,061 (200 ) (2,802 ) 4,069 55,061 1,091,334 48,807 (200 ) (234,748 ) (206,921 ) 698,272 [Foreign] South-East Asia Gas Pipeline Company Ltd. 222,269 — (59,717 ) 46,855 6,589 215,996 AES-VCM 153,271 — — 27,031 (13,161 ) 167,141 7623704 Canada Inc. 134,034 — (921 ) 175 4,224 137,512 Eureka Moly LLC 87,878 — — (18 ) 1,741 89,601 AMCI (WA) PTY LTD 72,289 — — (3,358 ) 1,570 70,501 Nickel Mining Company SAS 76,445 — — (31,047 ) (260 ) 45,138 NCR LLC 35,447 — — (41 ) 1,332 36,738 KOREA LNG LTD. 53,548 — (6,342 ) 6,392 9,460 63,058 PT. Batutua Tembaga Raya 15,382 7,040 — — 301 22,723 Zhongyue POSCO (Qinhuangdao) Tinplate 19,311 — — (412 ) (891 ) 18,008 PT. Wampu Electric Power 8,855 — — (397 ) 248 8,706 POSCO SeAH Steel Wire(Nantong) Co., Ltd. 7,061 — — 242 (463 ) 6,840 Roy Hill Holdings Pty Ltd 1,153,434 — — 12,643 20,782 1,186,859 POSCO-NPS 381,461 — (10,893 ) 11,499 11,503 393,570 CSP - Compania Siderurgica do Pecem 80,805 88,930 — 116,694 44,034 330,463 KOBRASCO 78,364 — (29,297 ) 20,761 18,480 88,308 BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 100,908 — — 258 (3,797 ) 97,369 DMSA/AMSA 105,964 24,624 — (60,415 ) 4,762 74,935 Others (37 companies) 67,273 28,993 (4,252 ) (791 ) 39,428 130,651 2,853,999 149,587 (111,422 ) 146,071 145,882 3,184,117 ₩ 3,945,333 198,394 (111,622 ) (88,677 ) (61,039 ) 3,882,389 (*1) Other increase or decrease represents the changes in investments in associates and joint ventures due to disposals, change in capital adjustments effect from translations of financial statements of foreign investees and others. 2) For the year ended December 31, 2017 Company December 31, Book value Acquisition Dividends Share of Other (decrease) (*1) December 31, Book value (in millions of Won) [Domestic] EQP POSCO Global NO1 Natural Resources PEF ₩ 175,690 — — 418 (555 ) 175,553 SNNC 107,859 — — 2,370 195 110,424 QSONE Co.,Ltd. 84,799 — (368 ) 618 — 85,049 Chun-cheon Energy Co., Ltd 45,077 27,791 — 1,510 — 74,378 Incheon-Gimpo Expressway Co., Ltd. 37,372 — — (6,463 ) 751 31,660 BLUE OCEAN Private Equity Fund 35,752 — — (8,154 ) (7,978 ) 19,620 CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd 12,551 — — 4,701 — 17,252 UITrans LRT Co., Ltd. 17,851 — — (2,010 ) — 15,841 Daesung Steel 12,302 — — 3,198 — 15,500 Keystone NO. 1. Private Equity Fund 13,314 — — (886 ) (49 ) 12,379 KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund 11,890 — — (197 ) (4,865 ) 6,828 KONES, Corp. 5,641 — — (2,774 ) (40 ) 2,827 POSCO MITSUBISHI CARBON TECHNOLOGY 83,113 — — 27,582 65 110,760 Others (40 companies) 55,061 28,348 (137 ) (7,995 ) (1,858 ) 73,419 698,272 56,139 (505 ) 11,918 (14,334 ) 751,490 [Foreign] South-East Asia Gas Pipeline Company Ltd. 215,996 — (37,016 ) 42,896 (24,807 ) 197,069 AES-VCM 167,141 — (30,798 ) 19,644 (13,639 ) 142,348 7623704 Canada Inc. 137,512 — (7,563 ) 7,468 (15,715 ) 121,702 Eureka Moly LLC 89,601 — — (35 ) (10,168 ) 79,398 AMCI (WA) PTY LTD. 70,501 — — (4,299 ) (2,824 ) 63,378 Nickel Mining Company SAS 45,138 — — 424 343 45,905 NCR LLC 36,738 276 — (60 ) (3,216 ) 33,738 KOREA LNG LTD. 63,058 — (6,466 ) (70,180 ) 47,010 33,422 PT. Batutua Tembaga Raya 22,723 — — 260 (1,160 ) 21,823 Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 18,008 — — (1,268 ) (1,123 ) 15,617 PT. Wampu Electric Power 8,706 — — 5,927 (1,242 ) 13,391 POSCO SeAH Steel Wire(Nantong) Co., Ltd. 6,840 — — 303 (626 ) 6,517 Roy Hill Holdings Pty Ltd. 1,186,859 — — 46,020 (107,746 ) 1,125,133 POSCO-NPS 393,570 — (17,277 ) 17,173 (44,630 ) 348,836 CSP-Compania Siderurgica do Pecem 330,463 — — (147,847 ) (36,189 ) 146,427 KOBRASCO 88,308 — (22,135 ) 56,445 (14,133 ) 108,485 BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 97,369 — (5,542 ) 1,555 (5,077 ) 88,305 DMSA/AMSA 74,935 13,712 — (22,339 ) (9,573 ) 56,735 Others (40 companies) 130,651 22,209 (4,408 ) 46,535 (36,774 ) 158,213 3,184,117 36,197 (131,205 ) (1,378 ) (281,289 ) 2,806,442 ₩ 3,882,389 92,336 (131,710 ) 10,540 (295,623 ) 3,557,932 (*1) Other increase or decrease represents the changes in investments in associates and joint ventures due to disposals, change in capital adjustments effect from translations of financial statements of foreign investees and others. |
Summarized Financial Information of Associates and Joint Ventures | Summarized financial information of associates and joint ventures as of and for the years ended December 31, 2016 and 2017 are as follows: 1) December 31, 2016 Company Assets Liabilities Equity Sales Net (in millions of Won) [Domestic] EQP POSCO Global NO1 Natural Resources PEF ₩ 597,767 864 596,903 — (1,349 ) SNNC 725,987 482,429 243,558 527,101 2,022 QSONE Co.,Ltd. 247,385 77,786 169,599 15,961 1,760 Chun-cheon Energy Co., Ltd 547,805 378,613 169,192 — (3,748 ) Incheon-Gimpo Expressway Co., Ltd. 929,539 718,107 211,432 — (1,910 ) BLUE OCEAN Private Equity Fund 357,723 220,895 136,828 456,311 2,335 CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd 136,857 124,666 12,191 19,028 967 UITrans LRT Co., Ltd. 400,761 307,625 93,136 — (822 ) Daesung Steel 150,944 112,194 38,750 60,772 (12,955 ) Keystone NO. 1. Private Equity Fund 119,378 79,946 39,432 197 694 KoFC POSCO HANWHA KB Shared Growth NO. 2. Private Equity Fund 96,213 1,094 95,119 14,157 9,561 KONES, Corp. 2,627 1,519 1,108 3,952 (615 ) POSCO MITSUBISHI CARBON TECHNOLOGY 448,618 311,070 137,548 53,908 (36,572 ) POSCO PLANTEC Co., Ltd. 501,659 678,004 (176,345 ) 361,351 (43,195 ) [Foreign] South-East Asia Gas Pipeline Company Ltd. 2,171,689 1,305,942 865,747 491,011 187,114 7623704 Canada Inc. 1,334,391 1 1,334,390 — 19,485 Nickel Mining Company SAS 491,458 347,194 144,264 145,571 (61,473 ) KOREA LNG LTD. 303,389 19,704 283,685 33,035 31,962 PT. Batutua Tembaga Raya 351,119 332,037 19,082 — — Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 83,291 24,676 58,615 117,387 (1,216 ) PT. Wampu Electric Power 206,052 165,618 40,434 3,405 (1,984 ) POSCO SeAH Steel Wire(Nantong) Co., Ltd. 67,905 40,451 27,454 81,260 938 Roy Hill Holdings Pty Ltd 10,962,261 8,059,714 2,902,547 845,243 129,968 POSCO-NPS 786,937 — 786,937 — 24,719 CSP - Compania Siderurgica do Pecem 5,682,161 4,237,247 1,444,914 226,669 243,151 KOBRASCO 178,853 2,236 176,617 72,274 41,522 BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 789,336 427,475 361,861 948,488 1,033 DMSA/AMSA 6,570,172 4,842,560 1,727,612 579,388 (519,969 ) 2) December 31, 2017 Company Assets Liabilities Equity Sales Net (in millions of Won) [Domestic] EQP POSCO Global NO1 Natural Resources PEF ₩ 562,698 866 561,832 — 1,261 SNNC 705,975 459,519 246,456 576,023 2,417 QSONE Co.,Ltd. 248,779 78,680 170,099 15,297 1,236 Chun-cheon Energy Co., Ltd 700,079 539,137 160,942 164,294 (8,250 ) Incheon-Gimpo Expressway Co., Ltd. 1,132,233 922,338 209,895 — (23,221 ) BLUE OCEAN Private Equity Fund 311,129 188,512 122,617 445,238 (3,345 ) CHUNGJU ENTERPRISE CITY 76,184 48,072 28,112 77,093 15,921 UITrans LRT Co., Ltd. 464,074 384,202 79,872 3,689 (13,263 ) Daesung Steel 169,774 112,795 56,979 70,434 18,230 Keystone NO. 1. Private Equity Fund 170,155 133,033 37,122 5,391 (2,070 ) KoFC POSCO HANWHA KB Shared Growth 55,936 1,315 54,621 10,212 (1,578 ) KONES, Corp. 2,766 1,616 1,150 5,379 139 POSCO MITSUBISHI CARBON TECHNOLOGY 478,847 295,052 183,795 154,312 46,138 [Foreign] South-East Asia Gas Pipeline Company Ltd. 1,911,942 1,121,783 790,159 445,682 171,303 7623704 Canada Inc. 1,182,376 9 1,182,367 — 82,344 Nickel Mining Company SAS 465,700 324,687 141,013 179,683 (4,450 ) KOREA LNG LTD. 179,269 86 179,183 34,640 32,446 PT. Batutua Tembaga Raya 336,085 272,542 63,543 195,520 49,091 Zhongyue POSCO (Qinhuangdao) Tinplate 70,437 18,722 51,715 85,850 (3,736 ) PT. Wampu Electric Power 212,095 148,177 63,918 779 29,634 POSCO SeAH Steel Wire(Nantong) Co., Ltd. 70,701 43,588 27,113 84,973 1,210 Roy Hill Holdings Pty Ltd 10,148,416 6,600,900 3,547,516 2,988,372 797,008 POSCO-NPS 697,470 — 697,470 — 32,481 CSP - Compania Siderurgica do Pecem 4,805,353 4,223,392 581,961 1,290,767 (740,591 ) KOBRASCO 252,813 35,843 216,970 179,453 112,890 BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 717,472 391,871 325,601 1,245,178 5,978 DMSA/AMSA 5,586,171 4,167,906 1,418,265 630,229 (475,958 ) |
Joint Operations (Tables)
Joint Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Details of Significant Joint Operations | Details of significant joint operations that the Company is participating in as a party to a joint arrangement as of December 31, 2017 are as follows: Joint operations Operation Ownership Location Myanmar A-1/A-3 Mineral development and gas production 51.00 Myanmar Offshore midstream Gas transportation facility 51.00 Myanmar Greenhills mine Mine development 20.00 Canada Arctos Anthracite coal project Mine development 50.00 Canada Mt. Thorley J/V Mine development 20.00 Australia POSMAC J/V Mine development 20.00 Australia RUM J/V Mine development 10.00 Australia Hanam-Gamil package public housing project Construction 7.70 Korea Sejong 2-1 Construction 37.00 Korea Yongin-Giheung Station area city development project Construction 61.00 Korea Korean wave world complex land multi-purpose building development project Construction 33.30 Korea Sejong 4-1 Construction 60.00 Korea |
Investment Property, Net (Table
Investment Property, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Investment Property | Investment property as of December 31, 2016 and 2017 are as follows: 2016 2017 Acquisition Accumulated Book value Acquisition Accumulated Book (in millions of Won) Land ₩ 423,910 (31,187 ) 392,723 360,402 — 360,402 Buildings 807,657 (136,118 ) 671,539 727,022 (92,982 ) 634,040 Structures 3,148 (1,001 ) 2,147 7,717 (1,436 ) 6,281 Construction-in-progress 51,311 — 51,311 64,191 — 64,191 ₩ 1,286,026 (168,306 ) 1,117,720 1,159,332 (94,418 ) 1,064,914 |
Changes in Carrying Amount of Investment Property | Changes in the carrying amount of investment property for the years ended December 31, 2016 and 2017 were as follows: 1) For the year ended December 31, 2016 Beginning Acquisitions Disposals Depreciation (*1) Others (*2) Ending (in millions of Won) Land ₩ 346,879 24,116 (8,056 ) — 29,784 392,723 Buildings 696,526 7,548 (3,339 ) (24,043 ) (5,153 ) 671,539 Structures 1,819 1 — (288 ) 615 2,147 Construction-in-progress 39,068 13,910 — — (1,667 ) 51,311 ₩ 1,084,292 45,575 (11,395 ) (24,331 ) 23,579 1,117,720 (*1) Impairment loss on investment property amounting to ₩ (*2) Includes reclassification resulting from changing purpose of use, adjustment of foreign currency translation difference and others. 2) For the year ended December 31, 2017 Beginning Acquisitions Disposals Depreciation Others (*1) Ending (in millions of Won) Land ₩ 392,723 20,941 (37,725 ) — (15,537 ) 360,402 Buildings 671,539 38,831 (9,506 ) (23,450 ) (43,374 ) 634,040 Structures 2,147 — — (591 ) 4,725 6,281 Construction-in-progress 51,311 17,648 — — (4,768 ) 64,191 ₩ 1,117,720 77,420 (47,231 ) (24,041 ) (58,954 ) 1,064,914 (*1) Includes reclassification resulting from changing purpose of use, adjustment of foreign currency translation difference and others. |
Property, Plant and Equipment58
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment as of December 31, 2016 and 2017 are as follows: 2016 2017 Acquisition Accumulated Government Book value Acquisition Accumulated Government Book value (in millions of Won) Land ₩ 2,607,660 (6,452 ) — 2,601,208 2,534,102 (6,452 ) — 2,527,650 Buildings 9,180,028 (4,183,974 ) (423 ) 4,995,631 9,311,426 (4,433,996 ) (412 ) 4,877,018 Structures 5,385,365 (2,476,818 ) (67 ) 2,908,480 5,452,713 (2,686,802 ) (59 ) 2,765,852 Machinery and equipment 46,698,254 (26,379,544 ) (320 ) 20,318,390 46,669,612 (27,301,410 ) (245 ) 19,367,957 Vehicles 306,770 (259,986 ) (85 ) 46,699 296,815 (263,884 ) (70 ) 32,861 Tools 385,960 (312,266 ) (2,314 ) 71,380 380,144 (315,446 ) (1,058 ) 63,640 Furniture and fixtures 609,736 (477,064 ) (266 ) 132,406 643,779 (498,192 ) (148 ) 145,439 Finance lease assets 248,590 (89,577 ) — 159,013 243,160 (97,903 ) — 145,257 Bearer plants — — — — 70,031 (4,516 ) — 65,515 Construction-in-progress 2,542,233 — (5,101 ) 2,537,132 1,897,885 — (5,539 ) 1,892,346 ₩ 67,964,596 (34,185,681 ) (8,576 ) 33,770,339 67,499,667 (35,608,601 ) (7,531 ) 31,883,535 |
Changes in Carrying Amount of Property, Plant and Equipment | Changes in the carrying amount of property, plant and equipment for the years ended December 31, 2016 and 2017 were as follows: 1) For the year ended December 31, 2016 Beginning Acquisitions Business Disposals Depreciation (*1) Others (*2) Ending (in millions of Won) Land ₩ 2,572,807 8,901 15,687 (16,176 ) (6,452 ) 26,441 2,601,208 Buildings 5,165,725 37,493 277,242 (12,857 ) (396,899 ) (75,073 ) 4,995,631 Structures 2,949,413 19,043 — (1,994 ) (216,631 ) 158,649 2,908,480 Machinery and equipment 21,093,743 193,856 47,021 (36,095 ) (2,277,740 ) 1,297,605 20,318,390 Vehicles 52,005 8,967 88 (1,990 ) (18,484 ) 6,113 46,699 Tools 73,478 17,546 635 (848 ) (27,396 ) 7,965 71,380 Furniture and fixtures 148,099 30,650 32 (4,248 ) (51,361 ) 9,234 132,406 Finance lease assets 92,796 79,556 — (38 ) (13,409 ) 108 159,013 Construction-in-progress 2,374,789 1,935,339 2,181 (4,255 ) — (1,770,922 ) 2,537,132 ₩ 34,522,855 2,331,351 342,886 (78,501 ) (3,008,372 ) (339,880 ) 33,770,339 (*1) Includes impairment losses on property, plant and equipment amounting to ₩ ₩ value-in-use, ₩ (*2) Represents assets transferred from construction-in-progress 2) For the year ended December 31, 2017 Beginning Acquisitions Disposals Depreciation (*1) Others (*2) Ending (in millions of Won) Land ₩ 2,601,208 3,477 (18,226 ) — (58,809 ) 2,527,650 Buildings 4,995,631 53,961 (5,782 ) (361,531 ) 194,739 4,877,018 Structures 2,908,480 18,943 (2,558 ) (246,229 ) 87,216 2,765,852 Machinery and equipment 20,318,390 194,653 (93,210 ) (2,217,435 ) 1,165,559 19,367,957 Vehicles 46,699 9,982 (1,623 ) (22,340 ) 143 32,861 Tools 71,380 16,424 (976 ) (28,539 ) 5,351 63,640 Furniture and fixtures 132,406 61,597 (1,296 ) (48,416 ) 1,148 145,439 Finance lease assets 159,013 4,760 (453 ) (14,810 ) (3,253 ) 145,257 Bearer plants — — — (4,830 ) 70,345 65,515 Construction-in-progress 2,537,132 1,894,067 (817 ) (36,706 ) (2,501,330 ) 1,892,346 ₩ 33,770,339 2,257,864 (124,941 ) (2,980,836 ) (1,038,891 ) 31,883,535 (*1) Includes impairment losses on property, plant and equipment amounting to ₩ ₩ ₩ (*2) Represents assets transferred from construction-in-progress |
Borrowing Costs Capitalized and Capitalized Interest Rate | Borrowing costs capitalized and the capitalized interest rate for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 (in millions of Won) Weighted average expenditure ₩ 1,070,280 1,180,563 Borrowing costs capitalized 40,321 37,261 Capitalization rate (%) 3.32 ~ 3.82 1.74 ~ 3.45 |
Property, Plant and Equipment and Investment Property Pledged as Collateral | Property, plant and equipment and investment property pledged as collateral as of December 31, 2016 and 2017 are as follows: Book value Collateral right holder 2016 2017 (*2) (in millions of Won) Land (*1) Korean Development Bank and others ₩ 925,670 822,057 Buildings and structures (*1) Korean Development Bank and others 1,734,543 1,678,403 Machinery and equipment Korean Development Bank and others 4,037,813 3,527,420 Construction-in-progress Korean Development Bank and others — 15,389 ₩ 6,698,026 6,043,269 (*1) Investment property and other assets(land-use (*2) As of December 31, 2017, the pledged amount is ₩ |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Goodwill and Other Intangible Assets | Goodwill and other intangible assets as of December 31, 2016 and 2017 are as follows: 2016 2017 Acquisition Accumulated Government Book Acquisition Accumulated Government Book (in millions of Won) Goodwill ₩ 1,669,556 (294,425 ) — 1,375,131 1,604,288 (254,450 ) — 1,349,838 Intellectual property rights 2,923,030 (401,156 ) (703 ) 2,521,171 3,140,159 (690,966 ) — 2,449,193 Premium in rental 139,843 (20,804 ) — 119,039 139,873 (21,563 ) — 118,310 Development expense 376,327 (259,184 ) (131 ) 117,012 397,129 (316,892 ) (19 ) 80,218 Port facilities usage rights 633,025 (376,408 ) — 256,617 705,692 (396,319 ) — 309,373 Exploration and evaluation assets 196,124 (33,856 ) — 162,268 296,320 (90,376 ) — 205,944 Customer relationships 859,643 (345,398 ) — 514,245 857,624 (390,679 ) — 466,945 Power generation permit 539,405 — — 539,405 539,405 — — 539,405 Other intangible assets 1,007,871 (524,000 ) (30 ) 483,841 1,006,219 (573,152 ) (24 ) 433,043 ₩ 8,344,824 (2,255,231 ) (864 ) 6,088,729 8,686,709 (2,734,397 ) (43 ) 5,952,269 |
Changes in Carrying Amount of Goodwill and Other Intangible Assets | The changes in carrying amount of goodwill and other intangible assets for the years ended December 31, 2016 and 2017 were as follows: 1) For the year ended December 31, 2016 Beginning Acquisitions Disposals Amortization Impairment Others (*2) Ending (in millions of Won) Goodwill ₩ 1,461,954 — — — (95,984 ) 9,161 1,375,131 Intellectual property rights 2,667,086 56,849 (753 ) (204,112 ) (16,786 ) 18,887 2,521,171 Premium in rental (*1) 127,949 1,964 (7,526 ) (243 ) (1,559 ) (1,546 ) 119,039 Development expense 135,796 4,027 (60 ) (61,732 ) (298 ) 39,279 117,012 Port facilities usage rights 264,801 — — (15,217 ) — 7,033 256,617 Exploration and evaluation assets 151,144 45,524 — — (3,290 ) (31,110 ) 162,268 Customer relationships 559,809 — — (47,790 ) — 2,226 514,245 Power generation permit 539,405 — — — — — 539,405 Other intangible assets 497,810 52,350 (1,454 ) (48,910 ) (7,353 ) (8,602 ) 483,841 ₩ 6,405,754 160,714 (9,793 ) (378,004 ) (125,270 ) 35,328 6,088,729 (*1) Premium in rental includes memberships with indefinite useful lives. (*2) Represents assets transferred from construction-in-progress 2) For the year ended December 31, 2017 Beginning Acquisitions Business Disposals Amortization Impairment Others (*2) Ending (in millions of Won) Goodwill ₩ 1,375,131 — — — — (21,750 ) (3,543 ) 1,349,838 Intellectual property rights 2,521,171 167,580 47,625 (450 ) (217,932 ) (74,524 ) 5,723 2,449,193 Premium in rental (*1) 119,039 6,006 — (3,666 ) (611 ) (1,661 ) (797 ) 118,310 Development expense 117,012 3,479 — (1,179 ) (66,847 ) (694 ) 28,447 80,218 Port facilities usage rights 256,617 — — — (19,912 ) — 72,668 309,373 Exploration and evaluation assets 162,268 91,548 — — — (56,519 ) 8,647 205,944 Customer relationships 514,245 — — — (46,508 ) — (792 ) 466,945 Power generation permit 539,405 — — — — — — 539,405 Other intangible assets 483,841 84,502 — (1,641 ) (57,964 ) (11,829 ) (63,866 ) 433,043 ₩ 6,088,729 353,115 47,625 (6,936 ) (409,774 ) (166,977 ) 46,487 5,952,269 (*1) Premium in rental includes memberships with indefinite useful lives. (*2) Represents assets transferred from construction-in-progress |
Allocation of Goodwill to Individually Operating Entities Which are Determined to be CGUs | For the purpose of impairment testing, goodwill is allocated to individually operating entities which are determined to be CGUs. The goodwill amounts as of December 31, 2016 and 2017 are as follows: Reportable segments Total number of CGUs 2016 2017 CGUs 2016 2017 (in millions of Won) Steel 9 7 POSCO VST CO., LTD. ₩ 36,955 36,955 Others (*1) 13,151 12,494 Trading 2 2 POSCO DAEWOO Corporation (*1) 1,163,922 1,165,030 PT. Bio Inti Agrindo 8,070 7,099 E&C 4 2 POSCO ENGINEERING (*2) — 90,426 POSCO Engineering CO.,Ltd (*2) 111,309 — DONG FANG JIN HONG 166 157 Others 6 5 POSCO ENERGY CO., LTD. 26,471 26,471 Others 15,087 11,206 Total 21 16 ₩ 1,375,131 1,349,838 (*1) For the year ended December 31, 2017, POSCO DAEWOO Corporation has taken over steel marketing and other business unit of POSCO Processing & Service. As a result, goodwill of POSCO Processing & Service amounting to ₩ Recoverable amounts of POSCO DAEWOO Corporation are determined based on its value in use. As of December 31, 2017, value in use is estimated by applying 8.1% discount rate and 1.9% terminal growth rate within 5 years, the period for the estimated future cash flows, based on management’s business plan. The terminal growth rate does not exceed long-term average growth rate of its industry. No impairment loss on goodwill was recognized for the year ended December 31, 2017 as the recoverable amount exceeded the carrying amount of the CGU. The estimated recoverable amount of the CGU exceeded the carrying amount by ₩ (*2) For the year ended December 31, 2017, POSCO Engineering CO., Ltd was merged into POSCO ENGINEERING & CONSTRUCTION CO., LTD, resulting in transfer of its goodwill to POSCO ENGINEERING & CONSTRUCTION CO., LTD. Recoverable amounts of POSCO ENGINEERING & CONSTRUCTION CO., LTD are determined based on its value in use. As of December 31, 2017, value in use is estimated by applying 8.2% discount rate and 1.0% terminal growth rate within 5 years, the period for the estimated future cash flows, based on management’s business plan. The terminal growth rate does not exceed long-term average growth rate of its industry. Impairment loss on goodwill of ₩ Value in use of the CGU was affected by the assumptions such as discount rate and terminal growth used in discount cash flow model. When the discount rate increases by 0.25%, value in use will be decreased by 3.02% and when the terminal growth rate decreases by 0.25%, value in use will be decreased by 2.06%. |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Other Current Assets and Other Non-Current Assets | Other current assets and other non-current 2016 2017 (in millions of Won) Current Advance payment ₩ 787,452 661,779 Prepaid expenses 105,102 143,032 Firm commitment asset — 15,115 Others 1,930 1,316 894,484 821,242 Non-current Long-term advance payment 27,189 24,201 Long-term prepaid expenses 380,678 333,153 Others (*1) 159,813 131,657 ₩ 567,680 489,011 (*1) As of December 31, 2016 and 2017, the Company recognized tax assets amounting to ₩ ₩ |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Assets Pledges as Collateral | Assets pledged as collateral in regards to the borrowings as of December 31, 2017 are as follows: Bank Book value Pledged (in millions of Won) Property, plant and equipment and Investment (*1) Korea Development Bank and others ₩ 5,777,330 4,969,201 Trade accounts and notes receivable Korea Development Bank and others 147,581 147,581 Inventories Export-Import Bank of Korea and others 162,198 116,378 Financial instruments Woori Bank and others 56,491 55,048 ₩ 6,143,600 5,288,208 (*1) Includes other assets(land-use |
Short-term borrowings and current portion of long-term borrowings [member] | |
Summary of Borrowings | Short-term borrowings and current portion of long-term borrowings as of December 31, 2016 and 2017 are as follows: Bank Issuance date Maturity date Interest 2016 2017 (in millions of Won) Short-term borrowings Bank overdrafts JP Morgan and January, 2017~ December, 2017 January, 2018~ December, 2018 1.2~9.0 ₩ 254,036 217,879 Short-term borrowings HSBC and others January, 2017~ December, 2017 January, 2018~ December, 2018 0.3~10.5 7,725,691 7,956,939 7,979,727 8,174,818 Current portion of long-term liabilities Current portion of long-term borrowings Export-Import Bank of Korea and others September, 2001~ November, 2017 February, 2018~ December, 2018 0.4~8.5 1,390,733 1,407,123 Current portion of debentures Korean Development August, 2009~ November, 2016 February, 2018~ December, 2018 1.4~6.1 825,176 1,693,974 Less: Current portion of discount on debentures issued (829 ) (1,399 ) 2,215,080 3,099,698 ₩ 10,194,807 11,274,516 |
Long-term borrowings [member] | |
Summary of Borrowings | Long-term borrowings, excluding current portion as of December 31, 2016 and 2017 are as follows: Bank Issuance date Maturity date Interest 2016 2017 (in millions of Won) Long-term borrowings Export-Import bank of Korea and others September, 2001~ March, 2019~ 0.5~8.4 ₩ 6,420,612 4,839,199 Less: Present value discount (55,799 ) (36,459 ) Bonds Korea Development Bank and others August, 2009~ February, 2019~ 1.8~6.3 6,163,896 4,999,575 Less: Discount on debentures issued (18,518 ) (13,174 ) ₩ 12,510,191 9,789,141 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Provisions | Provisions as of December 31, 2016 and 2017 are as follows: 2016 2017 Current Non-current Current Non-current (in millions of Won) Provision for bonus payments ₩ 42,986 — 49,171 — Provision for construction warranties 10,551 86,158 11,804 106,232 Provision for legal contingencies and claims (*1) 4,348 80,498 495 36,269 Provision for the restoration (*2) 10,169 52,425 12,273 121,917 Others (*3,4) 46,811 118,658 37,203 212,754 ₩ 114,865 337,739 110,946 477,172 (*1) The Company recognized probable outflow of resources amounting to ₩ ₩ (*2) Due to contamination of lands near the Company’s magnesium smelting plant located in Gangneung province and others, the Company recognized present values of estimated costs for recovery, ₩ (*3) As of December 31, 2016 and 2017, POSCO ENERGY CO., LTD., a subsidiary of the Company, recognized ₩ ₩ (*4) As of December 31, 2016 and 2017, the amount includes a provision of ₩ |
Changes in Provisions | Changes in provisions for the years ended December 31, 2016 and 2017 were as follows: 1) For the year ended December 31, 2016 Beginning Increase Utilization Reversal Others (*1) Ending (in millions of Won) Provision for bonus payments ₩ 42,602 44,106 (42,211 ) (272 ) (1,239 ) 42,986 Provision for construction warranties 81,446 33,925 (19,469 ) (2,695 ) 3,502 96,709 Provision for legal contingencies and claims 52,610 45,525 (14,012 ) (188 ) 911 84,846 Provisions for the restoration 45,111 42,529 (13,367 ) (12,475 ) 796 62,594 Others 102,243 131,911 (68,143 ) (3,086 ) 2,544 165,469 ₩ 324,012 297,996 (157,202 ) (18,716 ) 6,514 452,604 (*1) Includes adjustments of foreign currency translation differences and others. 2) For the year ended December 31, 2017 Beginning Increase Utilization Reversal Others (*1) Ending (in millions of Won) Provision for bonus payments ₩ 42,986 74,728 (64,319 ) (3,035 ) (1,189 ) 49,171 Provision for construction warranties 96,709 40,916 (18,006 ) (2,502 ) 919 118,036 Provision for legal contingencies and claims 84,846 27,459 (70,156 ) (1,749 ) (3,636 ) 36,764 Provisions for the restoration 62,594 63,438 (8,530 ) — 16,688 134,190 Others 165,469 161,054 (64,850 ) (20,199 ) 8,483 249,957 ₩ 452,604 367,595 (225,861 ) (27,485 ) 21,265 588,118 (*1) Includes adjustments of foreign currency translation differences and others. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Expense Related to Post-employment Benefit Plans under Defined Contribution Plans | The expenses related to post-employment benefit plans under defined contribution plans for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Expense related to post-employment benefit plans under defined contribution plans ₩ 25,224 30,344 35,538 |
Amounts Recognized in Relation to Net Defined Benefit Liabilities in Statements of Financial Position | The amounts recognized in relation to net defined benefit liabilities in the statements of financial position as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Present value of funded obligations ₩ 1,715,583 1,826,907 Fair value of plan assets (*1) (1,693,118 ) (1,714,166 ) Present value of non-funded 17,437 16,228 Net defined benefit liabilities ₩ 39,902 128,969 (*1) As of December 31, 2016 and 2017, the Company recognized net defined benefit assets amounting to ₩ ₩ |
Changes in Present Value of Defined Benefit Obligations and Fair Value of Plan Assets | Changes in present value of defined benefit obligations for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 (in millions of Won) Defined benefit obligations at the beginning of period ₩ 1,714,115 1,733,020 Current service costs 285,706 209,612 Interest costs 39,286 35,830 Remeasurements: (32,927 ) 51,994 — Gain from change in financial assumptions (72,910 ) (50,218 ) — Loss (gain) from change in demographic assumptions (4,140 ) 15,952 — Others 44,123 86,260 Benefits paid (278,278 ) (185,220 ) Others 5,118 (2,101 ) Defined benefit obligations at the end of period ₩ 1,733,020 1,843,135 Changes in fair value of plan assets for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 (in millions of Won) Fair value of plan assets at the beginning of period ₩ 1,532,090 1,693,118 Interest on plan assets 37,385 45,516 Remeasurement of plan assets (6,963 ) (17,190 ) Contributions to plan assets 328,671 164,828 Benefits paid (189,817 ) (168,643 ) Others (8,248 ) (3,463 ) Fair value of plan assets at the end of period ₩ 1,693,118 1,714,166 |
Fair Value of Plan Assets | The fair value of plan assets as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Equity instruments ₩ 56,187 41,218 Debt instruments 411,726 367,027 Deposits 1,167,475 1,254,571 Others 57,730 51,350 ₩ 1,693,118 1,714,166 |
Amounts Recognized in Consolidated Statements of Comprehensive Income | The amounts recognized in consolidated statements of comprehensive income for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Current service costs ₩ 239,508 285,706 209,612 Net interest costs (*1) 5,894 1,901 (9,686 ) ₩ 245,402 287,607 199,926 (*1) The actual return on plan assets amounted to ₩ ₩ ₩ The above expenses by function were as follows: 2015 2016 2017 (in millions of Won) Cost of sales ₩ 170,334 161,810 131,724 Selling and administrative expenses 74,210 124,994 67,424 Others 858 803 778 ₩ 245,402 287,607 199,926 |
Accumulated Actuarial Gains (Losses), Net of Tax Recognized in Other Comprehensive Income | Accumulated actuarial gains (losses), net of tax recognized in other comprehensive income for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Beginning ₩ (314,106 ) (272,152 ) (251,612 ) Current actuarial gains (losses) 41,954 20,540 (47,543 ) Ending ₩ (272,152 ) (251,612 ) (299,155 ) |
Principal Actuarial Assumptions | The principal actuarial assumptions as of December 31, 2016 and 2017 are as follows: 2016 2017 (%) Discount rate 2.15~8.59 2.70~7.75 Expected future increase in salaries (*1) 1.00~10.00 1.04~10.00 (*1) The expected future increase in salaries is based on the average salary increase rate for the past three years. |
Changes to Defined Benefit Obligation Due to Reasonably Possible Changes to one of the Relevant Actuarial Assumptions | Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below: 1% Increase 1% Decrease Amount Percentage (%) Amount Percentage (%) (in millions of Won) Discount rate ₩ (123,568 ) (6.7 ) 138,196 7.5 Expected future increase in salaries 136,385 7.4 (124,400 ) (6.7 ) |
Maturity of Expected Benefit Payments | As of December 31, 2017 the maturity of the expected benefit payments are as follows: Within 1 year - 5 years - 10 years - After Total (in millions of Won) Benefits paid ₩ 109,212 613,786 792,792 655,599 347,280 2,518,669 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Other Liabilities | Other liabilities as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Current Due to customers for contract work ₩ 1,031,663 782,968 Advances received 864,536 1,183,108 Unearned revenue 8,702 7,121 Withholdings 186,665 221,940 Firm commitment liability — 12,192 Others 22,307 33,590 ₩ 2,113,873 2,240,919 Non-current Advances received 418,832 353,631 Unearned revenue 20,013 18,440 Others 40,338 14,360 ₩ 479,183 386,431 |
Share Capital and Capital Sur65
Share Capital and Capital Surplus (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Share Capital | (a) Share capital as of December 31, 2016 and 2017 are as follows: 2016 2017 (Share, in Won) Authorized shares 200,000,000 200,000,000 Par value ₩ 5,000 5,000 Issued shares (*1) 87,186,835 87,186,835 Shared capital (*2 ₩ 482,403,125,000 482,403,125,000 (*1) As of December 31, 2017, total shares of ADRs of 36,840,292 outstanding in overseas stock market are equivalent to 9,210,073 of common stock. (*2) As of December 31, 2017, the difference between the ending balance of common stock and the par value of issued common stock is ₩ |
Changes in Issued Common Stock | (b) The changes in issued common stock for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 Issued Treasury Number of Issued Treasury Number of (share) Beginning 87,186,835 (7,191,187 ) 79,995,648 87,186,835 (7,189,170 ) 79,997,665 Disposal of treasury shares — 2,017 2,017 — 1,939 1,939 Ending 87,186,835 (7,189,170 ) 79,997,665 87,186,835 (7,187,231 ) 79,999,604 |
Summary of Capital Surplus | (c) Capital surplus as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Share premium ₩ 463,825 463,825 Gain on disposal of treasury shares 783,788 783,914 Other capital deficit 159,634 174,282 ₩ 1,407,247 1,422,021 |
Summary of Redeemable Convertible Preferred Shares | (d) During the year ended December 31, 2017, POSCO ENERGY CO., LTD., a subsidiary of the Company, issued redeemable convertible preferred shares which are classified as non-controlling Redeemable Convertible Preferred Shares (Share, in Won) Issue date February 25, 2017 Number of shares issued 8,643,193 shares Price per share ₩ Voting rights No voting rights for 3 years from issue date Dividend rights Comparative, Non-participating · Minimum dividend rate for 1~3 years: 3.98% · Minimum dividend rate after 4 years: Comparative rate + Issuance spread + 2% Details about Redemption Issuer can demand redemption of all or part of redeemable convertible preferred shares every year after the issue date, for a period of 10 years from the issue date. Details about Conversion Stockholders of redeemable convertible preferred shares can convert them to common shares from 3 years after the issue date to the end of the redemption period (10 years). Conversion price is equal to issue price, which could be adjusted according to anti-dilution clause. |
Hybrid Bonds (Tables)
Hybrid Bonds (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Hybrid Bonds | (a) Hybrid bonds classified as equity as of December 31, 2016 and 2017 are as follows: Date of Date of maturity Interest rate (%) 2016 2017 (in millions of Won) Hybrid bond 1-1 (*1) 2013-06-13 2043-06-13 4.30 ₩ 800,000 800,000 Hybrid bond 1-2 (*1) 2013-06-13 2043-06-13 4.60 200,000 200,000 Issuance cost (3,081 ) (3,081 ) ₩ 996,919 996,919 (*1) Details of hybrid bonds as of December 31, 2017 are as follows: Hybrid bond 1-1 Hybrid bond 1-2 (in millions of Won) Issue price 800,000 200,000 Maturity date 30 years (POSCO has a right to extend the maturity date) Interest rate Issue date ~ 2018-06-12: Step-up Issue date ~ 2023-06-12: Step-up Interest payments condition Quarterly (Optional deferral of interest payment is available to POSCO) Others POSCO can call the hybrid bond at year 5 and interest payment date afterwards POSCO can call the hybrid bond at year 10 and interest payment date afterwards |
POSCO ENERGY CO., LTD. [member] | |
Summary of Hybrid Bonds | (b) POSCO ENERGY CO., LTD., a subsidiary of the Company, issued hybrid bonds, which are classified as non-controlling Date of issue Date of maturity Interest rate (%) 2016 2017 (in millions of Won) Hybrid bond 1-1 (*1) 2013-08-29 2043-08-29 4.66 ₩ 165,000 165,000 Hybrid bond 1-2 (*1) 2013-08-29 2043-08-29 4.72 165,000 165,000 Hybrid bond 1-3 (*1) 2013-08-29 2043-08-29 4.72 30,000 30,000 Hybrid bond 1-4 (*1) 2013-08-29 2043-08-29 5.21 140,000 140,000 Issuance cost (1,532 ) (1,532 ) ₩ 498,468 498,468 (*1) Details of issuance of hybrid bonds of POSCO ENERGY CO., LTD. as of December 31, 2017 are as follows: Hybrid bond 1-1 Hybrid bond 1-2 1-3 Hybrid bond 1-4 (in millions of Won) Issue price 165,000 195,000 140,000 Maturity date 30 years (The Company has a right to extend the maturity date) Interest rate Issue date ~ 2018-08-29: 4.66% Issue date ~ 2018-08-29: 4.72% Issue date ~ 2023-08-29: 5.21% · After 5 years: return on government bond (5 years) + 1.39%· After 10 years: additionally +0.25% according to Step-up · After 5 years: return on government bond (5 years) + 1.45%· After 10 years: additionally +0.25% according to Step-up · After 10 years: return on government bond (10 years) + 1.55%· After 10 years: additionally +0.25% according to Step-up Interest payments condition Quarterly (Optional deferral of interest payment is available to the Company but for hybrid bond 1-3, Others The issuer can call the hybrid bond at year 5 and interest payment date afterwards The issuer can call the hybrid bond at year 10 and interest payment date afterwards |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Reserves | (a) Reserves as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Accumulated comprehensive loss of investments in associates and joint ventures ₩ (301,734 ) (516,528 ) Changes in the unrealized fair value of available-for-sale 276,143 230,190 Currency translation differences (99,264 ) (372,166 ) Gain or losses on valuation of derivatives — (136 ) Others (19,130 ) (23,916 ) ₩ (143,985 ) (682,556 ) |
Unrealized fair value of available-for-sale investments [Member] | |
Summary of Reserves | (b) Changes in the unrealized fair value of available-for-sale 2016 2017 (in millions of Won) Beginning balance ₩ (38,294 ) 276,143 Changes in the unrealized fair value of available-for-sale 218,542 183,761 Reclassification to profit or loss upon disposal (88,781 ) (299,862 ) Impairment of available-for-sale 187,108 96,083 Others (2,432 ) (25,935 ) Ending balance ₩ 276,143 230,190 |
Treasury Shares (Tables)
Treasury Shares (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Changes in Treasury Shares | The changes in treasury shares for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 Number of shares Amount Number of shares Amount (shares, in millions of Won) Beginning 7,191,187 ₩ 1,533,898 7,189,170 ₩ 1,533,468 Disposal of treasury shares (2,017 ) (430 ) (1,939 ) (414 ) Ending 7,189,170 ₩ 1,533,468 7,187,231 ₩ 1,533,054 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Details of Revenue | Details of revenue for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Sale of goods ₩ 47,018,466 43,683,169 51,357,709 Services 2,489,447 2,276,534 2,064,583 Construction revenue 8,546,454 6,497,723 6,299,483 Rental income 11,757 8,930 6,370 Others 456,144 473,415 458,722 ₩ 58,522,268 52,939,771 60,186,867 |
Construction Contracts (Tables)
Construction Contracts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Details of In-Progress Construction Contracts | (a) Details of in-progress 2016 2017 (in millions of Won) Aggregate amount of costs incurred ₩ 22,012,241 21,404,321 Add: Recognized profits 1,429,555 1,524,208 Less: Recognized losses (1,139,165 ) (718,593 ) Cumulative construction revenue 22,302,631 22,209,936 Less: Progress billing (22,483,968 ) (22,265,891 ) Others 9,961 994 ₩ (171,376 ) (54,961 ) |
Details of Due from/to Customers for Contract Work | (b) Details of due from customers for contract work and due to customers for contract work related to construction as of December 31, 2016 and 2017 are as follows: 2016 2017 (in millions of Won) Unbilled due from customers for contract work ₩ 860,287 728,007 Due to customers for contract work (1,031,663 ) (782,968 ) ₩ (171,376 ) (54,961 ) |
Details of Changes in Estimated Total Contract Costs and Impact on Profit Before Income Taxes | (c) Due to the factors causing the variation of costs for the years ended December 31, 2016 and 2017, the estimated total contract costs have changed. Details of changes in estimated total contract costs and the impact on profit before income taxes for the years ended December 31, 2016, 2017 and future periods are as follows: 2016 2017 (in millions of Won) Changes in estimated total contract costs ₩ 532,801 164,812 Changes in profit before income taxes of construction contract: - Current period (790,391 ) (69,656 ) - Future periods 69,464 (6,041 ) |
Selling and Administrative Ex71
Selling and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Administrative Expenses | Administrative expenses for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Wages and salaries ₩ 810,851 769,589 774,900 Expenses related to post-employment benefits 87,293 200,956 78,654 Other employee benefits 193,967 176,794 159,920 Travel 48,426 40,828 39,790 Depreciation 105,470 103,442 97,261 Amortization 168,525 139,569 146,314 Communication 12,502 11,186 11,740 Electricity expenses 9,573 7,527 7,050 Taxes and public dues 74,315 78,895 72,826 Rental 119,836 82,005 69,976 Repairs 11,677 11,316 9,859 Entertainment 15,740 13,157 11,582 Advertising 90,698 86,141 119,724 Research & development 135,508 120,608 125,795 Service fees 218,751 201,129 193,387 Vehicles maintenance 10,756 10,090 8,211 Industry association fee 12,603 13,468 10,140 Conference 16,053 13,108 14,494 Increase to provisions 14,900 6,532 10,990 Bad debt expenses 189,616 165,150 173,694 Others 48,188 40,050 40,493 ₩ 2,395,248 2,291,540 2,176,800 |
Summary of Selling Expenses | Selling expenses for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Freight and custody expenses ₩ 1,531,906 1,342,009 1,336,969 Operating expenses for distribution center 11,021 10,315 10,503 Sales commissions 80,165 94,377 115,925 Sales advertising 3,220 5,117 3,800 Sales promotion 22,443 10,670 12,414 Sample 2,576 2,335 1,989 Sales insurance premium 30,682 31,379 36,546 Contract cost 38,425 49,480 23,061 Others 8,518 8,004 16,070 ₩ 1,728,956 1,553,686 1,557,277 |
Research and Development Expe72
Research and Development Expenditures Recognized as Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Research and Development Expenditures Recognized as Expenses | Research and development expenditures recognized as expenses for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Administrative expenses ₩ 135,508 120,608 125,795 Cost of sales 356,173 324,190 361,093 ₩ 491,681 444,798 486,888 |
Other Operating Income and Ex73
Other Operating Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Details of Other Operating Income and Expenses | Details of other operating income and expenses for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Other operating income Gain on disposal of assets held for sale ₩ 227,956 23,112 1,180 Gain on disposal of investments in subsidiaries, associates and joint ventures 88,718 23,305 81,794 Gain on disposal of property, plant and equipment 22,730 23,826 32,145 Gain on disposal of intangible assets 1,432 671 23,391 Recovery of allowance for other doubtful accounts 10,452 12,658 2,743 Gain on valuation of firm commitment — — 56,301 Rental revenues 1,019 1,771 1,498 Gain on insurance proceeds 14,976 22,400 5,878 Others (*1) 181,765 107,393 246,294 ₩ 549,048 215,136 451,224 Other operating expenses Impairment losses on assets held for sale ₩ (133,547 ) (24,890 ) — Loss on disposal of assets held for sale (190,357 ) (254 ) (608 ) Loss on disposal of investments in subsidiaries, associates and joint ventures (18,996 ) (22,499 ) (19,985 ) Loss on disposal of property, plant and equipment (101,732 ) (86,622 ) (151,343 ) Impairment losses on property, plant and equipment (136,269 ) (196,882 ) (117,231 ) Impairment losses on goodwill and intangible assets (161,412 ) (127,875 ) (167,995 ) Other bad debt expenses (158,071 ) (50,225 ) (100,920 ) Loss on valuation of firm commitment — — (43,164 ) Idle tangible asset expenses (12,773 ) (6,437 ) (10,490 ) Incease to provisions (18,396 ) (53,058 ) (33,964 ) Donations (62,957 ) (43,810 ) (51,424 ) Others (*2) (447,788 ) (143,168 ) (95,172 ) ₩ (1,442,298 ) (755,720 ) (792,296 ) (*1) The Company recognized the refund of VAT and others amounting to ₩ (*2) The Company paid ₩ |
Finance Income and Costs (Table
Finance Income and Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Details of Finance Income and Costs | Details of finance income and costs for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Finance income Interest income ₩ 210,193 182,475 212,451 Dividend income 183,712 41,000 92,962 Gain on foreign currency transactions 1,025,240 1,032,552 785,616 Gain on foreign currency translations 466,090 377,723 564,016 Gain on derivatives transactions 366,482 316,524 210,727 Gain on valuations of derivatives 155,334 147,111 64,735 Gain on disposals of available-for-sale 139,136 130,830 425,684 Others 10,886 3,765 16,476 ₩ 2,557,073 2,231,980 2,372,667 Finance costs Interest expenses ₩ (788,772 ) (658,726 ) (653,115 ) Loss on foreign currency transactions (1,157,161 ) (1,147,192 ) (756,654 ) Loss on foreign currency translations (716,722 ) (405,391 ) (422,880 ) Loss on derivatives transactions (343,118 ) (338,314 ) (236,273 ) Loss on valuation of derivatives (72,133 ) (162,676 ) (226,487 ) Impairment loss on available-for-sale (142,781 ) (248,404 ) (123,214 ) Others (166,367 ) (53,487 ) (65,654 ) ₩ (3,387,054 ) (3,014,190 ) (2,484,277 ) |
Expenses by Nature (Tables)
Expenses by Nature (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Expenses by Nature | Expenses that are recorded by nature as cost of sales, selling and administrative expenses and other operating expenses in the statements of comprehensive income for the years ended December 31, 2015, 2016 and 2017 were as follows (excluding finance costs and income tax expense): 2015 2016 2017 (in millions of Won) Raw material used, changes in inventories and others ₩ 33,939,108 30,177,732 35,584,184 Employee benefits expenses (*2) 3,472,295 3,444,276 3,357,861 Outsourced processing cost 8,681,271 7,678,055 7,074,948 Electricity expenses 1,251,546 1,018,429 933,045 Depreciation (*1) 2,836,663 2,835,843 2,887,646 Amortization 381,583 378,004 409,774 Freight and custody expenses 1,531,906 1,342,009 1,336,969 Sales commissions 80,165 94,377 115,925 Loss on disposal of property, plant and equipment 101,732 86,622 151,343 Impairment loss on property, plant and equipment 136,269 196,882 117,231 Impairment loss on goodwill and intangible assets 161,412 127,875 167,995 Increase to provisions 86,903 189,914 215,383 Donations 62,957 43,810 51,424 Other expenses 4,861,126 3,258,583 4,038,242 ₩ 57,584,936 50,872,411 56,441,970 (*1) Includes depreciation expense of investment property. (*2) The details of employee benefits expenses for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Wages and salaries ₩ 3,186,237 3,016,488 3,105,364 Expenses related to post-employment benefits 286,058 427,788 252,497 ₩ 3,472,295 3,444,276 3,357,861 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Income Tax Expense | (a) Income tax expense for the years ended December 31, 2015, 2016 and 2017 was as follows: 2015 2016 2017 (in millions of Won) Current income taxes ₩ 553,041 699,269 864,143 Deferred income tax due to temporary differences (253,860 ) (209,706 ) 300,037 Items recorded directly in equity (32,621 ) (110,019 ) 21,560 Income tax expense ₩ 266,560 379,544 1,185,740 |
Income Tax Credit (Charged) Directly to Equity | (b) The income taxes credited (charged) directly to equity for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Net changes in the unrealized fair value of available-for-sale ₩ 60,077 (100,550 ) 1,271 Loss (gain) on sale of treasury shares 12 (10 ) (40 ) Other capital surplus (86,765 ) — — Others (5,945 ) (9,459 ) 20,329 ₩ (32,621 ) (110,019 ) 21,560 |
Reconciliation Of Calculated Income Tax Expense Based on the Statutory Rate to Actual Amount of Taxes Recorded | (c) The following table reconciles the calculated income tax expense based on POSCO’s statutory rate (24.2%) to the actual amount of taxes recorded by the Company for the years ended December 31, 2015, 2016 and 2017. 2015 2016 2017 (in millions of Won) Profit before income tax expense ₩ 150,345 1,411,609 4,095,051 Income tax expense computed at statutory rate 35,921 341,148 990,540 Adjustments: Tax credits (152,139 ) (30,124 ) (40,757 ) Over provisions from prior years (47,053 ) (11,829 ) (20,912 ) Investment in subsidiaries, associates and joint ventures 439,575 76,751 55,113 Tax effects due to permanent differences (26,045 ) (9,962 ) 4,798 Effect of tax rate change (*1) — — 175,647 Others 16,301 13,560 21,311 230,639 38,396 195,200 Income tax expense ₩ 266,560 379,544 1,185,740 Effective tax rate (%) 177.30 % 26.89 % 28.96 % (*1) During the year ended December 31, 2017, the statutory rate changed from 24.2% to 27.5% for taxable income in excess of ₩ |
Movements in Deferred Tax Assets (Liabilities) | (d) The movements in deferred tax assets (liabilities) for the years ended December 31, 2016 and 2017 were as follows: 2016 2017 Beginning Inc. (Dec.) Ending Beginning Inc. (Dec.) Ending (in millions of Won) Deferred income tax due to temporary differences Allowance for doubtful accounts ₩ 202,592 10,527 213,119 213,119 60,875 273,994 Reserve for technology developments (177,676 ) 85,716 (91,960 ) (91,960 ) 53,973 (37,987 ) PP&E — Depreciation (15,240 ) 3,601 (11,639 ) (11,639 ) 26,280 14,641 Share of profit or loss of equity-accounted investees (45,174 ) 115,433 70,259 70,259 125,783 196,042 Allowance for inventories valuation 13,373 2,278 15,651 15,651 (4,871 ) 10,780 PP&E — Revaluation (1,393,501 ) (130,648 ) (1,524,149 ) (1,524,149 ) (304,015 ) (1,828,164 ) Prepaid expenses 19,180 485 19,665 19,665 335 20,000 PP&E — Impairment loss 8,055 (2,760 ) 5,295 5,295 245 5,540 Gain or loss on foreign currency translation (29,355 ) 23,398 (5,957 ) (5,957 ) (42,515 ) (48,472 ) Defined benefit obligations 354,175 7,663 361,838 361,838 68,279 430,117 Plan assets (287,839 ) (28,686 ) (316,525 ) (316,525 ) (36,129 ) (352,654 ) Provision for construction losses 612 385 997 997 (556 ) 441 Provision for construction warranty 21,604 2,718 24,322 24,322 4,395 28,717 Accrued income (8,982 ) (459 ) (9,441 ) (9,441 ) (3,474 ) (12,915 ) Impairment loss on AFS 266,474 (21,306 ) 245,168 245,168 (42,373 ) 202,795 Difference in acquisition costs of treasury shares 62,116 (17 ) 62,099 62,099 8,448 70,547 Others 296,207 107,541 403,748 403,748 (27,740 ) 376,008 (713,379 ) 175,869 (537,510 ) (537,510 ) (113,060 ) (650,570 ) Deferred income taxes recognized directly to equity Loss (gain) on valuation of available-for-sale 50,043 (100,550 ) (50,507 ) (50,507 ) 1,271 (49,236 ) Others 61,291 (9,459 ) 51,832 51,832 20,329 72,161 111,334 (110,009 ) 1,325 1,325 21,600 22,925 Deferred tax from tax credit Tax credit carry-forward and others 277,261 30,074 307,335 307,335 (189,303 ) 118,032 Investments in subsidiaries, associates and joint ventures Investments in subsidiaries, associates and joint ventures (18,089 ) 104,219 86,130 86,130 (17,704 ) 68,426 ₩ (342,873 ) 200,153 (142,720 ) (142,720 ) (298,467 ) (441,187 ) |
Summary of Deferred Tax Assets And Liabilities | (e) Deferred tax assets and liabilities as of December 31, 2016 and 2017 are as follows: 2016 2017 Assets Liabilities Net Assets Liabilities Net (in millions of Won) Deferred income tax due to temporary differences Allowance for doubtful accounts ₩ 213,119 — 213,119 273,994 — 273,994 Reserve for technology developments — (91,960 ) (91,960 ) — (37,987 ) (37,987 ) PP&E — Depreciation 50,843 (62,482 ) (11,639 ) 59,912 (45,271 ) 14,641 Share of profit or loss of equity-accounted investees 178,538 (108,279 ) 70,259 236,637 (40,595 ) 196,042 Allowance for inventories valuation 15,651 — 15,651 10,780 — 10,780 PP&E — Revaluation — (1,524,149 ) (1,524,149 ) — (1,828,164 ) (1,828,164 ) Prepaid expenses 19,665 — 19,665 20,000 — 20,000 PP&E — Impairment loss 5,397 (102 ) 5,295 5,639 (99 ) 5,540 Gain or loss on foreign currency translation 99,836 (105,793 ) (5,957 ) 113,760 (162,232 ) (48,472 ) Defined benefit obligations 361,838 — 361,838 430,117 — 430,117 Plan assets — (316,525 ) (316,525 ) — (352,654 ) (352,654 ) Provision for construction losses 997 — 997 441 — 441 Provision for construction warranty 24,322 — 24,322 28,717 — 28,717 Accrued income — (9,441 ) (9,441 ) — (12,915 ) (12,915 ) Impairment loss on AFS 245,168 — 245,168 202,795 — 202,795 Difference in acquisition costs of treasury shares 62,099 — 62,099 70,547 — 70,547 Others 452,425 (48,677 ) 403,748 473,025 (97,017 ) 376,008 1,729,898 (2,267,408 ) (537,510 ) 1,926,364 (2,576,934 ) (650,570 ) Deferred income taxes recognized directly to equity Loss (gain) on valuation of available-for-sale 50,245 (100,752 ) (50,507 ) 110,865 (160,101 ) (49,236 ) Others 65,532 (13,700 ) 51,832 92,981 (20,820 ) 72,161 115,777 (114,452 ) 1,325 203,846 (180,921 ) 22,925 Deferred tax from tax credit Tax credit carry-forward and others 307,335 — 307,335 118,032 — 118,032 Investments in subsidiaries, associates and joint ventures Investments in subsidiaries, associates and joint ventures 561,506 (475,376 ) 86,130 563,406 (494,980 ) 68,426 ₩ 2,714,516 (2,857,236 ) (142,720 ) 2,811,648 (3,252,835 ) (441,187 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Basic And Diluted Earnings Per Share | Basic and diluted earnings per share for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in Won, except per share information) Profit attribute to controlling interest ₩ 171,493,811,117 1,354,806,734,940 2,756,230,487,872 Interests of hybrid bonds (33,029,632,499 ) (33,225,163,081 ) (33,048,799,997 ) Weighted-average number of common shares (*1) 79,993,834 79,996,389 79,998,600 Basic and diluted earnings per share ₩ 1,731 16,521 34,040 (*1) The weighted-average number of common shares used to calculate basic and diluted earnings per share are as follows: (shares) 2015 2016 2017 Total number of common shares issued 87,186,835 87,186,835 87,186,835 Weighted-average number of treasury shares (7,193,001 ) (7,190,446 ) (7,188,235 ) Weighted-average number of common shares outstanding 79,993,834 79,996,389 79,998,600 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Financial Transactions Between the Company, Excluding the Controlling Company, and Related Parties | (e) Significant financial transactions between the Company, excluding the controlling company, and related companies for the years ended December 31, 2016 and 2017 were as follows: 1) December 31, 2016 Beginning Lend Collect Others (*3) Ending (in millions of Won) Associates and joint ventures METAPOLIS Co.,Ltd. ₩ 26,000 — (12,730 ) — 13,270 Posco e&c Songdo International Building (*1) — 298,865 — (298,865 ) — DMSA/AMSA (*2) 99,854 11,774 — (20,990 ) 90,638 South-East Asia Gas Pipeline Company Ltd. 283,954 27,087 (43,080 ) 8,644 276,605 PT. Batutua Tembaga Raya 36,830 — — 1,290 38,120 PT. Tanggamus Electric Power 2,359 1,174 — 73 3,606 PT. Wampu Electric Power 4,454 1,169 — 138 5,761 PT. POSMI Steel Indonesia 4,688 — — 146 4,834 Nickel Mining Company SAS 17,580 40,594 — 2,251 60,425 POSK(Pinghu) Steel Processing Center Co., Ltd. 5,743 5,683 (11,366 ) (60 ) — AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. 58,600 — — 1,825 60,425 Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 10,782 — (4,471 ) 336 6,647 KRAKATAU POS-CHEM DONG-SUH — 6,959 — 292 7,251 Hamparan Mulya 3,516 — — 110 3,626 POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd 5,274 — — 164 5,438 POSCO SeAH Steel Wire(Nantong) Co., Ltd. 11,720 — (3,480 ) 220 8,460 POS-SeAH — 6,959 — 292 7,251 AMCI (WA) PTY LTD 85,168 4,665 — 1,942 91,775 ₩ 656,522 404,929 (75,127 ) (302,192 ) 684,132 (*1) During the year ended December 31, 2016, it was classified as a subsidiary from an associate. (*2) During the year ended December 31, 2016, loans amounting to ₩ (*3) Includes adjustments of foreign currency translation differences and others. 2) December 31, 2017 Beginning Lend Collect Others (*4) Ending (in millions of Won) Associates and joint ventures METAPOLIS Co.,Ltd. (*1) ₩ 13,270 — — (13,270 ) — New Songdo International City Development, LLC — 484,644 (201,869 ) — 282,775 GALE International Korea, LLC — 2,000 — — 2,000 DMSA/AMSA (*2) 90,638 2,956 — (23,881 ) 69,713 South-East Asia Gas Pipeline Company Ltd. 276,605 28,967 (46,252 ) (29,440 ) 229,880 PT. Batutua Tembaga Raya 38,120 — — (9,072 ) 29,048 PT. Tanggamus Electric Power 3,606 — — (409 ) 3,197 PT. Wampu Electric Power 5,761 — — (654 ) 5,107 PT. POSMI Steel Indonesia 4,834 — — (548 ) 4,286 Nickel Mining Company SAS 60,425 — — (757 ) 59,668 AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. (*1) 60,425 — — (60,425 ) — Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 6,647 — (577 ) (713 ) 5,357 KRAKATAU POS-CHEM DONG-SUH 7,251 — — (823 ) 6,428 Hamparan Mulya 3,626 — (3,626 ) — — POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd 5,438 — (5,438 ) — — POSCO SeAH Steel Wire(Nantong) Co., Ltd. 8,460 — (2,262 ) (841 ) 5,357 POS-SeAH 7,251 — (1,142 ) 319 6,428 AMCI (WA) PTY LTD 91,775 4,327 — (4,041 ) 92,061 POS-AUSTEM (*3) — — — 5,357 5,357 POS-AUSTEM (*3) — — — 8,571 8,571 SAMHWAN VINA CO., LTD (*3) — — — 1,071 1,071 ₩ 684,132 522,894 (261,166 ) (129,556 ) 816,304 (*1) During the year ended December 31, 2017, it was excluded from associates. (*2) During the year ended December 31, 2017, loans amounting to ₩ (*3) During the year ended December 31, 2017, it was newly classified to associates and joint ventures. (*4) Includes adjustments of foreign currency translation differences and others. |
Details of Compensation to Key Management Officers | (f) For the years ended December 31, 2015, 2016 and 2017, details of compensation to key management officers were as follows: 2015 2016 2017 (in millions of Won) Short-term benefits ₩ 111,278 90,916 112,688 Long-term benefits 19,513 17,905 8,632 Retirement benefits 21,850 17,870 20,422 ₩ 152,641 126,691 141,742 |
Posco [member] | |
Significant Transactions With Related Parties | (a) Significant transactions between the controlling company and related parties for the years ended December 31, 2015, 2016 and 2017 were as follows: 1) For the year ended December 31, 2015 Sales and others (*1) Purchase and others (*2) Sales Others Purchase of Purchase of Outsourced Others (in millions of Won) Subsidiaries POSCO ENGINEERING & CONSTRUCTION CO., LTD. ₩ 4,441 145 19 427,760 2,250 37,488 POSCO Processing & Service 1,074,826 24 437,626 — — 2,281 POSCO COATED & COLOR STEEL Co., Ltd. 380,626 — — — 9,359 104 POSCO ICT (*3) 1,259 7 — 210,877 29,612 182,745 eNtoB Corporation — — 261,989 6,501 130 22,017 POSCO CHEMTECH 436,594 30,343 519,956 9,515 297,183 1,773 POSCO ENERGY CO., LTD. 188,458 1,359 — — — 6 POSCO TMC Co., Ltd. 263,242 — — — 1,497 1,560 POSCO AST 362,658 15 4,115 — 39,175 1,611 POSHIMETAL Co., Ltd. 10,777 151 145,165 — — 46 POSCO DAEWOO Corporation 3,505,187 34,334 46,675 — — 480 SeAH Changwon Integrated Special Steel (*4) 2,811 176,904 8,239 — 515 75 POSCO PLANTEC Co., Ltd. (*4) 4,280 33 2,544 125,192 15,135 13,649 POSCO Thainox Public Company Limited 268,576 10 5,147 — — 34 POSCO America Corporation 624,549 6 — — — 725 POSCO Canada Ltd. — — 111,243 — — — POSCO Asia Co., Ltd. 1,822,932 960 269,086 — 513 2,273 Qingdao Pohang Stainless Steel Co., Ltd. 118,845 — — — — 220 POSCO JAPAN Co., Ltd. 1,051,910 9,383 25,957 2,278 201 2,754 POSCO MEXICO S.A. DE C.V. 270,184 80 — — — 11 PT. KRAKATAU POSCO — — 118,888 — — — POSCO Maharashtra Steel Private Limited 421,244 752 — — — 31 Others (*5) 867,334 14,474 223,393 113,769 212,539 129,506 11,680,733 268,980 2,180,042 895,892 608,109 399,389 Associates and joint ventures SeAH Changwon Integrated Special Steel (*4) 6,042 — 3,802 — 419 — POSCO PLANTEC Co., Ltd. (*4) 147 14 1,017 82,338 3,513 4,676 SNNC 4,673 594 422,420 — — — POSCO-SAMSUNG-Slovakia Processing center 26,379 — — — — — Others (*6,7) 28,841 40,600 51,855 — — — 66,082 41,208 479,094 82,338 3,932 4,676 ₩ 11,746,815 310,188 2,659,136 978,230 612,041 404,065 (*1) Sales and others mainly consist of sales of steel products to subsidiaries, associates and joint ventures. (*2) Purchases and others mainly consist of subsidiaries’ purchases of construction services and purchases of raw materials to manufacture steel products. (*3) Others (purchase) mainly consist of service fees related to maintenance and repair of ERP System. (*4) During the year ended December 31, 2015, it was reclassified from a subsidiary to an associate. (*5) During the year ended December 31, 2015, the Company borrowed USD 17.42 million from POSCO-Uruguay S.A., a subsidiary of the Company, and the entire amount was repaid as of December 31, 2015. (*6) During the year ended December 31, 2015, the Company lent USD 60 million to CSP-Compania (*7) The Company has collected loans of USD 3.85 million from LLP POSUK Titanium, an associate of the Company for the year ended December 31, 2015 2) For the year ended December 31, 2016 Sales and others (*1) Purchase and others (*2) Sales Others Purchase of Purchase of Outsourced Others (in millions of Won) Subsidiaries POSCO ENGINEERING & CONSTRUCTION CO., LTD. ₩ 29,511 16,661 8 183,768 — 24,511 POSCO Processing & Service 1,212,220 5,778 549,803 2,896 22,704 2,445 POSCO COATED & COLOR STEEL Co., Ltd. 326,078 2,560 — — 12,232 126 POSCO ICT (*3) 1,224 727 — 219,301 32,456 171,107 eNtoB Corporation — 5 278,016 9,836 212 19,436 POSCO CHEMTECH 319,164 33,784 502,448 14,847 290,427 5,139 POSCO ENERGY CO., LTD. 187,311 1,382 — — — 7 POSCO TMC Co., Ltd. (*4) 219,489 — 2 — 863 1,177 POSCO AST (*4) 152,098 1 — — 19,695 922 POSCO DAEWOO Corporation 3,227,716 34,341 92,203 — 343 — POSCO Thainox Public Company Limited 237,471 2,915 9,593 — 19 548 POSCO America Corporation 469,543 — 284 — — 1,103 POSCO Canada Ltd. 275 — 148,528 — — — POSCO Asia Co., Ltd. 1,758,080 1,373 403,174 247 939 3,602 Qingdao Pohang Stainless Steel Co., Ltd. 135,405 — — — — 525 POSCO JAPAN Co., Ltd. 1,112,489 128 23,217 3,744 345 3,841 POSCO-VIETNAM Co., Ltd. 226,063 445 — — — — POSCO MEXICO S.A. DE C.V. 274,210 462 — — — — POSCO Maharashtra Steel Private Limited 355,829 2,613 — — — 93 POSCO(Suzhou) Automotive Processing Center Co., Ltd. 149,911 — — — — — Others 766,263 22,717 207,601 62,202 212,344 145,562 11,160,350 125,892 2,214,877 496,841 592,579 380,144 Associates and joint ventures SeAH Changwon Integrated Special Steel 28 — 1,095 — 627 — POSCO PLANTEC Co., Ltd. 2,245 48 3,533 244,898 16,812 8,146 SNNC 6,004 1,042 487,395 — — 2 POSCO-SAMSUNG-Slovakia Processing center 44,686 — — — — — KOBRASCO — 29,297 — — — — Others 26,625 13,122 175,246 — — — 79,588 43,509 667,269 244,898 17,439 8,148 ₩ 11,239,938 169,401 2,882,146 741,739 610,018 388,292 (*1) Sales and others mainly consist of sales of steel products to subsidiaries, associates and joint ventures. (*2) Purchases and others mainly consist of subsidiaries’ purchases of construction services and purchases of raw materials to manufacture steel products. (*3) Others (purchase) mainly consist of service fees related to maintenance and repair of ERP System. (*4) During the year ended December 31, 2016, it was merged into POSCO Processing & Service. 3) For the year ended December 31, 2017 Sales and others (*1) Purchase and others (*2) Sales Others Purchase of Purchase of Outsourced Others (in millions of Won) Subsidiaries (*3) POSCO ENGINEERING & CONSTRUCTION CO., LTD. ₩ 3,328 71 — 151,639 32 18,352 POSCO Processing & Service 298,781 1 113,628 4,595 8,309 404 POSCO COATED & COLOR STEEL Co., Ltd. 417,369 3,533 — — 8,483 106 POSCO ICT (*4) 1,697 5,097 — 315,748 29,773 183,226 eNtoB Corporation 1 30 330,921 8,215 139 26,023 POSCO CHEMTECH 359,862 33,076 479,896 23,043 296,296 6,860 POSCO ENERGY CO., LTD. 179,966 1,456 — — — 2 POSCO DAEWOO Corporation 5,214,127 35,182 550,258 221 44,108 1,948 POSCO Thainox Public Company Limited 218,005 9,780 10,168 — — — POSCO America Corporation 345,225 — 90 — — 1,776 POSCO Canada Ltd. 439 690 278,915 — — — POSCO Asia Co., Ltd. 1,949,354 1,454 365,025 337 1,625 4,982 Qingdao Pohang Stainless Steel Co., Ltd. 161,803 — — — — 176 POSCO JAPAN Co., Ltd. 1,436,159 20 26,256 621 — 44,829 POSCO-VIETNAM Co., Ltd. 212,883 — — — — 7 POSCO MEXICO S.A. DE C.V. 276,387 — — — — 1,749 POSCO Maharashtra Steel Private Limited 467,206 — — — — 65 POSCO(Suzhou) Automotive Processing Center Co., Ltd. 192,467 — — — — — Others 932,048 10,073 262,828 25,270 240,687 118,665 12,667,107 100,463 2,417,985 529,689 629,452 409,170 Associates and joint ventures (*3) POSCO PLANTEC Co., Ltd. 2,947 112 5,487 300,041 20,718 19,763 SNNC 6,734 712 554,151 — — 4 POSCO-SAMSUNG-Slovakia Processing Center 52,779 — — — — — Roy Hill Holdings Pty Ltd — — 697,096 — — — CSP — Compania Siderurgica do Pecem 7,384 — 159,501 — — — Others 14,943 52,583 79,103 — — 3 84,787 53,407 1,495,338 300,041 20,718 19,770 ₩ 12,751,894 153,870 3,913,323 829,730 650,170 428,940 (*1) Sales and others mainly consist of sales of steel products to subsidiaries, associates and joint ventures. (*2) Purchases and others mainly consist of subsidiaries’ purchases of construction services and purchases of raw materials to manufacture steel products. (*3) As of December 31, 2017, the Company provided guarantees to related parties (Note 38). (*4) Others (purchase) mainly consist of service fees related to maintenance and repair of ERP System. |
Related Account Balances With Related Parties | (b) The related account balances of significant transactions between the controlling company and related companies as of December 31, 2016 and 2017 are as follows: 1) December 31, 2016 Receivables Payables Trade accounts and Others Total Trade accounts and Accounts Others Total (in millions of Won) Subsidiaries POSCO ENGINEERING & CONSTRUCTION CO., LTD. ₩ 3 3,359 3,362 — 9,825 515 10,340 POSCO Processing & Service 207,744 178 207,922 1,085 5,367 5,184 11,636 POSCO COATED & COLOR STEEL Co., Ltd. 48,716 324 49,040 — 5 1,600 1,605 POSCO ICT — 128 128 1,062 89,382 6,074 96,518 eNtoB Corporation — — — 9,948 29,310 15 39,273 POSCO CHEMTECH 27,253 3,868 31,121 54,702 11,870 19,282 85,854 POSCO ENERGY CO., LTD. 18,701 2,012 20,713 — — 1,425 1,425 POSCO DAEWOO Corporation 182,700 11,184 193,884 460 183 49 692 POSCO Thainox Public Company Limited 62,034 8 62,042 — 224 — 224 POSCO America Corporation 10,008 — 10,008 — — — — POSCO Asia Co., Ltd. 375,823 458 376,281 25,101 — — 25,101 Qingdao Pohang Stainless Steel Co., Ltd. 25,386 — 25,386 — 5 — 5 POSCO MEXICO S.A. DE C.V. 114,166 1,024 115,190 — — — — POSCO Maharashtra Steel Private Limited 208,737 9,923 218,660 — — — — Others 333,031 64,526 397,557 17,374 46,455 26,974 90,803 1,614,302 96,992 1,711,294 109,732 192,626 61,118 363,476 Associates and joint ventures POSCO PLANTEC Co., Ltd. 30 9 39 2,125 39,647 — 41,772 SNNC 223 26 249 40,201 — — 40,201 Others 800 1 801 991 17,685 — 18,676 1,053 36 1,089 43,317 57,332 — 100,649 ₩ 1,615,355 97,028 1,712,383 153,049 249,958 61,118 464,125 2) December 31, 2017 Receivables Payables Trade accounts and Others Total Trade accounts and Accounts Others Total (in millions of Won) Subsidiaries POSCO ENGINEERING & CONSTRUCTION CO., LTD. ₩ 2 2,908 2,910 — 21,965 674 22,639 POSCO COATED & COLOR STEEL Co., Ltd. 58,184 324 58,508 — 5 504 509 POSCO ICT 55 217 272 1,458 72,586 27,009 101,053 eNtoB Corporation — — — 12,252 31,899 20 44,171 POSCO CHEMTECH 61,810 3,589 65,399 51,774 20,313 17,568 89,655 POSCO ENERGY CO., LTD. 33,239 1,673 34,912 — — 1,425 1,425 POSCO DAEWOO Corporation 483,915 12,739 496,654 10,213 2,145 5,794 18,152 POSCO Thainox Public Company Limited 57,826 — 57,826 1,204 — — 1,204 POSCO America Corporation 5,365 — 5,365 — — — — POSCO Asia Co., Ltd. 404,857 541 405,398 9,811 24 — 9,835 Qingdao Pohang Stainless Steel Co., Ltd. 31,693 — 31,693 — — — — POSCO MEXICO S.A. DE C.V. 55,695 530 56,225 — — — — POSCO Maharashtra Steel Private Limited 392,630 5,733 398,363 — — — — Others 384,385 49,403 433,788 15,038 59,575 31,118 105,731 1,969,656 77,657 2,047,313 101,750 208,512 84,112 394,374 Associates and joint ventures POSCO PLANTEC Co., Ltd. 1,946 9 1,955 3,842 15,723 — 19,565 SNNC 648 61 709 49,506 3 — 49,509 Others 8,350 904 9,254 824 — — 824 10,944 974 11,918 54,172 15,726 — 69,898 ₩ 1,980,600 78,631 2,059,231 155,922 224,238 84,112 464,272 |
Company, excluding the controlling company [member] | |
Significant Transactions With Related Parties | (c) Significant transactions between the Company, excluding the controlling company, and related companies for the years ended December 31, 2015, 2016 and 2017 were as follows: 1) December 31, 2015 Sales and others Purchase and others Sales Others Purchase of Others (in millions of Won) Associates and joint ventures SeAH Changwon integrated Special Steel ₩ 32,802 — 49,862 1,977 POSCO PLANTEC Co., Ltd. 10,543 — 5,953 6,386 New Songdo International City Development, LLC 420,094 — — 667 SNNC 32,160 44 6,518 53,260 Posco e&c Songdo International Building 6,278 — — 25,197 VSC POSCO Steel Corporation 37,416 — 2,395 3 USS-POSCO 353,626 — 1,109 — CSP — Compania Siderurgica do Pecem 845,979 — — — Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 68,300 111 70,236 — BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 3 — 23,320 — POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd 9,668 — — — POSCO SeAH Steel Wire(Nantong) Co., Ltd. 30,310 — 4 — Zhangjiagang Pohang Refractories Co., Ltd. 970 1,248 17,484 2,023 Sebang Steel — — 29,007 — SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO., LTD. 214,521 — 3,960 3,190 DMSA/AMSA 800 9,322 241,074 — South-East Asia Gas Pipeline Company Ltd. — 47,556 — — Others 415,217 17,793 18,518 2,683 ₩ 2,478,687 76,074 469,440 95,386 2) December 31, 2016 Sales and others Purchase and others Sales Others Purchase of Others (in millions of Won) Associates and joint ventures SeAH Changwon integrated Special Steel ₩ 16,294 — 22,029 — POSCO PLANTEC Co., Ltd. 21,659 5 3,335 5,912 New Songdo International City Development, LLC 226,042 — — 14 SNNC 29,330 — 21,479 9,494 Posco e&c Songdo International Building 4,245 — — 16,219 Chun-cheon Energy Co., Ltd 288,307 — — — Noeul Green Energy 107,268 — — — Incheon-Gimpo Expressway Co., Ltd. 102,183 — — — VSC POSCO Steel Corporation 43,650 47 479 — USS-POSCO 287,072 — 1,195 — CSP — Compania Siderurgica do Pecem 157,814 — — — Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 61,844 — 57,179 — LLP POSUK Titanium — — 14,575 — BX STEEL POSCO Cold Rolled Sheet Co., Ltd. — — 24,365 — POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd 15,759 — — — PT. Batutua Tembaga Raya — — 13,079 — POSCO SeAH Steel Wire(Nantong) Co., Ltd. 31,711 — 65 — Zhangjiagang Pohang Refractories Co., Ltd. 250 14 364 2,472 Sebang Steel — — 26,276 — SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO., LTD. 157,886 — 3,535 — DMSA/AMSA — — 72,582 — South-East Asia Gas Pipeline Company Ltd. — 87,973 — — Others 195,139 11,184 16,664 1,801 ₩ 1,746,453 99,223 277,201 35,912 3) December 31, 2017 Sales and others Purchase and others Sales Others Purchase of Others (in millions of Won) Associates and joint ventures POSCO PLANTEC Co., Ltd. ₩ 19,513 — 98 8,113 New Songdo International City Development, LLC 223,567 13,207 — 49 SNNC 26,288 — 3,578 17,985 Chun-cheon Energy Co., Ltd 42,147 — — — Noeul Green Energy 11,863 — — 2,178 VSC POSCO Steel Corporation 19,404 — 188 — USS-POSCO 26,899 107 2,222 — CSP — Compania Siderurgica do Pecem 241,299 — 101,018 21,154 Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 38,484 — 47,241 — LLP POSUK Titanium — — 3,972 — BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 4 — 20,145 — POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd 20,004 — — — PT. Batutua Tembaga Raya — — 21,024 — POSCO SeAH Steel Wire(Nantong) Co., Ltd. 34,088 — 192 — Zhangjiagang Pohang Refractories Co., Ltd. — — 87 1,632 Sebang Steel 441 — 23,778 — SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO., LTD. 43,764 — — — DMSA/AMSA — 99 47,092 — South-East Asia Gas Pipeline Company Ltd. — 62,423 — — Others 272,107 43,126 19,520 19,483 ₩ 1,019,872 118,962 290,155 70,594 |
Related Account Balances With Related Parties | (d) The related account balances of significant transactions between the Company, excluding the controlling company, and related companies as of December 31, 2016 and December 31, 2017 are as follows: 1) December 31, 2016 Receivables (*1) Payables Trade accounts and Loan Others Total Trade accounts and Others Total (in millions of Won) Associates and joint ventures POSCO PLANTEC Co., Ltd. ₩ 4,709 — 6 4,715 2,718 8,521 11,239 New Songdo International City Development, LLC 255,822 — 5,725 261,547 — — — Chun-cheon Energy Co., Ltd 12,142 — — 12,142 — 3,171 3,171 VSC POSCO Steel Corporation 5,265 — — 5,265 — — — USS-POSCO 583 — — 583 75 — 75 Nickel Mining Company SAS 133 60,425 116 60,674 — — — AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. 62,814 60,425 1,643 124,882 — 875 875 CSP — Compania Siderurgica do Pecem 224,760 — 149,700 374,460 — 109,272 109,272 Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 3,279 6,647 6 9,932 1,365 — 1,365 PT. Batutua Tembaga Raya — 38,120 — 38,120 2,293 — 2,293 POSCO SeAH Steel Wire(Nantong) Co., Ltd. 9,292 8,460 43 17,795 40 — 40 SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO.,LTD. 100,367 — — 100,367 — — — DMSA/AMSA — 90,638 — 90,638 — — — South-East Asia Gas Pipeline Company Ltd. — 276,605 48 276,653 — — — Others 184,402 142,812 6,593 333,807 4,615 750 5,365 ₩ 863,568 684,132 163,880 1,711,580 11,106 122,589 133,695 (*1) As of December 31, 2016, the Company recognizes bad debt allowance for receivables amounting to ₩ 2) December 31, 2017 Receivables (*1) Payables Trade accounts and Loan Others Total Trade accounts and Others Total (in millions of Won) Associates and joint ventures POSCO PLANTEC Co., Ltd. ₩ 2,287 — 5 2,292 3,442 5,595 9,037 New Songdo International City Development, LLC 484,038 282,775 1,696 768,509 — 7,146 7,146 Chun-cheon Energy Co., Ltd — — 21 21 — 9,617 9,617 VSC POSCO Steel Corporation 16 — — 16 17 — 17 USS-POSCO — — 4 4 — — — Nickel Mining Company SAS — 59,668 118 59,786 — — — CSP — Compania Siderurgica do Pecem 380,180 — 13,443 393,623 — 29,700 29,700 Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd 2,108 5,357 6 7,471 2,449 — 2,449 PT. Batutua Tembaga Raya 24 29,048 — 29,072 — — — POSCO SeAH Steel Wire(Nantong) Co., Ltd. 8,067 5,357 32 13,456 107 — 107 SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO.,LTD. 715 — — 715 — 526 526 DMSA/AMSA — 69,713 4,443 74,156 — — — South-East Asia Gas Pipeline Company Ltd. — 229,880 — 229,880 — — — Others 134,397 134,506 6,885 275,788 1,856 2,005 3,861 ₩ 1,011,832 816,304 26,653 1,854,789 7,871 54,589 62,460 (*1) As of December 31, 2017, the Company recognizes bad debt allowance for receivables amounting to ₩ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Contingent liabilities on outstanding guarantees [member] | |
Summary of Contingent Liabilities | Contingent liabilities on outstanding guarantees provided by the Company as of December 31, 2017 are as follows: Guarantee limit Guarantee amount Guarantors Guarantee beneficiary Financial Foreign currency Won Foreign Won (in millions of Won) [The Company] POSCO POSCO Asia Co., Ltd. BOC USD 50,000,000 53,570 50,000,000 53,570 POSCO ASSAN TST STEEL INDUSTRY SMBC and others USD 146,527,500 156,990 131,874,750 141,291 POSCO COATED STEEL (THAILAND) CO., LTD. The Great&CO Co.,Ltd (SPC) THB 5,501,000,000 180,268 5,501,000,000 180,268 POSCO Maharashtra Steel Private Limited Export-Import Bank of Korea and others USD 649,853,000 696,252 323,918,500 347,045 POSCO MEXICO S.A. DE C.V. BOA and others USD 160,000,000 171,424 160,000,000 171,424 POSCO SS-VINA Export-Import Bank of Korea and others USD 354,351,050 379,652 314,599,225 337,062 POSCO VST CO., LTD. ANZ and others USD 65,000,000 69,641 8,125,000 8,706 POSCO-VIETNAM Co., Ltd. Export-Import Bank of Korea USD 196,000,000 209,994 196,000,000 209,994 PT. KRAKATAU POSCO Export-Import Bank of Korea and others USD 1,350,300,000 1,446,711 1,187,394,785 1,272,174 Zhangjiagang Pohang Stainless Steel Co., Ltd. BTMU and others CNY 760,500,000 124,456 684,450,000 112,011 POSCO DAEWOO Corporation Daewoo Global Development. Pte., Ltd Export-Import Bank of Korea USD 21,633,300 23,178 21,633,300 23,178 MIRAE ASSET DAEWOO CO.,LTD. KRW 29,137 29,137 10,703 10,703 Daewoo Power PNG Ltd. Export-Import Bank of Korea USD 54,400,000 58,284 54,400,000 58,284 Daewoo Textile LLC Export-Import Bank of Korea USD 4,000,000 4,286 4,000,000 4,286 POSCO ASSAN TST STEEL INDUSTRY ING and others USD 14,652,750 15,699 14,652,750 15,699 POSCO DAEWOO INDIA PVT., LTD. Shinhan Bank and others USD 162,400,000 173,995 51,237,684 54,896 SC Bank and others INR 7,350,000,000 122,892 2,037,278,075 34,063 PT. Bio Inti Agrindo Export-Import Bank of Korea and others USD 120,875,000 129,505 120,875,000 129,505 Songdo Posco family Housing SAMSUNG SECURITIES CO.,LTD and others KRW 70,000 70,000 49,500 49,500 POSCO ENGINEERING & CONSTRUCTION CO., LTD. POSCO E&C Vietnam Co., Ltd. Export-Import Bank of Korea USD 30,000,000 32,142 30,000,000 32,142 HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd. Woori Bank and others USD 138,000,000 147,853 138,000,000 147,853 POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. HSBC USD 100,000,000 107,140 100,000,000 107,140 POSCO ENGINEERING (THAILAND) CO., LTD. POSCO Asia Co., Ltd USD 39,451,000 42,268 39,451,000 42,268 POSCO Engineering and Construction India Private Limited Woori Bank USD 2,100,000 2,250 2,100,000 2,250 PT PEN INDONESIA POSCO Asia Co., Ltd. USD 5,000,000 5,357 5,000,000 5,357 PT. POSCO E&C INDONESIA BNP Indonesia IDR 79,000,000,000 6,241 79,000,000,000 6,241 Songdo Posco family Housing SAMSUNG SECURITIES CO.,LTD and others KRW 70,000 70,000 49,500 49,500 Daewoo Global Development. Pte., Ltd POSCO Asia Co., Ltd. and others USD 68,719,200 73,626 59,088,100 63,307 POSCO ICT PT.POSCO ICT INDONESIA POSCO Asia Co., Ltd. USD 1,500,000 1,607 1,500,000 1,607 POSCO CHEMTECH PT.Krakatau Posco Chemtech Calcination Hana Bank USD 33,600,000 35,999 20,705,882 22,184 POSCO COATED & COLOR STEEL Co., Ltd. Myanmar POSCO C&C Company, Limited. POSCO Asia Co., Ltd. and others USD 13,986,947 14,985 13,986,947 14,985 POSCO ENERGY CO., LTD. PT. KRAKATAU POSCO ENERGY Export-Import Bank of Korea and others USD 193,900,000 207,744 137,396,174 147,206 POSCO Asia Co., Ltd. POSCO ASSAN TST STEEL INDUSTRY SMBC USD 25,000,000 26,785 25,000,000 26,785 [Associates and joint ventures] POSCO CSP — Compania Siderurgica do Pecem Export-Import Bank of Korea and others USD 420,000,000 449,990 420,000,000 449,990 BNDES BRL 464,060,000 150,100 464,060,000 150,100 LLP POSUK Titanium SMBC USD 15,000,000 16,071 15,000,000 16,071 Nickel Mining Company SAS SMBC EUR 46,000,000 58,846 37,000,000 47,332 POSCO DAEWOO Corporation GLOBAL KOMSCO Daewoo LLC Industrial & Commercial Bank of China USD 8,225,000 8,812 8,225,000 8,812 POSCO ENGINEERING & CONSTRUCTION CO., LTD. New Songdo International City Development, LLC Others KRW 340,000 340,000 317,900 317,900 UITrans LRT Co., Ltd. Kookmin Bank and others KRW 20,740 20,740 20,740 20,740 Chun-cheon Energy Co., Ltd Kookmin Bank and others KRW 11,600 11,600 10,993 10,993 POSCO ICT Incheon-Gimpo Expressway co., Ltd. Korea Development Bank KRW 100,000 100,000 100,000 100,000 UITrans LRT Co., Ltd. Kookmin Bank KRW 76,000 76,000 76,000 76,000 POSCO CHEMTECH KRAKATAU POS-CHEM DONG-SUH Hana Bank USD 1,140,000 1,221 1,140,000 1,221 POSCO(Suzhou) Automotive Processing Center Co.,Ltd. POS-InfraAuto Korea Development Bank USD 780,000 836 780,000 836 [Others] POSCO DAEWOO Corporation Ambatovy Project Investments Limited and others Export-Import Bank of Korea USD 87,272,727 93,504 28,325,258 30,348 POSCO ENGINEERING & CONSTRUCTION CO., LTD. Ecocity CO.,LTD and others Others KRW 960,011 960,011 446,098 446,098 AN KHANH NEW CITY DEVELOPMENT J.V CO., LTD. POSCO Asia Co., Ltd. and others USD 150,000,000 160,710 150,000,000 160,710 POSCO ICT SMS Energy and others Hana Bank and others KRW 104,880 104,880 73,676 73,676 Hyochun CO., LTD Daegu Bank and others KRW 39,575 39,575 39,575 39,575 BLT Enterprise and others Kyobo Life Insurance Co.,Ltd and others KRW 1,163,585 1,163,585 1,163,585 1,163,585 POSCO AUSTRALIA PTY LTD Department of Trade and Investment(NSW Government) Woori Bank and others AUD 25,260,721 21,097 25,260,721 21,097 USD 4,683,667,474 5,018,081 3,834,409,355 4,108,186 KRW 2,985,528 2,985,528 2,358,270 2,358,270 CNY 760,500,000 124,456 684,450,000 112,011 INR 7,350,000,000 122,892 2,037,278,075 34,063 IDR 79,000,000,000 6,241 79,000,000,000 6,241 THB 5,501,000,000 180,268 5,501,000,000 180,268 EUR 46,000,000 58,846 37,000,000 47,332 AUD 25,260,721 21,097 25,260,721 21,097 BRL 464,060,000 150,100 464,060,000 150,100 |
Litigations in progress [Member] | |
Summary of Contingent Liabilities | As of December 31, 2017, litigations in progress that POSCO and certain subsidiaries are defendants in legal actions arising from the normal course of business are as follows: Company Legal Claim amount Korean Won Description (In millions of Won, in thousands of foreign currencies) POSCO 15 KRW 23,037 23,037 Lawsuit on claim for employee right and others(*1) 1 USD 1,583 1,696 Arbitration on trading and others POSCO DAEWOO Corporation 2 EUR 2,747 3,514 Lawsuit on claim for damages and others 3 INR 4,518,694 75,553 Lawsuit on claim for payment on guarantees and others(*1) 10 KRW 9,903 9,903 Lawsuit on claim for payment and others 3 USD 22,228 23,815 Lawsuit on claim for damages and others(*1) 1 PKR 124,775 1,208 Lawsuit on claim for damages 1 CAD 79,000 67,363 Lawsuit on claim for damages POSCO ENGINEERING & CONSTRUCTION CO., LTD. 104 KRW 461,134 461,134 Arbitration on construction costs allocation and others POSCO ICT 13 KRW 9,894 9,894 Lawsuit on claim for payment and others POSCO A&C 3 KRW 3,985 3,985 Lawsuit on claim for payment on construction POSCO ENERGY CO., LTD. 4 KRW 7,017 7,017 Lawsuit on claim for damages and revocation of electricity supply contract and others POSCO E&C CHINA CO., LTD. 11 CNY 13,679 2,239 Lawsuit on claim for payment of reserve for construction warranty and others 1 KRW 3,305 3,305 Lawsuit on claim for payment on construction Posco e&c Songdo International Building 3 KRW 892 892 Lawsuit on affirmation of the non-existence POSPOWER CO., Ltd. 1 KRW 1,000 1,000 Lawsuit on claim for damages POSCO ENGINEERING(THAILAND) CO., LTD. 7 THB 724,400 23,739 Lawsuit on claim for payment on construction POSCO TNPC Otomotiv Celik San. Ve Tic. A.S 6 TRY 31 9 Lawsuit on claim for unfair dismissal and others PT. KRAKATAU POSCO 1 IDR 324,858,033 25,664 Lawsuit on claim for payment on construction POSCO(Dalian)IT Center Development Co., Ltd. 2 CNY 423 69 Lawsuit over contract dispute dealing apartment Brazil Sao Paulo Steel Processing Center 3 BRL 12,167 3,935 Lawsuit on claim for payment on construction and others POSCO ENGINEERING &CONSTRUCTION DO BRAZIL LTDA. 184 BRL 121,058 39,156 Lawsuit on claim for damages and others(*1) HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd. 1 KRW 3,305 3,305 Lawsuit on claim for payment on construction POSCO India Chennai Steel Processing Center Pvt.Ltd. 6 USD 8,409 9,009 Lawsuit on custom duty and others (*1) The Company made a reliable estimate in 163 lawsuits by considering the possibility and amount of outflow of resources and recognized ₩ |
Additional Information of Cas80
Additional Information of Cash Flow Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Changes in Operating Assets and Liabilities | (a) Changes in operating assets and liabilities for the years ended December 31, 2015, 2016 and 2017 were as follows: 2015 2016 2017 (in millions of Won) Trade accounts and notes receivable ₩ 1,586,113 273,419 63,075 Other receivables 259,741 191,591 113,740 Inventories 2,456,068 (889,998 ) (1,435,170 ) Other current assets 42,131 (287,377 ) 110,688 Other non-current 72,826 33,584 12,455 Trade accounts and notes payable (894,129 ) 769,337 (607,999 ) Other payables 39,811 (179,174 ) (26,922 ) Other current liabilities (457,947 ) 2,490 338,273 Provisions (119,172 ) (124,884 ) (145,763 ) Payments of severance benefits (157,983 ) (278,278 ) (185,220 ) Plan assets (115,274 ) (138,854 ) 3,815 Other non-current 72,267 223,574 (82,605 ) ₩ 2,784,452 (404,570 ) (1,841,633 ) |
Changes in Liabilities Arising from Financial Activities | (b) Changes in liabilities arising from financial activities for the year ended December 31, 2017 were as follows: Liabilities Derivatives held Short-term long-term Dividend Finance (in millions of Won) Beginning ₩ 7,979,727 14,725,271 7,770 114,409 (52,373 ) Changes from financing cash flows 558,083 (1,410,033 ) (931,232 ) (10,536 ) — Changes arising from obtaining or losing (12,469 ) 3,299 — — — The effect of changes in foreign exchange rates (350,523 ) (435,170 ) — (10,855 ) — Changes in fair values — — — — 171,693 Other changes: Decrease in retained earnings — — 863,579 — — Decrease in non-controlling — — 67,096 — — Amortization of discount on debentures issued — 5,472 — — — Ending ₩ 8,174,818 12,888,839 7,213 93,018 119,320 |
Operating Segments and Geogra81
Operating Segments and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Information about Reportable Segments | (b) Information about reportable segments as of and for the years ended December 31, 2015, 2016 and 2017 was as follows: 1) As of and for the year ended December 31, 2015 Steel Trading Construction Others Total (in millions of Won) External revenues ₩ 28,292,824 18,315,487 8,515,780 3,068,254 58,192,345 Internal revenues 16,543,951 8,692,020 1,352,067 2,691,361 29,279,399 Including inter segment revenue 9,146,808 4,480,744 1,090,193 2,571,219 17,288,964 Total revenues 44,836,775 27,007,507 9,867,847 5,759,615 87,471,744 Interest income 139,821 55,630 27,134 16,173 238,758 Interest expenses (560,767 ) (76,672 ) (91,742 ) (141,095 ) (870,276 ) Depreciation and amortization (2,782,680 ) (166,814 ) (50,605 ) (282,817 ) (3,282,916 ) Impairment loss on property, plant and equipment and others (243,828 ) (17,281 ) (28,345 ) (22,979 ) (312,433 ) Impairment loss on available-for-sale (151,503 ) (1,410 ) (47,616 ) (40,261 ) (240,790 ) Share of profit or loss of investment in associates and JVs (562,133 ) (212,535 ) (25,223 ) (22,618 ) (822,509 ) Income tax expense (390,000 ) (4,772 ) (30,615 ) (18,718 ) (444,105 ) Segment profit (loss) 181,495 38,843 (275,651 ) (65,570 ) (120,883 ) Segment assets 70,102,972 12,160,406 9,997,683 10,962,594 103,223,655 Investment in associates 17,457,391 1,097,971 1,076,024 1,186,307 20,817,693 Acquisition of non-current 2,102,674 303,753 276,863 345,971 3,029,261 Segment liabilities 21,078,613 8,953,410 5,716,550 6,472,925 42,221,498 2) As of and for the year ended December 31, 2016 Steel Trading Construction Others Total (in millions of Won) External revenues ₩ 26,844,154 16,774,078 6,768,348 2,696,933 53,083,513 Internal revenues 16,062,016 9,646,026 713,703 2,379,945 28,801,690 Including inter segment revenue 8,992,783 5,296,847 557,526 2,285,128 17,132,284 Total revenues 42,906,170 26,420,104 7,482,051 5,076,878 81,885,203 Interest income 126,210 40,424 65,256 13,564 245,454 Interest expenses (459,345 ) (70,841 ) (102,292 ) (126,523 ) (759,001 ) Depreciation and amortization (2,788,535 ) (165,863 ) (57,719 ) (264,299 ) (3,276,416 ) Impairment loss on property, plant and equipment and others (99,165 ) (45,995 ) (9,426 ) (88,696 ) (243,282 ) Impairment loss on available-for-sale (225,225 ) (28,988 ) (35,331 ) (24,902 ) (314,446 ) Share of profit or loss of investment in associates and JVs (211,084 ) (53,586 ) (283,833 ) (6,369 ) (554,872 ) Income tax expense (495,874 ) (18,629 ) 107,520 (56,026 ) (463,009 ) Segment profit (loss) 1,511,383 53,244 (1,403,712 ) (25,889 ) 135,026 Segment assets 69,914,939 13,580,179 9,501,046 8,529,600 101,525,764 Investment in associates 16,109,360 1,100,973 795,445 1,200,295 19,206,073 Acquisition of non-current 2,334,842 249,597 25,533 191,715 2,801,687 Segment liabilities 20,292,764 10,134,170 6,780,380 4,709,689 41,917,003 3) As of and for the year ended December 31, 2017 Steel Trading Construction Others Total (in millions of Won) External revenues ₩ 30,230,368 20,802,207 6,886,606 2,735,919 60,655,100 Internal revenues 17,381,010 14,075,996 398,924 2,548,674 34,404,604 Including inter segment revenue 12,004,614 8,043,643 329,215 2,446,029 22,823,501 Total revenues 47,611,378 34,878,203 7,285,530 5,284,593 95,059,704 Interest income 128,827 32,799 100,922 17,940 280,488 Interest expenses (422,357 ) (121,967 ) (112,983 ) (100,656 ) (757,963 ) Depreciation and amortization (2,856,133 ) (206,490 ) (42,123 ) (255,620 ) (3,360,366 ) Impairment loss on property, plant and equipment and others (149,840 ) (140,839 ) (37,476 ) (8,564 ) (336,719 ) Impairment loss on available-for-sale (95,261 ) — (18,637 ) (13,421 ) (127,319 ) Share of profit or loss of investment in associates and JVs 8,352 — (8,555 ) (1,518 ) (1,721 ) Income tax expense (977,853 ) (109,710 ) (109,961 ) (77,172 ) (1,274,696 ) Segment profit (loss) 2,790,855 112,661 24,545 232,700 3,160,761 Segment assets 70,017,816 14,139,098 8,609,753 8,776,090 101,542,757 Investment in associates 16,116,654 1,134,798 668,392 1,193,895 19,113,739 Acquisition of non-current 2,033,184 286,185 99,190 251,665 2,670,224 Segment liabilities 19,057,249 10,386,294 5,744,693 4,620,902 39,809,138 |
Reconciliation of Segment Revenues, Profit or Loss, Assets and Liabilities and Other Significant Items | (c) Reconciliations of total segment revenues, profit or loss, assets and liabilities, and other significant items to their respective consolidated financial statement line items are as follows: 1) Revenues 2015 2016 2017 (in millions of Won) Total revenue for reportable segments ₩ 87,471,744 81,885,203 95,059,704 Elimination of inter-segment revenue (29,279,399 ) (28,801,690 ) (34,404,604 ) Basis difference (*2) 329,923 (143,742 ) (468,233 ) ₩ 58,522,268 52,939,771 60,186,867 2) Profit 2015 2016 2017 (in millions of Won) Total profit (loss) for reportable segments ₩ (120,883 ) 135,026 3,160,761 Goodwill and corporate FV adjustments (95,150 ) (123,110 ) (84,370 ) Elimination of inter-segment profits 119,852 1,036,253 (102,922 ) Income tax expense 276,939 384,685 1,206,223 Basis difference (*2) (30,413 ) (21,245 ) (84,641 ) Profit before income tax expense ₩ 150,345 1,411,609 4,095,051 3) Assets 2016 2017 (in millions of Won) Total assets for reportable segments (*1) ₩ 101,525,764 101,542,757 Equity-accounted investees (15,322,271 ) (15,555,972 ) Goodwill and corporate FV adjustments 3,750,915 3,368,333 Elimination of inter-segment assets (10,191,413 ) (10,330,159 ) Basis difference (*2) 374,619 760,670 ₩ 80,137,614 79,785,629 (*1) As segment assets and liabilities are determined based on separate financial statements, for subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate financial statements is eliminated upon consolidation. In addition, adjustments are made to adjust the amount of investment in associates and joint ventures from the amount reflected in segment assets to that determined using equity method in consolidated financial statements. 4) Liabilities 2016 2017 (in millions of Won) Total liabilities for reportable segments ₩ 41,917,003 39,809,138 Corporate FV adjustments 442,178 483,693 Elimination of inter-segment liabilities (8,434,580 ) (8,731,880 ) Basis difference (*2) 447,744 897,953 ₩ 34,372,345 32,458,904 5) Other significant items a) December 31, 2015 Total Corporate FV Elimination of inter-segment Basis (*2) Consolidated (in millions of Won) Interest income ₩ 238,758 — (28,565 ) — 210,193 Interest expenses (870,276 ) 1,282 80,222 — (788,772 ) Depreciation and amortization (3,282,916 ) (117,595 ) 182,265 — (3,218,246 ) Share of profit or loss of investment in associates (822,509 ) — 316,455 — (506,054 ) Income tax expense (444,105 ) 24,294 142,872 10,379 (266,560 ) Impairment loss on property, plant and equipment and others (312,433 ) — (142,234 ) — (454,667 ) Impairment loss on available-for-sale (240,790 ) — 98,009 — (142,781 ) ₩ (5,734,271 ) (92,019 ) 649,024 10,379 (5,166,887 ) b) December 31, 2016 Total Corporate FV Elimination of inter-segment Basis (*2) Consolidated (in millions of Won) Interest income ₩ 245,454 — (62,979 ) — 182,475 Interest expenses (759,001 ) (807 ) 101,082 — (658,726 ) Depreciation and amortization (3,276,416 ) (104,949 ) 167,518 — (3,213,847 ) Share of profit or loss of investment in associates (554,872 ) (38,732 ) 504,927 — (88,677 ) Income tax expense (463,009 ) 21,945 56,379 5,141 (379,544 ) Impairment loss on property, plant and equipment and others (243,282 ) — (125,657 ) — (368,939 ) Impairment loss on available-for-sale (314,446 ) — 66,042 — (248,404 ) ₩ (5,365,572 ) (122,543 ) 707,312 5,141 (4,775,662 ) c) December 31, 2017 Total Corporate FV Elimination of inter-segment Basis (*2) Consolidated (in millions of Won) Interest income ₩ 280,488 — (68,037 ) — 212,451 Interest expenses (757,963 ) 1,304 103,544 — (653,115 ) Depreciation and amortization (3,360,366 ) (106,195 ) 169,141 — (3,297,420 ) Share of profit or loss of investment in associates (1,721 ) — 12,261 — 10,540 Income tax expense (1,274,696 ) 21,270 47,203 20,483 (1,185,740 ) Impairment loss on property, plant and equipment and others (336,719 ) (867 ) 34,619 — (302,967 ) Impairment loss on available-for-sale (127,319 ) — 4,105 — (123,214 ) ₩ (5,578,296 ) (84,488 ) 302,836 20,483 (5,339,465 ) (*2) Basis difference is related to the difference in recognizing revenue and expenses in connection with development and sale of certain residential real estate between the report reviewed by the CEO and the consolidated financial statements. |
Revenue and Non-current Assets by Geographic Area | (d) Revenue by geographic area for years ended December 31, 2015, 2016 and 2017 was as follows: 2015 2016 2017 (in millions of Won) Domestic ₩ 39,268,907 34,883,941 38,882,220 Japan 1,934,808 1,892,022 2,200,405 China 5,756,867 5,908,046 6,731,214 Asia-other 5,888,045 5,649,843 7,750,553 North America 1,921,039 1,899,291 1,725,120 Others 3,422,679 2,850,370 3,365,588 58,192,345 53,083,513 60,655,100 Basis difference 329,923 (143,742 ) (468,233 ) ₩ 58,522,268 52,939,771 60,186,867 In presenting geographic information revenue is based on the geographical location of customers. (e) Non-current 2016 2017 (in millions of Won) Domestic ₩ 31,772,641 30,790,462 Japan 187,266 162,328 China 1,451,405 1,284,561 Asia-other 6,163,388 5,266,799 North America 168,800 277,249 Others 1,233,288 1,119,319 ₩ 40,976,788 38,900,718 |
General Information - Additiona
General Information - Additional Information (Detail) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017KRW (₩)EntitySteel_PlantOffice | Dec. 31, 2016KRW (₩) | Dec. 31, 2015KRW (₩) | |
Disclosure of general information [Line Items] | |||
Number of associates and joint ventures | Entity | 111 | ||
Number of operational steel plants | Steel_Plant | 2 | ||
Increase in ownership interests in subsidiaries | ₩ 163,707 | ₩ (7,894) | ₩ 1,155,254 |
Dividends paid by subsidiaries | 70,087 | 75,830 | ₩ 437,194 |
POSCO ENGINEERING & CONSTRUCTION., LTD., PT PEN INDONESIA and others [member] | |||
Disclosure of general information [Line Items] | |||
Increase in ownership interests in subsidiaries | ₩ 16,288 | ||
POSCO processing &service and others [member] | |||
Disclosure of general information [Line Items] | |||
Increase in ownership interests in subsidiaries | ₩ 8,650 | ||
Domestic [member] | |||
Disclosure of general information [Line Items] | |||
Number of subsidiaries | Entity | 40 | ||
Foreign [member] | |||
Disclosure of general information [Line Items] | |||
Number of subsidiaries | Entity | 139 | ||
Number of operational offices | Office | 6 | ||
Korea [member] | |||
Disclosure of general information [Line Items] | |||
Number of operational offices | Office | 1 |
General Information - POSCO's S
General Information - POSCO's Shareholders (Detail) - ₩ / shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of details of shareholders [Line Items] | |||
Number of shares | 87,186,835 | 87,186,835 | 87,186,835 |
Ownership (%) | 100.00% | ||
Number of shares represented by ADRs | 0.25 | ||
Common share par value | ₩ 5,000 | ₩ 5,000 | |
National Pension Service [Member] | |||
Disclosure of details of shareholders [Line Items] | |||
Number of shares | 9,660,885 | ||
Ownership (%) | 11.08% | ||
Nippon Steel & Sumitomo Metal Corporation [Member] | |||
Disclosure of details of shareholders [Line Items] | |||
Number of shares | 2,894,712 | ||
Ownership (%) | 3.32% | ||
BlackRock Institutional Trust Company, N.A. [Member] | |||
Disclosure of details of shareholders [Line Items] | |||
Number of shares | 2,483,875 | ||
Ownership (%) | 2.85% | ||
KB Financial Group Inc. and subsidiaries [Member] | |||
Disclosure of details of shareholders [Line Items] | |||
Number of shares | 1,919,361 | ||
Ownership (%) | 2.20% | ||
Government Of Singapore Investment Corp Private Limited [Member] | |||
Disclosure of details of shareholders [Line Items] | |||
Number of shares | 1,934,312 | ||
Ownership (%) | 2.22% | ||
Other [Member] | |||
Disclosure of details of shareholders [Line Items] | |||
Number of shares | 68,293,690 | ||
Ownership (%) | 78.33% |
General Information - Details o
General Information - Details of Consolidated Subsidiaries (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
POSCO COATED STEEL (THAILAND) CO., LTD. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Automotive steel sheet manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Thailand | |
POSCO COATED STEEL (THAILAND) CO., LTD. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Daewoo Amara Company Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Real estate development | |
Ownership (%) | 85.00% | 98.54% |
Region | Myanmar | |
Daewoo Amara Company Limited [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 85.00% | 98.54% |
Daewoo Power and Infra (PTY) Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Electricity | |
Ownership (%) | 100.00% | 100.00% |
Region | South Africa | |
Daewoo Power and Infra (PTY) Limited [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSMATE-CHINA CO., LTD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Business facility maintenance | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
POSMATE-CHINA CO., LTD [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Daewoo Precious Resources Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Resources development | |
Ownership (%) | 70.00% | 70.00% |
Region | Myanmar | |
Daewoo Precious Resources Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 70.00% | 70.00% |
POSCO-Mexico Villagran Wire-rod Processing Center [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 66.75% | 66.75% |
Region | Mexico | |
POSCO-Mexico Villagran Wire-rod Processing Center [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 56.75% | 56.75% |
POSCO-Mexico Villagran Wire-rod Processing Center [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | 10.00% |
POSCO-CDSFC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel structure manufacturing | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
POSCO-CDSFC [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 50.20% | 50.20% |
POSCO-CDSFC [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 49.80% | 49.80% |
POSCO ChengDu Processing Center [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 43.00% | 43.00% |
Region | China | |
POSCO ChengDu Processing Center [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 33.00% | 33.00% |
POSCO ChengDu Processing Center [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | 10.00% |
POSCO SUZHOU [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
POSCO SUZHOU [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 30.00% | 30.00% |
POSCO SUZHOU [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 70.00% | 70.00% |
POSCO E&C SMART S DE RL DE CV [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Civil engineering and construction | |
Ownership (%) | 100.00% | 100.00% |
Region | Mexico | |
POSCO E&C SMART S DE RL DE CV [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO Philippine Manila Processing Center, Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Philippines | |
POSCO Philippine Manila Processing Center, Inc. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO E&C HOLDINGS CO., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Holding company | |
Ownership (%) | 100.00% | 100.00% |
Region | Thailand | |
POSCO E&C HOLDINGS CO., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO E&C (THAILAND) CO., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Construction and engineering | |
Ownership (%) | 100.00% | 100.00% |
Region | Thailand | |
POSCO E&C (THAILAND) CO., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
DAEWOO POWER PNG Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Electricity production | |
Ownership (%) | 100.00% | 100.00% |
Region | Papua New Guinea | |
DAEWOO POWER PNG Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
PT.Krakatau Posco Social Enterprise [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Social enterprise | |
Ownership (%) | 100.00% | 100.00% |
Region | Indonesia | |
PT.Krakatau Posco Social Enterprise [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Ventanas Philippines Construction Inc [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Construction | |
Ownership (%) | 100.00% | 100.00% |
Region | Philippines | |
Ventanas Philippines Construction Inc [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO E&C Mongolia [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Construction and engineering service | |
Ownership (%) | 100.00% | 100.00% |
Region | Mongolia | |
POSCO E&C Mongolia [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO Gulf SFC LLC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 97.76% | 81.93% |
Region | United Arab Emirates | |
POSCO Gulf SFC LLC [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 97.76% | 81.93% |
SANPU TRADING Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Raw material trading | |
Ownership (%) | 70.00% | 70.00% |
Region | China | |
SANPU TRADING Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 70.00% | 70.00% |
Zhangjiagang BLZ Pohang International Trading [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel Intermediate trade | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Zhangjiagang BLZ Pohang International Trading [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO MESDC S.A. DE C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Logistics & Steel sales | |
Ownership (%) | 56.80% | 56.80% |
Region | Mexico | |
POSCO MESDC S.A. DE C.V. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 56.80% | 56.80% |
POSCO ICT-China [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | IT service and DVR business | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
POSCO ICT-China [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Pos-Sea Pte Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel Intermediate trade | |
Ownership (%) | 100.00% | 67.54% |
Region | Singapore | |
Pos-Sea Pte Ltd [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 67.54% |
POSCO Europe Steel Distribution Center [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Logistics & Steel sales | |
Ownership (%) | 70.00% | 70.00% |
Region | Slovenia | |
POSCO Europe Steel Distribution Center [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 50.00% | 50.00% |
POSCO Europe Steel Distribution Center [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 20.00% | 20.00% |
POSCO ENGINEERING (THAILAND) CO., LTD. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Construction and engineering service | |
Ownership (%) | 100.00% | 100.00% |
Region | Thailand | |
POSCO ENGINEERING (THAILAND) CO., LTD. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO VST Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Stainless steel sheet manufacturing and sales | |
Ownership (%) | 95.65% | 95.65% |
Region | Vietnam | |
POSCO VST Co., Ltd. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 95.65% | 95.65% |
POSCO Maharashtra Steel Private Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | India | |
POSCO Maharashtra Steel Private Limited [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO India Chennai Steel Processing Center Pvt.Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 95.32% | 100.00% |
Region | India | |
POSCO India Chennai Steel Processing Center Pvt.Ltd. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 93.34% | 100.00% |
POSCO India Chennai Steel Processing Center Pvt.Ltd. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 1.98% | |
POSCO TNPC Otomotiv Celik San. Ve Tic. A.S [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Turkey | |
POSCO TNPC Otomotiv Celik San. Ve Tic. A.S [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO VIETNAM HOLDINGS CO., LTD (formerly, POSCO VNPC Co., Ltd.) [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 88.83% | 70.00% |
Region | Vietnam | |
POSCO VIETNAM HOLDINGS CO., LTD (formerly, POSCO VNPC Co., Ltd.) [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 83.54% | 70.00% |
POSCO VIETNAM HOLDINGS CO., LTD (formerly, POSCO VNPC Co., Ltd.) [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 5.29% | |
POSCO(Liaoning) Automotive [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
POSCO(Liaoning) Automotive [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 90.00% | 90.00% |
POSCO(Liaoning) Automotive [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | 10.00% |
POSCO-Indonesia Jakarta Processing Center [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 85.00% | 85.00% |
Region | Indonesia | |
POSCO-Indonesia Jakarta Processing Center [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 65.00% | 65.00% |
POSCO-Indonesia Jakarta Processing Center [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 20.00% | 20.00% |
POSCO E&C VENEZUELA C.A. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Civil engineering and construction | |
Ownership (%) | 100.00% | 100.00% |
Region | Venezuela | |
POSCO E&C VENEZUELA C.A. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
PT.MRI [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Mine development | |
Ownership (%) | 65.00% | 65.00% |
Region | Indonesia | |
PT.MRI [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 65.00% | 65.00% |
POSCO TMC INDIA PRIVATE LIMITED [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | India | |
POSCO TMC INDIA PRIVATE LIMITED [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO-AAPC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 97.80% | 97.80% |
Region | USA | |
POSCO-AAPC [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 97.80% | 97.80% |
PT PEN INDONESIA [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Construction | |
Ownership (%) | 100.00% | 100.00% |
Region | Indonesia | |
PT PEN INDONESIA [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO(Yantai)Automotive Processing Center Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
POSCO(Yantai)Automotive Processing Center Co., Ltd. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 90.00% | 90.00% |
POSCO(Yantai)Automotive Processing Center Co., Ltd. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | 10.00% |
POSCO India Steel Distribution Center Private Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel logistics | |
Ownership (%) | 100.00% | 100.00% |
Region | India | |
POSCO India Steel Distribution Center Private Ltd [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO China Dalian Plate Processing Center Co, Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Plate manufacturing and sales | |
Ownership (%) | 90.00% | 90.00% |
Region | China | |
POSCO China Dalian Plate Processing Center Co, Ltd [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 80.00% | 80.00% |
POSCO China Dalian Plate Processing Center Co, Ltd [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | 10.00% |
POSCO-South Asia Company Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Thailand | |
POSCO-South Asia Company Limited [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO SS-VINA Co., Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Vietnam | |
POSCO SS-VINA Co., Ltd [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
PT.POSCO ICT INDONESIA [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | IT service and electric control engineering | |
Ownership (%) | 66.99% | 66.99% |
Region | Indonesia | |
PT.POSCO ICT INDONESIA [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 66.99% | 66.99% |
POSCO NCR Coal Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Coal sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Canada | |
POSCO NCR Coal Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO WA PTY LTD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Iron ore sales & mine development | |
Ownership (%) | 100.00% | 100.00% |
Region | Australia | |
POSCO WA PTY LTD [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO Engineering and Construction - UZ [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Civil engineering and construction | |
Ownership (%) | 100.00% | 100.00% |
Region | Uzbekistan | |
POSCO Engineering and Construction - UZ [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO AUSTRALIA GP PTY LIMITED [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Resource development | |
Ownership (%) | 100.00% | 100.00% |
Region | Australia | |
POSCO AUSTRALIA GP PTY LIMITED [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO DAEWOO POWER (PNGPOM) LTD. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Electricity production | |
Ownership (%) | 100.00% | 100.00% |
Region | Papua New Guinea | |
POSCO DAEWOO POWER (PNGPOM) LTD. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
PT. Krakatau Posco Energy [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Electricity production construction and operation | |
Ownership (%) | 90.00% | 90.00% |
Region | Indonesia | |
PT. Krakatau Posco Energy [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 90.00% | 90.00% |
POSCO DAEWOO AMERICA CORP. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | USA | |
POSCO DAEWOO AMERICA CORP. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO DAEWOO DEUTSCHLAND GMBH [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | Germany | |
POSCO DAEWOO DEUTSCHLAND GMBH [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO DAEWOO JAPAN Corp [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | Japan | |
POSCO DAEWOO JAPAN Corp [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO DAEWOO SINGAPORE PTE LTD. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | Singapore | |
POSCO DAEWOO SINGAPORE PTE LTD. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO DAEWOO ITALIA S.R.L. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | Italy | |
POSCO DAEWOO ITALIA S.R.L. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO DAEWOO CHINA CO., LTD. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
POSCO DAEWOO CHINA CO., LTD. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Daewoo Textile LLC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Textile manufacturing | |
Ownership (%) | 100.00% | 100.00% |
Region | Uzbekistan | |
Daewoo Textile LLC [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO DAEWOO AUSTRALIA HOLDINGS PTY. LTD. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Resource development | |
Ownership (%) | 100.00% | 100.00% |
Region | Australia | |
POSCO DAEWOO AUSTRALIA HOLDINGS PTY. LTD. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO MAURITIUS LIMITED [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Coal development and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Mauritius | |
POSCO MAURITIUS LIMITED [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
PT. KRAKATAU POSCO [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 70.00% | 70.00% |
Region | Indonesia | |
PT. KRAKATAU POSCO [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 70.00% | 70.00% |
POSCO DAEWOO MEXICO S.A. DE C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | Mexico | |
POSCO DAEWOO MEXICO S.A. DE C.V. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Zhangjiagang Pohang Stainless Steel Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Refractory materials sales & furnace maintenance | |
Ownership (%) | 51.00% | |
Region | China | |
Zhangjiagang Pohang Stainless Steel Co., Ltd. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 51.00% | |
Zhangjigang Pohang Port Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 51.00% | |
Daewoo International Guangzhou Corp. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Daewoo International Guangzhou Corp. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO DAEWOO MALAYSIA SDN BHD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | Malaysia | |
POSCO DAEWOO MALAYSIA SDN BHD [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
PT.POSCO-Indonesia Inti [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Mine development | |
Ownership (%) | 99.99% | 99.99% |
Region | Indonesia | |
PT.POSCO-Indonesia Inti [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 99.99% | 99.99% |
POSCO DAEWOO SHANGHAI CO., LTD. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
POSCO DAEWOO SHANGHAI CO., LTD. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
PGSF, L.P. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Investment in bio tech Industry | |
Ownership (%) | 100.00% | 100.00% |
Region | USA | |
PGSF, L.P. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO DAEWOO INDIA PVT., LTD. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | India | |
POSCO DAEWOO INDIA PVT., LTD. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO(Dalian) IT Center Development Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Real estate development and investment | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
POSCO(Dalian) IT Center Development Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
PT. POSCO E&C INDONESIA [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Civil engineering and construction | |
Ownership (%) | 100.00% | 100.00% |
Region | Indonesia | |
PT. POSCO E&C INDONESIA [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
HUME COAL PTY LTD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Raw material manufacturing | |
Ownership (%) | 100.00% | 100.00% |
Region | Australia | |
HUME COAL PTY LTD [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Brazil Sao Paulo Steel Processing Center [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 76.00% | 76.00% |
Region | Brazil | |
Brazil Sao Paulo Steel Processing Center [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 76.00% | 76.00% |
DAESAN (CAMBODIA) Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Real estate development and investment | |
Ownership (%) | 100.00% | 100.00% |
Region | Cambodia | |
DAESAN (CAMBODIA) Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Construction | |
Ownership (%) | 100.00% | 100.00% |
Region | Brazil | |
POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
POSCO ASSAN TST STEEL INDUSTRY [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 70.00% | 70.00% |
Region | Turkey | |
POSCO ASSAN TST STEEL INDUSTRY [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 60.00% | 60.00% |
POSCO ASSAN TST STEEL INDUSTRY [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | 10.00% |
HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Real estate development and investment | |
Ownership (%) | 100.00% | 100.00% |
Region | Hong Kong | |
HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Golden Lace DAEWOO Company Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Rice processing | |
Ownership (%) | 60.00% | |
Region | Myanmar | |
Golden Lace DAEWOO Company Limited [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 60.00% | |
POSCO RU Limited Liability Company [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trade and business development | |
Ownership (%) | 100.00% | |
Region | Russia | |
POSCO RU Limited Liability Company [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
POSCO DAEWOO UKRAINE LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Grain sales | |
Ownership (%) | 100.00% | |
Region | Ukraine | |
POSCO DAEWOO UKRAINE LLC [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
KIS Devonian Canada Corporation [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Petroleum gas extraction | |
Ownership (%) | 100.00% | |
Region | Canada | |
KIS Devonian Canada Corporation [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
POSEC Hawaii, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Real estate Industry | |
Ownership (%) | 100.00% | |
Region | USA | |
POSEC Hawaii, Inc. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
POSCO India Delhi Steel Processing Center Private Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 76.40% | |
Region | India | |
POSCO India Delhi Steel Processing Center Private Limited [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 66.40% | |
POSCO India Delhi Steel Processing Center Private Limited [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | |
USA-SRDC [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Scrap sales | |
Ownership (%) | 100.00% | |
Region | USA | |
USA-SRDC [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
POSCO-Vietnam Processing Center Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 92.05% | |
Region | Vietnam | |
POSCO-Vietnam Processing Center Co., Ltd. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 87.07% | |
POSCO-Vietnam Processing Center Co., Ltd. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 4.98% | |
POSCO MAPC SA DE CV [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Automotive steel sheet manufacturing and sales | |
Ownership (%) | 100.00% | |
Region | Mexico | |
POSCO MAPC SA DE CV [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 80.00% | |
POSCO MAPC SA DE CV [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 20.00% | |
Yingkou Puxiang Trade Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Refractory quality test & import and export | |
Ownership (%) | 100.00% | |
Region | China | |
Yingkou Puxiang Trade Co., Ltd. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
SANTOS CMI Guatemala S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Construction and engineering service | |
Ownership (%) | 100.00% | |
Region | Guatemala | |
SANTOS CMI Guatemala S.A. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
POSCO India Ahmedabad Steel Processing Center Pvt.Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | |
Region | India | |
POSCO India Ahmedabad Steel Processing Center Pvt.Ltd. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
COINSA INGENIERIA Y PETROQUIMICA S.R.L [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Construction | |
Ownership (%) | 50.00% | |
Region | Bolivia | |
COINSA INGENIERIA Y PETROQUIMICA S.R.L [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 50.00% | |
POSCO Vietnam Holdings Co., LTD. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Holding company | |
Ownership (%) | 100.00% | |
Region | Vietnam | |
POSCO Vietnam Holdings Co., LTD. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 79.28% | |
POSCO Vietnam Holdings Co., LTD. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 20.72% | |
Kwanika Copper Corporation [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Resources development | |
Ownership (%) | 100.00% | |
Region | Canada | |
Kwanika Copper Corporation [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
Chongqing POSCO CISL Automotive Steel Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Automotive steel sheet manufacturing and sales | |
Ownership (%) | 51.00% | |
Region | China | |
Chongqing POSCO CISL Automotive Steel Co., Ltd. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 51.00% | |
POSCO YongXin Rare Earth Metal Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Magnet material manufacturing and sales | |
Ownership (%) | 51.60% | |
Region | China | |
POSCO YongXin Rare Earth Metal Co., Ltd. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 51.60% | |
PT. POSCO MTECH INDONESIA [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steelmaking materials manufacturing and sales | |
Ownership (%) | 99.98% | |
Region | Indonesia | |
PT. POSCO MTECH INDONESIA [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 99.98% | |
POSCO (Zhangjiagang) STS Processing Center Co., Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | |
Region | China | |
POSCO (Zhangjiagang) STS Processing Center Co., Ltd [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
EPC EQUITIES LLP [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Engineering, procurement and construction | |
Ownership (%) | 80.00% | |
Region | England | |
EPC EQUITIES LLP [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 80.00% | |
SANTOS CMI CONSTRUCTION TRADING LLP [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Engineering, procurement and construction | |
Ownership (%) | 99.90% | |
Region | England | |
SANTOS CMI CONSTRUCTION TRADING LLP [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 99.90% | |
SANTOS CMI INC. USA [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Engineering, procurement and construction | |
Ownership (%) | 100.00% | |
Region | USA | |
SANTOS CMI INC. USA [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
SANTOS CMI ENGENHARIA E CONSTRUCOES LTDA [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Engineering, procurement and construction | |
Ownership (%) | 99.98% | |
Region | Brazil | |
SANTOS CMI ENGENHARIA E CONSTRUCOES LTDA [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 99.98% | |
SANTOS CMI PERU S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Engineering, procurement and construction | |
Ownership (%) | 99.99% | |
Region | Peru | |
SANTOS CMI PERU S.A. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 99.99% | |
SANTOS CMI CONSTRUCCIONES S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Engineering, procurement and construction | |
Ownership (%) | 100.00% | |
Region | Uruguay | |
SANTOS CMI CONSTRUCCIONES S.A. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
GENTECH INTERNATIONAL INC. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Engineering, procurement and construction | |
Ownership (%) | 90.00% | |
Region | Panama | |
GENTECH INTERNATIONAL INC. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 90.00% | |
SANTOS CMI S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Engineering, procurement and construction | |
Ownership (%) | 80.00% | |
Region | Ecuador | |
SANTOS CMI S.A. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 80.00% | |
SANTOS CMI CONSTRUCCIONES DE CHILE S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Engineering, procurement and construction | |
Ownership (%) | 99.00% | |
Region | Chile | |
SANTOS CMI CONSTRUCCIONES DE CHILE S.A. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 99.00% | |
COMPANIADEAUTOMATIZACION &CONTROL, GENESYS S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Engineering, procurement and construction | |
Ownership (%) | 90.00% | |
Region | Ecuador | |
COMPANIADEAUTOMATIZACION &CONTROL, GENESYS S.A. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 90.00% | |
POSCO Electrical Steel India Private Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Electrical steel manufacturing and sales | |
Ownership (%) | 100.00% | |
Region | India | |
POSCO Electrical Steel India Private Limited [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
POSCO Research & Technology [Member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
Domestic [member] | POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Engineering and construction | |
Ownership (%) | 52.80% | 52.80% |
Region | Pohang | |
Domestic [member] | POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 52.80% | 52.80% |
Domestic [member] | POSCO Processing & Service [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel sales and trading | |
Ownership (%) | 94.40% | 94.40% |
Region | Seoul | |
Domestic [member] | POSCO Processing & Service [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 93.95% | 93.95% |
Domestic [member] | POSCO Processing & Service [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 0.45% | 0.45% |
Domestic [member] | POSCO COATED & COLOR STEEL Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Coated steel manufacturing | |
Ownership (%) | 56.87% | 56.87% |
Region | Pohang | |
Domestic [member] | POSCO COATED & COLOR STEEL Co., Ltd. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 56.87% | 56.87% |
Domestic [member] | POSCO ICT [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Computer hardware and software distribution | |
Ownership (%) | 65.38% | 65.38% |
Region | Pohang | |
Domestic [member] | POSCO ICT [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 65.38% | 65.38% |
Domestic [member] | POSCO Research Institute [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Economic research and consulting | |
Ownership (%) | 100.00% | 100.00% |
Region | Seoul | |
Domestic [member] | POSCO Research Institute [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | POSMATE [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Business facility maintenance | |
Ownership (%) | 100.00% | 68.30% |
Region | Seoul | |
Domestic [member] | POSMATE [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 83.83% | 57.25% |
Domestic [member] | POSMATE [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 16.17% | 11.05% |
Domestic [member] | POSCO A&C [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Architecture and consulting | |
Ownership (%) | 100.00% | 100.00% |
Region | Seoul | |
Domestic [member] | POSCO A&C [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | POSCO Venture Capital Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Investment in venture companies | |
Ownership (%) | 95.00% | 95.00% |
Region | Pohang | |
Domestic [member] | POSCO Venture Capital Co., Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 95.00% | 95.00% |
Domestic [member] | eNtoB Corporation [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Electronic commerce | |
Ownership (%) | 61.13% | 61.13% |
Region | Seoul | |
Domestic [member] | eNtoB Corporation [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 7.50% | 7.50% |
Domestic [member] | eNtoB Corporation [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 53.63% | 53.63% |
Domestic [member] | POSCO CHEMTECH [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Refractories manufacturing and sales | |
Ownership (%) | 60.00% | 60.00% |
Region | Pohang | |
Domestic [member] | POSCO CHEMTECH [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 60.00% | 60.00% |
Domestic [member] | POSCO-Terminal Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Transporting and warehousing | |
Ownership (%) | 51.00% | 51.00% |
Region | Gwangyang | |
Domestic [member] | POSCO-Terminal Co., Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 51.00% | 51.00% |
Domestic [member] | POSCO M-TECH [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Packing materials manufacturing and sales | |
Ownership (%) | 48.85% | 48.85% |
Region | Pohang | |
Domestic [member] | POSCO M-TECH [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 48.85% | 48.85% |
Domestic [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Generation of electricity | |
Ownership (%) | 89.02% | 89.02% |
Region | Seoul | |
Domestic [member] | POSCO ENERGY CO., LTD. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 89.02% | 89.02% |
Domestic [member] | POSCO NIPPON STEEL RHF JOINT VENTURE. CO., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel byproduct manufacturing and sales | |
Ownership (%) | 70.00% | 70.00% |
Region | Pohang | |
Domestic [member] | POSCO NIPPON STEEL RHF JOINT VENTURE. CO., Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 70.00% | 70.00% |
Domestic [member] | MegaAsset Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Real estate rental and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Incheon | |
Domestic [member] | MegaAsset Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | Future Creation Fund Postech Early Stage account [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Investment in venture companies | |
Ownership (%) | 40.00% | 40.00% |
Region | Seoul | |
Domestic [member] | Future Creation Fund Postech Early Stage account [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 40.00% | 40.00% |
Domestic [member] | POSCO WOMAN'S FUND [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Investment in venture companies | |
Ownership (%) | 40.00% | 40.00% |
Region | Seoul | |
Domestic [member] | POSCO WOMAN'S FUND [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 40.00% | 40.00% |
Domestic [member] | Pospower Co Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Generation of electricity | |
Ownership (%) | 100.00% | 100.00% |
Region | Samcheok | |
Domestic [member] | Pospower Co Ltd [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | Songdo Posco Family housing [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | House manufacturing and management | |
Ownership (%) | 100.00% | 100.00% |
Region | Incheon | |
Domestic [member] | Songdo Posco Family housing [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | Posco Group University [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Education service and real estate business | |
Ownership (%) | 100.00% | 100.00% |
Region | Incheon | |
Domestic [member] | Posco Group University [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | HOTEL LAONZENA [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Hotel business | |
Ownership (%) | 100.00% | 100.00% |
Region | Daegu | |
Domestic [member] | HOTEL LAONZENA [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | Growth Ladder POSCO K-Growth Global Fund [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Investment in venture companies | |
Ownership (%) | 50.00% | 50.00% |
Region | Pohang | |
Domestic [member] | Growth Ladder POSCO K-Growth Global Fund [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 50.00% | 50.00% |
Domestic [member] | 2015 POSCO New technology II Fund [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Investment in venture companies | |
Ownership (%) | 25.00% | 25.00% |
Region | Pohang | |
Domestic [member] | 2015 POSCO New technology II Fund [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 25.00% | 25.00% |
Domestic [member] | POCA STEM Co., Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Stem cell medicine development | |
Ownership (%) | 100.00% | 100.00% |
Region | Seoul | |
Domestic [member] | POCA STEM Co., Ltd [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | Posco e&c Songdo International Building [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Non-residential building rental | |
Ownership (%) | 100.00% | 100.00% |
Region | Seoul | |
Domestic [member] | Posco e&c Songdo International Building [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | POSCO ES MATERIALS CO., LTD. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Secondary and storage battery manufacturing | |
Ownership (%) | 75.32% | 75.32% |
Region | Gumi | |
Domestic [member] | POSCO ES MATERIALS CO., LTD. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 75.32% | 75.32% |
Domestic [member] | Poscoene [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Refuse derived fuel and power generation | |
Ownership (%) | 100.00% | 100.00% |
Region | Seoul | |
Domestic [member] | Poscoene [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | POSCO Humans [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Construction | |
Ownership (%) | 90.30% | 90.30% |
Region | Pohang | |
Domestic [member] | POSCO Humans [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 90.30% | 90.30% |
Domestic [member] | Mapo Hibroad Parking co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Construction | |
Ownership (%) | 71.00% | 70.99% |
Region | Seoul | |
Domestic [member] | Mapo Hibroad Parking co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 71.00% | 70.99% |
Domestic [member] | BLUE O&M Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Engineering service | |
Ownership (%) | 100.00% | 100.00% |
Region | Pohang | |
Domestic [member] | BLUE O&M Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | Busan E&E Co,. Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Refuse derived fuel and power generation | |
Ownership (%) | 70.00% | 70.00% |
Region | Busan | |
Domestic [member] | Busan E&E Co,. Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 70.00% | 70.00% |
Domestic [member] | POSCO Family Strategy Fund [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Investment in venture companies | |
Ownership (%) | 100.00% | 100.00% |
Region | Pohang | |
Domestic [member] | POSCO Family Strategy Fund [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 69.91% | 69.91% |
Domestic [member] | POSCO Family Strategy Fund [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 30.09% | 30.09% |
Domestic [member] | POSCO DAEWOO Corporation [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading, energy & resource development and others | |
Ownership (%) | 62.94% | 60.31% |
Region | Seoul | |
Domestic [member] | POSCO DAEWOO Corporation [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 62.90% | 60.31% |
Domestic [member] | POSCO DAEWOO Corporation [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 0.04% | |
Domestic [member] | Pohang Scrap Recycling Distribution Center Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel processing and sales | |
Ownership (%) | 51.00% | 51.00% |
Region | Pohang | |
Domestic [member] | Pohang Scrap Recycling Distribution Center Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 51.00% | 51.00% |
Domestic [member] | PSC Energy Global Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Investment in energy industry | |
Ownership (%) | 100.00% | 100.00% |
Region | Pohang | |
Domestic [member] | PSC Energy Global Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | Suncheon Eco Trans Co., Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Train manufacturing and management | |
Ownership (%) | 100.00% | 100.00% |
Region | Suncheon | |
Domestic [member] | Suncheon Eco Trans Co., Ltd [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Domestic [member] | Kyobo Securities Bond Plus 6M Professional Private Equity Trust W-2 [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Private equity trust | |
Ownership (%) | 97.47% | |
Region | Seoul | |
Domestic [member] | Kyobo Securities Bond Plus 6M Professional Private Equity Trust W-2 [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 97.47% | |
Domestic [member] | Kyobo Securities Bond Plus 6M Professional Private Equity Trust W-5 [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Private equity trust | |
Ownership (%) | 99.67% | |
Region | Seoul | |
Domestic [member] | Kyobo Securities Bond Plus 6M Professional Private Equity Trust W-5 [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 99.67% | |
Domestic [member] | Mirae Asset Smart Q Sigma 2.0 Professional Private Equity Trust [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Private equity trust | |
Ownership (%) | 99.01% | |
Region | Seoul | |
Domestic [member] | Mirae Asset Smart Q Sigma 2.0 Professional Private Equity Trust [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 99.01% | |
Domestic [member] | IT Engineering CO. Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Automotive engineering service | |
Ownership (%) | 17.00% | |
Region | Seoul | |
Domestic [member] | IT Engineering CO. Ltd [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 17.00% | |
Domestic [member] | POSCO Engineering CO., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Construction and engineering service | |
Ownership (%) | 95.56% | |
Region | Incheon | |
Domestic [member] | POSCO Engineering CO., Ltd. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 95.56% | |
Domestic [member] | POSCO Research & Technology [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Intellectual Property Services and consulting | |
Ownership (%) | 100.00% | |
Region | Seoul | |
Domestic [member] | POSCO Research & Technology [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | |
Foreign [member] | POSCO America Corporation [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel trading | |
Ownership (%) | 100.00% | 100.00% |
Region | USA | |
Foreign [member] | POSCO America Corporation [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 99.45% | 99.45% |
Foreign [member] | POSCO America Corporation [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 0.55% | 0.55% |
Foreign [member] | POSCO AUSTRALIA PTY LTD [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Raw material sales & mine development | |
Ownership (%) | 100.00% | 100.00% |
Region | Australia | |
Foreign [member] | POSCO AUSTRALIA PTY LTD [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO Canada Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Coal sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Canada | |
Foreign [member] | POSCO Canada Ltd. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO Asia Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel and raw material trading | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | POSCO Asia Co., Ltd. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO-CTPC Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | POSCO-CTPC Co., Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 56.60% | 56.60% |
Foreign [member] | POSCO-CTPC Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 43.40% | 43.40% |
Foreign [member] | POSCO E&C Vietnam Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel structure manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Vietnam | |
Foreign [member] | POSCO E&C Vietnam Co., Ltd. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | Zhangjiagang Pohang Stainless Steel Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Stainless steel manufacturing and sales | |
Ownership (%) | 82.48% | 82.48% |
Region | China | |
Foreign [member] | Zhangjiagang Pohang Stainless Steel Co., Ltd. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 58.60% | 58.60% |
Foreign [member] | Zhangjiagang Pohang Stainless Steel Co., Ltd. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 23.88% | 23.88% |
Foreign [member] | POSCO(Guangdong) Coated Steel Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Plating steel sheet manufacturing and sales | |
Ownership (%) | 97.08% | 97.08% |
Region | China | |
Foreign [member] | POSCO(Guangdong) Coated Steel Co., Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 87.04% | 87.04% |
Foreign [member] | POSCO(Guangdong) Coated Steel Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.04% | 10.04% |
Foreign [member] | POSCO (Thailand) Company Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Thailand | |
Foreign [member] | POSCO (Thailand) Company Limited [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 88.58% | 85.62% |
Foreign [member] | POSCO (Thailand) Company Limited [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 11.42% | 14.38% |
Foreign [member] | Myanmar POSCO Steel Co., Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Zinc relief manufacturing and sales | |
Ownership (%) | 70.00% | 70.00% |
Region | Myanmar | |
Foreign [member] | Myanmar POSCO Steel Co., Ltd [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 70.00% | 70.00% |
Foreign [member] | POSCO-MKPC SDN BHD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 70.00% | 70.00% |
Region | Malaysia | |
Foreign [member] | POSCO-MKPC SDN BHD [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 44.69% | 44.69% |
Foreign [member] | POSCO-MKPC SDN BHD [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 25.31% | 25.31% |
Foreign [member] | Qingdao Pohang Stainless Steel Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Stainless steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | Qingdao Pohang Stainless Steel Co., Ltd. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 70.00% | 70.00% |
Foreign [member] | Qingdao Pohang Stainless Steel Co., Ltd. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 30.00% | 30.00% |
Foreign [member] | POSCO(Suzhou) Automotive Processing Center Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | POSCO(Suzhou) Automotive Processing Center Co., Ltd. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 90.00% | 90.00% |
Foreign [member] | POSCO(Suzhou) Automotive Processing Center Co., Ltd. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | 10.00% |
Foreign [member] | POSCO-China Qingdao Processing Center Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | POSCO-China Qingdao Processing Center Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POS-ORE PTY LTD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Iron ore sales and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Australia | |
Foreign [member] | POS-ORE PTY LTD [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO-China Holding Corp. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Holding company | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | POSCO-China Holding Corp. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO JAPAN Co., Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel trading | |
Ownership (%) | 100.00% | 100.00% |
Region | Japan | |
Foreign [member] | POSCO JAPAN Co., Ltd. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POS-CD PTY LTD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Coal sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Australia | |
Foreign [member] | POS-CD PTY LTD [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POS-GC PTY LTD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Coal sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Australia | |
Foreign [member] | POS-GC PTY LTD [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO-India Private Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 99.99% | 99.99% |
Region | India | |
Foreign [member] | POSCO-India Private Limited [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 99.99% | 99.99% |
Foreign [member] | POSCO-India Pune Processing Center. Pvt. Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 65.00% | 65.00% |
Region | India | |
Foreign [member] | POSCO-India Pune Processing Center. Pvt. Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 65.00% | 65.00% |
Foreign [member] | POSCO Japan PC CO., LTD. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 86.12% | 86.12% |
Region | Japan | |
Foreign [member] | POSCO Japan PC CO., LTD. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 86.12% | 86.12% |
Foreign [member] | POSCO-CFPC Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | POSCO-CFPC Co., Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 39.60% | 39.60% |
Foreign [member] | POSCO-CFPC Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 60.40% | 60.40% |
Foreign [member] | POSCO E&C CHINA Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Civil engineering and construction | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | POSCO E&C CHINA Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO MPPC S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 96.31% | 95.00% |
Region | Mexico | |
Foreign [member] | POSCO MPPC S.A. de C.V. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 21.02% | |
Foreign [member] | POSCO MPPC S.A. de C.V. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 75.29% | 95.00% |
Foreign [member] | Zhangjigang Pohang Port Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Loading and unloading service | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | Zhangjigang Pohang Port Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO-VIETNAM Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Vietnam | |
Foreign [member] | POSCO-VIETNAM Co., Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO MEXICO S.A. DE C.V. [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Automotive steel sheet manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Mexico | |
Foreign [member] | POSCO MEXICO S.A. DE C.V. [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 84.84% | 84.84% |
Foreign [member] | POSCO MEXICO S.A. DE C.V. [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 15.16% | 15.16% |
Foreign [member] | POSCAN Elkview [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Coal sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Canada | |
Foreign [member] | POSCAN Elkview [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO-Poland Wroclaw Processing Center Sp. z o. o. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 60.00% | 60.00% |
Region | Poland | |
Foreign [member] | POSCO-Poland Wroclaw Processing Center Sp. z o. o. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 60.00% | 60.00% |
Foreign [member] | POS-NP PTY LTD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Coal sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Australia | |
Foreign [member] | POS-NP PTY LTD [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO RUS LLC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading and business development | |
Ownership (%) | 100.00% | 100.00% |
Region | Russia | |
Foreign [member] | POSCO RUS LLC [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 90.00% | 90.00% |
Foreign [member] | POSCO RUS LLC [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | 10.00% |
Foreign [member] | POSCO DAEWOO WAIGAIQIAO SHANGHAI CO., LTD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Intermediary trade & bonded warehouse operation | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | POSCO DAEWOO WAIGAIQIAO SHANGHAI CO., LTD [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | PT. Bio Inti Agrindo [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Forest resources development | |
Ownership (%) | 85.00% | 85.00% |
Region | Indonesia | |
Foreign [member] | PT. Bio Inti Agrindo [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 85.00% | 85.00% |
Foreign [member] | POSCO ENGINEERING AND CONSTRUCTION AUSTRALIA PTY LTD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Iron ore development and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | Australia | |
Foreign [member] | POSCO ENGINEERING AND CONSTRUCTION AUSTRALIA PTY LTD [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO-TISCO (JILIN) PROCESSING CENTER Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 60.00% | 60.00% |
Region | China | |
Foreign [member] | POSCO-TISCO (JILIN) PROCESSING CENTER Co., Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 50.00% | 50.00% |
Foreign [member] | POSCO-TISCO (JILIN) PROCESSING CENTER Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | 10.00% |
Foreign [member] | POSCO Thainox Public Company Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | STS cold-rolled steel manufacturing and sales | |
Ownership (%) | 84.88% | 84.93% |
Region | Thailand | |
Foreign [member] | POSCO Thainox Public Company Limited [member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 84.88% | 84.93% |
Foreign [member] | Hunchun Posco Hyundai Logistics [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Logistics | |
Ownership (%) | 80.00% | 80.00% |
Region | China | |
Foreign [member] | Hunchun Posco Hyundai Logistics [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 80.00% | 80.00% |
Foreign [member] | POSCO DAEWOO VIETNAM CO., LTD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | Vietnam | |
Foreign [member] | POSCO DAEWOO VIETNAM CO., LTD [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO(Chongqing) Automotive Processing Center Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | POSCO(Chongqing) Automotive Processing Center Co., Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 90.00% | 90.00% |
Foreign [member] | POSCO(Chongqing) Automotive Processing Center Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | 10.00% |
Foreign [member] | SUZHOU POSCO-CORE TECHNOLOGY CO., LTD. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Component manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | SUZHOU POSCO-CORE TECHNOLOGY CO., LTD. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | PT.Krakatau Posco Chemtech Calcination [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Quicklime manufacturing and sales | |
Ownership (%) | 80.00% | 80.00% |
Region | Indonesia | |
Foreign [member] | PT.Krakatau Posco Chemtech Calcination [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 80.00% | 80.00% |
Foreign [member] | POSCO AFRICA (PROPRIETARY) LIMITED [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Mine development | |
Ownership (%) | 100.00% | 100.00% |
Region | South Africa | |
Foreign [member] | POSCO AFRICA (PROPRIETARY) LIMITED [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO ICT BRASIL [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | IT service and engineering | |
Ownership (%) | 100.00% | 100.00% |
Region | Brazil | |
Foreign [member] | POSCO ICT BRASIL [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | LA-SRDC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Scrap manufacturing | |
Ownership (%) | 100.00% | 100.00% |
Region | USA | |
Foreign [member] | LA-SRDC [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | DONG FANG JIN HONG [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Real estate development, rental and management | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | DONG FANG JIN HONG [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO AMERICA COMERCIALIZADORA S DE RL DE CV [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Human resource service | |
Ownership (%) | 100.00% | 100.00% |
Region | Mexico | |
Foreign [member] | POSCO AMERICA COMERCIALIZADORA S DE RL DE CV [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO(Guangdong) Automotive Steel Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 93.64% | 93.64% |
Region | China | |
Foreign [member] | POSCO(Guangdong) Automotive Steel Co., Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 83.64% | 83.64% |
Foreign [member] | POSCO(Guangdong) Automotive Steel Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | 10.00% |
Foreign [member] | POSCO-Malaysia SDN. BHD. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 95.42% | 95.42% |
Region | Malaysia | |
Foreign [member] | POSCO-Malaysia SDN. BHD. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 81.79% | 81.79% |
Foreign [member] | POSCO-Malaysia SDN. BHD. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 13.63% | 13.63% |
Foreign [member] | PT KRAKATAU BLUE WATER [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Wastewater treatment facilities operation and maintenance | |
Ownership (%) | 67.00% | 67.00% |
Region | Indonesia | |
Foreign [member] | PT KRAKATAU BLUE WATER [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 67.00% | 67.00% |
Foreign [member] | POSCO DAEWOO MYANMAR CORPORATION LIMITED [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Trading business | |
Ownership (%) | 100.00% | 100.00% |
Region | Myanmar | |
Foreign [member] | POSCO DAEWOO MYANMAR CORPORATION LIMITED [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO-Italy Processing Center [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Stainless steel sheet manufacturing and sales | |
Ownership (%) | 90.00% | 90.00% |
Region | Italy | |
Foreign [member] | POSCO-Italy Processing Center [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 80.00% | 80.00% |
Foreign [member] | POSCO-Italy Processing Center [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 10.00% | 10.00% |
Foreign [member] | POSCO DAEWOO E&P CANADA CORPORATION [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Crude oil and natural gas mining | |
Ownership (%) | 100.00% | 100.00% |
Region | Canada | |
Foreign [member] | POSCO DAEWOO E&P CANADA CORPORATION [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | Myanmar POSCO C&C Company, Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 70.00% | 70.00% |
Region | Myanmar | |
Foreign [member] | Myanmar POSCO C&C Company, Limited [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 70.00% | 70.00% |
Foreign [member] | POSCO ICT VIETNAM [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | IT service and electric control engineering | |
Ownership (%) | 100.00% | 100.00% |
Region | Vietnam | |
Foreign [member] | POSCO ICT VIETNAM [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | Daewoo Global Development. Pte., Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Real estate development | |
Ownership (%) | 81.51% | 51.00% |
Region | Myanmar | |
Foreign [member] | Daewoo Global Development. Pte., Ltd [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 81.51% | 51.00% |
Foreign [member] | Myanmar POSCO Engineering & Construction Company, Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Construction and engineering service | |
Ownership (%) | 100.00% | 100.00% |
Region | Myanmar | |
Foreign [member] | Myanmar POSCO Engineering & Construction Company, Limited [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POS-Minerals Corporation [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Mine development management and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | USA | |
Foreign [member] | POS-Minerals Corporation [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
Foreign [member] | POSCO(Wuhu) Automotive Processing Center Co., Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Steel manufacturing and sales | |
Ownership (%) | 100.00% | 100.00% |
Region | China | |
Foreign [member] | POSCO(Wuhu) Automotive Processing Center Co., Ltd. [Member] | Posco [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 68.57% | 68.57% |
Foreign [member] | POSCO(Wuhu) Automotive Processing Center Co., Ltd. [Member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 31.43% | 31.43% |
Foreign [member] | POSCO Engineering and Construction India Private Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Principal operations | Civil engineering and construction | |
Ownership (%) | 100.00% | 100.00% |
Region | India | |
Foreign [member] | POSCO Engineering and Construction India Private Limited [member] | Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership (%) | 100.00% | 100.00% |
General Information - Details85
General Information - Details of Non-controlling Interest (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of subsidiaries [line items] | ||||
Current assets | ₩ 31,844,259 | ₩ 29,655,108 | ||
Non-current assets | 47,941,370 | 50,482,506 | ||
Current liabilities | (19,490,338) | (18,944,309) | ||
Non-current liabilities | (12,968,566) | (15,428,036) | ||
Equity | 47,326,725 | 45,765,269 | ₩ 45,013,201 | ₩ 45,257,396 |
Non-controlling interests | 3,666,334 | 3,430,441 | ||
Sales | 60,186,867 | 52,939,771 | 58,522,268 | |
Profit (loss) for the period | 2,909,311 | 1,032,065 | (116,215) | |
Profit (loss) attributable to non-controlling interests | 153,081 | (322,742) | (287,709) | |
Cash flows from operating activities | 5,607,310 | 5,269,418 | 7,601,829 | |
Cash flows from investing activities | (3,817,874) | (3,754,627) | (4,534,676) | |
Effect of exchange rate fluctuation on cash held | (58,997) | 12,611 | 23,496 | |
Net increase (decrease) in cash and cash equivalents | 164,911 | (2,423,565) | 849,048 | |
POSCO DAEWOO Corporation [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 4,483,544 | 4,038,313 | 3,930,857 | |
Non-current assets | 4,590,394 | 4,510,085 | 4,777,482 | |
Current liabilities | (4,221,443) | (3,662,811) | (3,568,714) | |
Non-current liabilities | (1,549,013) | (1,681,182) | (1,941,909) | |
Equity | 3,303,482 | 3,204,405 | 3,197,716 | |
Non-controlling interests | 1,224,303 | 1,271,750 | 1,269,096 | |
Sales | 20,891,526 | 15,417,550 | 16,890,723 | |
Profit (loss) for the period | 115,321 | 113,832 | 79,092 | |
Profit (loss) attributable to non-controlling interests | 42,739 | 45,177 | 31,390 | |
Cash flows from operating activities | 128,875 | 337,338 | 433,493 | |
Cash flows from investing activities | (86,365) | (35,054) | (74,644) | |
Cash flows from financing activities (before dividends to non-controlling interest) | (19,295) | (295,226) | (340,532) | |
Dividend to non-controlling interest | (22,597) | (22,597) | (22,597) | |
Effect of exchange rate fluctuation on cash held | (459) | 10 | 430 | |
Net increase (decrease) in cash and cash equivalents | 159 | (15,529) | (3,850) | |
PT. KRAKATAU POSCO [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 557,041 | 460,376 | 441,999 | |
Non-current assets | 2,771,504 | 3,304,292 | 3,363,935 | |
Current liabilities | (1,237,255) | (1,120,077) | (1,004,002) | |
Non-current liabilities | (1,933,247) | (2,337,612) | (2,315,554) | |
Equity | 158,043 | 306,979 | 486,378 | |
Non-controlling interests | 47,413 | 92,094 | 145,913 | |
Sales | 1,635,837 | 1,244,711 | 1,227,266 | |
Profit (loss) for the period | (117,729) | (187,151) | (398,438) | |
Profit (loss) attributable to non-controlling interests | (35,318) | (56,145) | (119,531) | |
Cash flows from operating activities | (27,817) | 45,672 | (13,595) | |
Cash flows from investing activities | (5,502) | (8,804) | (8,994) | |
Cash flows from financing activities (before dividends to non-controlling interest) | 31,782 | (36,286) | 18,886 | |
Effect of exchange rate fluctuation on cash held | (147) | 67 | 83 | |
Net increase (decrease) in cash and cash equivalents | (1,684) | 649 | (3,620) | |
POSCO CHEMTECH [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 441,325 | 397,370 | 360,812 | |
Non-current assets | 316,724 | 243,401 | 248,549 | |
Current liabilities | (145,649) | (109,016) | (106,167) | |
Non-current liabilities | (970) | (2,337) | (5,405) | |
Equity | 611,430 | 529,418 | 497,789 | |
Non-controlling interests | 244,572 | 211,767 | 199,116 | |
Sales | 1,163,918 | 1,076,455 | 1,175,272 | |
Profit (loss) for the period | 101,019 | 41,829 | 35,516 | |
Profit (loss) attributable to non-controlling interests | 40,408 | 16,732 | 14,206 | |
Cash flows from operating activities | 20,042 | 30,295 | 19,921 | |
Cash flows from investing activities | (18,699) | (42,021) | 25,318 | |
Cash flows from financing activities (before dividends to non-controlling interest) | 8 | (1,250) | 66 | |
Dividend to non-controlling interest | (7,088) | (4,726) | (4,135) | |
Effect of exchange rate fluctuation on cash held | (6) | 1 | ||
Net increase (decrease) in cash and cash equivalents | (5,743) | (17,701) | 41,170 | |
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 4,878,251 | 5,163,436 | 5,115,325 | |
Non-current assets | 2,444,616 | 1,710,398 | 1,756,367 | |
Current liabilities | (3,896,680) | (3,284,090) | (3,125,697) | |
Non-current liabilities | (833,403) | (855,791) | (768,529) | |
Equity | 2,592,784 | 2,733,953 | 2,977,466 | |
Non-controlling interests | 1,223,816 | 1,290,450 | 1,405,391 | |
Sales | 5,794,532 | 5,352,395 | 6,866,802 | |
Profit (loss) for the period | 169,011 | (760,187) | 108,895 | |
Profit (loss) attributable to non-controlling interests | 79,775 | (358,815) | 51,399 | |
Cash flows from operating activities | (84,840) | (211,182) | 434,257 | |
Cash flows from investing activities | (171,924) | (102,939) | 21,075 | |
Cash flows from financing activities (before dividends to non-controlling interest) | 150,801 | (20,953) | 69,615 | |
Dividend to non-controlling interest | (14,800) | (703) | ||
Effect of exchange rate fluctuation on cash held | (3,541) | 760 | 819 | |
Net increase (decrease) in cash and cash equivalents | (109,504) | (349,114) | 525,063 | |
POSCO ENERGY CO., LTD. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 1,054,538 | 713,039 | 590,460 | |
Non-current assets | 2,859,824 | 3,038,665 | 3,333,351 | |
Current liabilities | (785,462) | (937,668) | (663,945) | |
Non-current liabilities | (2,200,065) | (2,172,226) | (2,420,547) | |
Equity | 928,835 | 641,810 | 839,319 | |
Non-controlling interests | 762,390 | 514,200 | 535,878 | |
Sales | 1,578,026 | 1,657,890 | 1,909,919 | |
Profit (loss) for the period | 70,795 | (130,809) | 15,831 | |
Profit (loss) attributable to non-controlling interests | 7,770 | (14,357) | 1,738 | |
Cash flows from operating activities | 30,295 | 18,107 | 6,075 | |
Cash flows from investing activities | (2,792) | (1,047) | (20,980) | |
Cash flows from financing activities (before dividends to non-controlling interest) | 220,317 | (2,875) | 11,572 | |
Dividend to non-controlling interest | (24,183) | (24,378) | (24,125) | |
Net increase (decrease) in cash and cash equivalents | 223,637 | (10,193) | (27,458) | |
Others [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 8,579,813 | 9,696,140 | 9,648,917 | |
Non-current assets | 6,676,559 | 7,749,277 | 7,776,264 | |
Current liabilities | (8,313,902) | (9,669,053) | (9,692,004) | |
Non-current liabilities | (2,048,454) | (2,856,498) | (2,567,980) | |
Equity | 4,894,016 | 4,919,866 | 5,165,197 | |
Non-controlling interests | 974,941 | 945,962 | 1,182,137 | |
Sales | 23,547,072 | 23,251,563 | 25,784,254 | |
Profit (loss) for the period | 258,053 | (461,034) | (835,389) | |
Profit (loss) attributable to non-controlling interests | 39,605 | (312,297) | (247,106) | |
Cash flows from operating activities | 140,418 | 53,050 | (72,371) | |
Cash flows from investing activities | (63,621) | (253,206) | (110,712) | |
Cash flows from financing activities (before dividends to non-controlling interest) | (38,090) | 204,797 | 289,715 | |
Dividend to non-controlling interest | (12,777) | (7,349) | (145,582) | |
Effect of exchange rate fluctuation on cash held | (15,532) | 1,687 | 3,502 | |
Net increase (decrease) in cash and cash equivalents | 10,398 | (1,021) | (35,448) | |
Non-controlling Interest [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 19,994,512 | 20,468,674 | 20,088,370 | |
Non-current assets | 19,659,621 | 20,556,118 | 21,255,948 | |
Current liabilities | (18,600,391) | (18,782,715) | (18,160,529) | |
Non-current liabilities | (8,565,152) | (9,905,646) | (10,019,924) | |
Equity | 12,488,590 | 12,336,431 | 13,163,865 | |
Non-controlling interests | 4,477,435 | 4,326,223 | 4,737,531 | |
Sales | 54,610,911 | 48,000,564 | 53,854,236 | |
Profit (loss) for the period | 596,470 | (1,383,520) | (994,493) | |
Profit (loss) attributable to non-controlling interests | 174,979 | (679,705) | (267,904) | |
Cash flows from operating activities | 206,973 | 273,280 | 807,780 | |
Cash flows from investing activities | (348,903) | (443,071) | (168,937) | |
Cash flows from financing activities (before dividends to non-controlling interest) | 345,523 | (151,793) | 49,322 | |
Dividend to non-controlling interest | (66,645) | (73,850) | (197,142) | |
Effect of exchange rate fluctuation on cash held | (19,685) | 2,525 | 4,834 | |
Net increase (decrease) in cash and cash equivalents | ₩ 117,263 | ₩ (392,909) | ₩ 495,857 |
General Information - Details86
General Information - Details of Associates (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Domestic [member] | EQP POSCO Global No1 Natural Resources PEF [member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 31.14% | 29.37% |
Region | Seoul | |
Domestic [member] | POSCO PLANTEC Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Construction of industrial plant | |
Ownership (%) | 73.94% | 73.94% |
Region | Ulsan | |
Domestic [member] | SNNC [member] | ||
Disclosure of associates [line items] | ||
Category of business | Raw material manufacturing and sales | |
Ownership (%) | 49.00% | 49.00% |
Region | Gwangyang | |
Domestic [member] | QSONE Co.,Ltd. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Real estate rental and facility management | |
Ownership (%) | 50.00% | 50.00% |
Region | Seoul | |
Domestic [member] | Chuncheon Energy Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Electricity generation | |
Ownership (%) | 45.67% | 29.90% |
Region | Chuncheon | |
Domestic [member] | Incheon-Gimpo Expressway Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Construction | |
Ownership (%) | 18.26% | 20.04% |
Region | Anyang | |
Domestic [member] | Blue Ocean Private Equity Fund [member] | ||
Disclosure of associates [line items] | ||
Category of business | Private equity financial | |
Ownership (%) | 27.52% | 27.52% |
Region | Seoul | |
Domestic [member] | UITrans LRT Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Transporting | |
Ownership (%) | 38.19% | 38.19% |
Region | Seoul | |
Domestic [member] | Keystone NO. 1. Private Equity Fund [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Private equity financial | |
Ownership (%) | 40.45% | 40.45% |
Region | Seoul | |
Domestic [member] | Chungju Enterprise City Development Co.,Ltd [member] | ||
Disclosure of associates [line items] | ||
Category of business | Real estate development | |
Ownership (%) | 29.53% | 29.53% |
Region | Chungju | |
Domestic [member] | Daesung Steel [member] | ||
Disclosure of associates [line items] | ||
Category of business | Steel sales | |
Ownership (%) | 17.54% | 17.54% |
Region | Busan | |
Domestic [member] | KoFC POSCO HANWHA KB Shared Growth No. 2. Private Equity Fund [member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 12.50% | 12.50% |
Region | Seoul | |
Domestic [member] | KONES, Corp. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Technical service | |
Ownership (%) | 41.67% | 41.67% |
Region | Gyeongju | |
Domestic [member] | Gale International Korea, LLC [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Real estate rental | |
Ownership (%) | 29.90% | 29.90% |
Region | Seoul | |
Domestic [member] | Pohang Techno Valley PFV Corporation [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Real estate development, supply and rental | |
Ownership (%) | 57.39% | 30.28% |
Region | Pohang | |
Domestic [member] | Gunggi Green Energy [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Electricity generation | |
Ownership (%) | 19.00% | 19.00% |
Region | Hwaseong | |
Domestic [member] | Pohang Special Welding Co.,Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Welding material and tools manufacturing and sales | |
Ownership (%) | 50.00% | 50.00% |
Region | Pohang | |
Domestic [member] | KC Chemicals CORP [member] | ||
Disclosure of associates [line items] | ||
Category of business | Machinery manufacturing | |
Ownership (%) | 19.00% | 19.00% |
Region | Hwaseong | |
Domestic [member] | Posco-IDV Growth Ladder IP Fund [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 17.86% | 17.86% |
Region | Seoul | |
Domestic [member] | DAEHO GLOBAL MANAGEMENT CO., LTD. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment advisory service | |
Ownership (%) | 35.82% | 35.82% |
Region | Pohang | |
Domestic [member] | Clean Gimpo Co., Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Construction | |
Ownership (%) | 29.58% | 29.58% |
Region | Gimpo | |
Domestic [member] | Postech Early Stage Fund [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 10.00% | 10.00% |
Region | Pohang | |
Domestic [member] | POSCO Energy Valley Fund [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 20.00% | 20.00% |
Region | Pohang | |
Domestic [member] | Pureun Tongyeong Enviro Co., Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Sewerage treatment | |
Ownership (%) | 20.40% | 20.40% |
Region | Tongyeong | |
Domestic [member] | Posgreen Co., Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Lime and plaster manufacturing | |
Ownership (%) | 19.00% | 19.00% |
Region | Gwangyang | |
Domestic [member] | Pohang E&E Co,. Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in waste energy | |
Ownership (%) | 30.00% | 30.00% |
Region | Pohang | |
Domestic [member] | POSTECH Social Enterprise Fund [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 9.17% | 9.17% |
Region | Seoul | |
Domestic [member] | Applied Science Corp. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Machinery manufacturing | |
Ownership (%) | 23.87% | 24.88% |
Region | Paju | |
Domestic [member] | Noeul Green Energy [member] | ||
Disclosure of associates [line items] | ||
Category of business | Electricity generation | |
Ownership (%) | 10.00% | 10.00% |
Region | Seoul | |
Domestic [member] | Pohang Techno Valley AMC [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Construction | |
Ownership (%) | 29.50% | 29.50% |
Region | Pohang | |
Domestic [member] | New Songdo International City Development, LLC [member] | ||
Disclosure of associates [line items] | ||
Category of business | Real estate rental | |
Ownership (%) | 29.90% | 29.90% |
Region | Seoul | |
Domestic [member] | Mokpo Deayang Industrial Corporation [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Real estate development and rental | |
Ownership (%) | 27.40% | 27.40% |
Region | Mokpo | |
Domestic [member] | Clean Iksan Co., Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Construction | |
Ownership (%) | 23.50% | 23.50% |
Region | Iksan | |
Domestic [member] | Innovalley Co., Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Real estate development | |
Ownership (%) | 28.77% | 28.77% |
Region | Yongin | |
Domestic [member] | Pure Gimpo Co., Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Construction | |
Ownership (%) | 28.79% | 28.79% |
Region | Seoul | |
Domestic [member] | Garolim Tidal Power Plant Co.,Ltd [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Tidal power plant construction and management | |
Ownership (%) | 32.13% | 32.13% |
Region | Seosan | |
Domestic [member] | 2016 PoscoPlutus New Technology Investment Fund [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 25.17% | 25.17% |
Region | Seoul | |
Domestic [member] | Hyundai Invest Guggenheim CLO Private Special Asset Investment Trust II [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 38.47% | 38.47% |
Region | Seoul | |
Domestic [member] | PoscoPlutus Bio Fund [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 11.97% | 11.97% |
Region | Seoul | |
Domestic [member] | PoscoPlutus Project Fund [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 11.91% | 11.91% |
Region | Seoul | |
Domestic [member] | Posco Agrifood Export Investment Fund [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 30.00% | 30.00% |
Region | Seoul | |
Domestic [member] | PoscoPlutus Project II Investment Fund [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 0.61% | 0.61% |
Region | Seoul | |
Domestic [member] | Posco Culture Contents Fund [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 31.67% | 31.67% |
Region | Seoul | |
Domestic [member] | PCC Centroid New 1st Fund [member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 24.10% | |
Region | Seoul | |
Domestic [member] | PCC Amberstone Private Equity Fund I [member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 9.71% | |
Region | Seoul | |
Domestic [member] | POSCO Advanced Technical Staff Fund [member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 15.87% | |
Region | Seoul | |
Domestic [member] | POSCO 4th Industrial Revolution Fund [member] | ||
Disclosure of associates [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 20.00% | |
Region | Seoul | |
Domestic [member] | METAPOLIS Co.,Ltd [member] | ||
Disclosure of associates [line items] | ||
Category of business | Multiplex development | |
Ownership (%) | 40.05% | |
Region | Hwaseong | |
Domestic [member] | Universal Studios Resort Asset Management Corporation [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Real estate services | |
Ownership (%) | 26.17% | |
Region | Seoul | |
Domestic [member] | Busan-Gimhae Light Rail Transit Co., Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Transporting | |
Ownership (%) | 25.00% | |
Region | Gimhae | |
Foreign [member] | South-East Asia Gas Pipeline Company Ltd. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Pipeline construction and management | |
Ownership (%) | 25.04% | 25.04% |
Region | Myanmar | |
Foreign [member] | AES-VCM Mong Duong Power Company Limited [member] | ||
Disclosure of associates [line items] | ||
Category of business | Electricity generation | |
Ownership (%) | 30.00% | 30.00% |
Region | Vietnam | |
Foreign [member] | 7623704 Canada Inc. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Investments management | |
Ownership (%) | 10.40% | 10.40% |
Region | Canada | |
Foreign [member] | Eureka Moly LLC [member] | ||
Disclosure of associates [line items] | ||
Category of business | Raw material manufacturing and sales | |
Ownership (%) | 20.00% | 20.00% |
Region | USA | |
Foreign [member] | AMCI (WA) PTY LTD [member] | ||
Disclosure of associates [line items] | ||
Category of business | Iron ore sales & mine development | |
Ownership (%) | 49.00% | 49.00% |
Region | Australia | |
Foreign [member] | Nickel mining company SAS [member] | ||
Disclosure of associates [line items] | ||
Category of business | Raw material manufacturing and sales | |
Ownership (%) | 49.00% | 49.00% |
Region | New Caledonia | |
Foreign [member] | NCR LLC [member] | ||
Disclosure of associates [line items] | ||
Category of business | Coal sales | |
Ownership (%) | 29.41% | 29.41% |
Region | Canada | |
Foreign [member] | Korea LNG Ltd. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Gas production and sales | |
Ownership (%) | 20.00% | 20.00% |
Region | England | |
Foreign [member] | PT. batutua tembaga raya [member] | ||
Disclosure of associates [line items] | ||
Category of business | Raw material manufacturing and sales | |
Ownership (%) | 22.00% | 24.10% |
Region | Indonesia | |
Foreign [member] | Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd [member] | ||
Disclosure of associates [line items] | ||
Category of business | Tinplate manufacturing and sales | |
Ownership (%) | 34.00% | 34.00% |
Region | China | |
Foreign [member] | PT. wampu electric power [member] | ||
Disclosure of associates [line items] | ||
Category of business | Construction and civil engineering | |
Ownership (%) | 20.00% | 20.00% |
Region | Indonesia | |
Foreign [member] | POSCO SeAH Steel Wire(Nantong) Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Steel processing and sales | |
Ownership (%) | 25.00% | 25.00% |
Region | China | |
Foreign [member] | VSC POSCO Steel Corporation [member] | ||
Disclosure of associates [line items] | ||
Category of business | Steel processing and sales | |
Ownership (%) | 50.00% | 50.00% |
Region | Vietnam | |
Foreign [member] | IMFA ALLOYS FINLEASE LTD. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Raw material manufacturing and sales | |
Ownership (%) | 24.00% | 24.00% |
Region | India | |
Foreign [member] | General Medicines Company Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Medicine manufacturing and sales | |
Ownership (%) | 33.00% | 33.00% |
Region | Sudan | |
Foreign [member] | PT.INDONESIA POS CHEMTECH CHOSUN Ref [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Refractory manufacturing and sales | |
Ownership (%) | 30.19% | 30.19% |
Region | Indonesia | |
Foreign [member] | POSK(Pinghu) Steel Processing Center Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Steel processing and sales | |
Ownership (%) | 20.00% | 20.00% |
Region | China | |
Foreign [member] | SHANGHAI LANSHENG DAEWOO CORP. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Trading | |
Ownership (%) | 49.00% | 49.00% |
Region | China | |
Foreign [member] | POS-SEAHSTEELWIRE(TIANJIN)CO., Ltd [member] | ||
Disclosure of associates [line items] | ||
Category of business | Steel processing and sales | |
Ownership (%) | 25.00% | 25.00% |
Region | China | |
Foreign [member] | SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN'L TRADING CO., LTD. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Trading | |
Ownership (%) | 49.00% | 49.00% |
Region | China | |
Foreign [member] | PT. Tanggamus Electric Power [member] | ||
Disclosure of associates [line items] | ||
Category of business | Construction and civil engineering | |
Ownership (%) | 17.50% | 17.50% |
Region | Indonesia | |
Foreign [member] | NS-Thainox Auto Co., Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Steel manufacturing and sales | |
Ownership (%) | 49.00% | 49.00% |
Region | Vietnam | |
Foreign [member] | Hamparan Mulya [member] | ||
Disclosure of associates [line items] | ||
Category of business | Resource development | |
Ownership (%) | 45.00% | 45.00% |
Region | Indonesia | |
Foreign [member] | Sebang Steel [member] | ||
Disclosure of associates [line items] | ||
Category of business | Scrap sales | |
Ownership (%) | 49.00% | 49.00% |
Region | Japan | |
Foreign [member] | GLOBAL KOMSCO Daewoo LLC [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Cotton celluloid manufacturing and sales | |
Ownership (%) | 35.00% | 35.00% |
Region | Uzbekistan | |
Foreign [member] | POSCO-Poggenamp Electrical Steel Pvt. Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Steel manufacturing and sales | |
Ownership (%) | 26.00% | 26.00% |
Region | India | |
Foreign [member] | KIRIN VIETNAM CO., LTD [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Panel manufacturing | |
Ownership (%) | 19.00% | 19.00% |
Region | Vietnam | |
Foreign [member] | POSCHROME (PROPRIETARY) LIMITED [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Raw material manufacturing and sales | |
Ownership (%) | 50.00% | 50.00% |
Region | South Africa | |
Foreign [member] | CAML RESOURCES PTY LTD. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Raw material manufacturing and sales | |
Ownership (%) | 33.34% | 33.34% |
Region | Australia | |
Foreign [member] | KG Power(M) SDN. BHD [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Energy & resource development | |
Ownership (%) | 20.00% | 20.00% |
Region | Malaysia | |
Foreign [member] | LI3 ENERGY INC [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Energy & resource development | |
Ownership (%) | 26.06% | 26.06% |
Region | Peru | |
Foreign [member] | LLP POSUK Titanium [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Titanium manufacturing and sales | |
Ownership (%) | 36.83% | 36.83% |
Region | Kazakhstan | |
Foreign [member] | POS-SeAH Steel Wire (Thailand) Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Steel manufacturing and sales | |
Ownership (%) | 25.00% | 25.00% |
Region | Thailand | |
Foreign [member] | Jupiter Mines Limited [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Energy & resource development | |
Ownership (%) | 17.06% | 17.08% |
Region | Australia | |
Foreign [member] | KRAKATAU POS-CHEM DONG-SUH CHEMICAL [member] | ||
Disclosure of associates [line items] | ||
Category of business | Chemical by-product manufacturing and sales | |
Ownership (%) | 19.00% | 19.00% |
Region | Indonesia | |
Foreign [member] | SAMHWAN VINA CO., LTD [member] | ||
Disclosure of associates [line items] | ||
Category of business | Steel manufacturing and sales | |
Ownership (%) | 19.00% | |
Region | Vietnam | |
Foreign [member] | JB CLARK HILLS [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Construction | |
Ownership (%) | 25.00% | |
Region | Philippines | |
Foreign [member] | Saudi-Korean Company for Maintenance Properties Management LLC [member] | ||
Disclosure of associates [line items] | ||
Category of business | Building management | |
Ownership (%) | 19.00% | |
Region | Saudi Arabia | |
Foreign [member] | AN KHANH NEW CITY DEVELOPMENT J.V. CO., LTD. [member] | ||
Disclosure of associates [line items] | ||
Category of business | Highway construction and new town development | |
Ownership (%) | 50.00% | |
Region | Vietnam | |
Foreign [member] | Fifth Combined Heat and Power Plant LLC [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Thermal power generation | |
Ownership (%) | 30.00% | |
Region | Mongolia | |
Foreign [member] | Chongqing CISL High Strength Cold Rolling Steel Co., Ltd. [Member] | ||
Disclosure of associates [line items] | ||
Category of business | Steel manufacturing and sales | |
Ownership (%) | 10.00% | |
Region | China |
General Information - Details87
General Information - Details of Joint Ventures (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Domestic [member] | POSCO MITSUBISHI CARBON TECHNOLOGY [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Steel processing and sales | |
Ownership (%) | 60.00% | 60.00% |
Region | Gwangyang | |
Domestic [member] | POSCO-SGI Falcon Pharma Biological Secondary Fund [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 24.55% | |
Region | Seoul | |
Domestic [member] | Roy Hill Holdings Pty Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 12.50% | |
Domestic [member] | POSCO-NPS Niobium LLC [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 50.00% | |
Domestic [member] | CSP - Compania Siderurgica do Pecem [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 20.00% | |
Domestic [member] | BX STEEL POSCO Cold Rolled Sheet Co., Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 25.00% | |
Domestic [member] | KOBRASCO [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 50.00% | |
Domestic [member] | DMSA/AMSA [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 4.00% | |
Foreign [member] | POSCO MITSUBISHI CARBON TECHNOLOGY [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 60.00% | |
Foreign [member] | POSCO-KB Shipbuilding Restructuring Fund [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 18.75% | |
Region | Seoul | |
Foreign [member] | POSCO-NSC Venture Fund [Member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 16.67% | |
Region | Seoul | |
Foreign [member] | PCC L&K New Technology 1st Fund [Member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 10.00% | |
Region | Seoul | |
Foreign [member] | PoscoPlutus Project 3rd Investment Fund [Member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Investment in new technologies | |
Ownership (%) | 5.96% | |
Region | Seoul | |
Foreign [member] | Roy Hill Holdings Pty Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Energy & resource development | |
Ownership (%) | 12.50% | 12.50% |
Region | Australia | |
Foreign [member] | POSCO-NPS Niobium LLC [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Mine development | |
Ownership (%) | 50.00% | 50.00% |
Region | USA | |
Foreign [member] | CSP - Compania Siderurgica do Pecem [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Steel manufacturing and sales | |
Ownership (%) | 20.00% | 20.00% |
Region | Brazil | |
Foreign [member] | BX STEEL POSCO Cold Rolled Sheet Co., Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Steel processing and sales | |
Ownership (%) | 25.00% | 25.00% |
Region | China | |
Foreign [member] | KOBRASCO [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Steel materials manufacturing and sales | |
Ownership (%) | 50.00% | 50.00% |
Region | Brazil | |
Foreign [member] | DMSA/AMSA [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Energy & resource development | |
Ownership (%) | 4.00% | 4.00% |
Region | Madagascar | |
Foreign [member] | PT. POSMI Steel Indonesia [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Steel processing and sales | |
Ownership (%) | 36.69% | 36.69% |
Region | Indonesia | |
Foreign [member] | VNS-DAEWOO Co., Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Steel scrap processing and sale | |
Ownership (%) | 40.00% | 40.00% |
Region | Vietnam | |
Foreign [member] | YULCHON MEXICO S.A. DE C.V. [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Tube for automobile manufacturing | |
Ownership (%) | 19.00% | 19.00% |
Region | Mexico | |
Foreign [member] | POSCO-SAMSUNG-Slovakia Processing Center [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Steel processing and sales | |
Ownership (%) | 30.00% | 30.00% |
Region | Slovakia | |
Foreign [member] | United Spiral Pipe, LLC [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Material manufacturing and sales | |
Ownership (%) | 35.00% | 35.00% |
Region | USA | |
Foreign [member] | Korea Siberia Wood CJSC [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Forest resource development | |
Ownership (%) | 50.00% | 50.00% |
Region | Russia | |
Foreign [member] | Hyunson Engineering & Construction HYENCO [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Construction | |
Ownership (%) | 4.90% | 4.90% |
Region | Algeria | |
Foreign [member] | USS-POSCO Industries [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Cold-rolled steel manufacturing and sales | |
Ownership (%) | 50.00% | 50.00% |
Region | USA | |
Foreign [member] | POSCO E&C Saudi Arabia [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Civil engineering and construction | |
Ownership (%) | 40.00% | 40.00% |
Region | Saudi Arabia | |
Foreign [member] | POSCO(Suzhou) Automotive Processing Center Co., Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Automotive parts manufacturing | |
Ownership (%) | 19.90% | |
Region | China | |
Foreign [member] | POSCO(Yantai)Automotive Processing Center Co., Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Automotive parts manufacturing | |
Ownership (%) | 11.06% | |
Region | China | |
Foreign [member] | POS-AUSTEM WUHAN AUTOMOTIVE CO.,LTD [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Automotive parts manufacturing | |
Ownership (%) | 13.00% | |
Region | China | |
Foreign [member] | POS INFRA AUTO [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Automotive parts manufacturing | |
Ownership (%) | 16.20% | |
Region | China | |
Foreign [member] | Kwanika Copper Corporation [Member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Energy & resource development | |
Ownership (%) | 35.00% | |
Region | Canada | |
Foreign [member] | Henan Tsingpu Ferro Alloy Co., Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Raw material manufacturing and sales | |
Ownership (%) | 49.00% | |
Region | China | |
Foreign [member] | Zhangjiagang Pohang Refractories Co., Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Category of business | Refractory manufacturing | |
Ownership (%) | 50.00% | |
Region | China |
General Information - Consolida
General Information - Consolidated Subsidiaries Acquired or Newly Established (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
POSCO RU Limited Liability Company [member] | |
Disclosure of subsidiaries [line items] | |
Date of addition | 2017-01 |
Ownership (%) | 100.00% |
Reason | New establishment |
Golden Lace DAEWOO Company Limited [member] | |
Disclosure of subsidiaries [line items] | |
Date of addition | 2017-04 |
Ownership (%) | 100.00% |
Reason | New establishment |
POSCO Research & Technology [Member] | |
Disclosure of subsidiaries [line items] | |
Date of addition | 2017-06 |
Ownership (%) | 100.00% |
Reason | New establishment |
POSCO DAEWOO UKRAINE LLC [member] | |
Disclosure of subsidiaries [line items] | |
Date of addition | 2017-07 |
Ownership (%) | 100.00% |
Reason | New establishment |
Zhangjigang Pohang Port Co., Ltd. [Member] | |
Disclosure of subsidiaries [line items] | |
Date of addition | 2017-07 |
Ownership (%) | 51.00% |
Reason | Reclassification from associate |
Professional Private Equity Trust W-2 [member] | |
Disclosure of subsidiaries [line items] | |
Date of addition | 2017-10 |
Ownership (%) | 97.47% |
Reason | Acquisition of control |
Professional Private Equity Trust [member] | |
Disclosure of subsidiaries [line items] | |
Date of addition | 2017-10 |
Ownership (%) | 99.01% |
Reason | Acquisition of control |
Professional Private Equity Trust W-5 [member] | |
Disclosure of subsidiaries [line items] | |
Date of addition | 2017-11 |
Ownership (%) | 99.67% |
Reason | Acquisition of control |
KIS Devonian Canada Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Date of addition | 2017-12 |
Ownership (%) | 100.00% |
Reason | Acquisition of control |
General Information - Subsidiar
General Information - Subsidiaries That Were Excluded From Consolidation (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
POSCO MAPC SA DE CV [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-01 |
Reason | Merged into POSCO MPPC S.A. de C.V. |
POSCO (Zhangjiagang) STS Processing Center Co., Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-01 |
Reason | Merged into Zhangjiagang Pohang Stainless Steel Co., Ltd. |
POSCO Engineering CO., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-02 |
Reason | Merged into POSCO ENGINEERING & CONSTRUCTION CO., LTD. |
POSCO YongXin Rare Earth Metal Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
SANTOS CMI S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
EPC EQUITIES LLP [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
SANTOS CMI Guatemala S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
COINSA INGENIERIA Y PETROQUIMICA S.R.L [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
SANTOS CMI CONSTRUCTION TRADING LLP [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
SANTOS CMI INC. USA [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
SANTOS CMI ENGENHARIA E CONSTRUCOES LTDA [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
SANTOS CMI PERU S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
SANTOS CMI CONSTRUCCIONES S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
GENTECH INTERNATIONAL INC. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
SANTOS CMI CONSTRUCCIONES DE CHILE S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
COMPANIADEAUTOMATIZACION &CONTROL, GENESYS S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Disposal |
POSCO Electrical Steel India Private Limited [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-03 |
Reason | Merged into POSCO Maharashtra Steel Private Limited |
POSEC Hawaii, Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-05 |
Reason | Exclusion upon liquidation |
PT. POSCO MTECH INDONESIA [Member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-05 |
Reason | Disposal |
POSCO Vietnam Holdings Co., LTD. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-07 |
Reason | Merged into POSCO VIETNAM HOLDINGS CO., LTD (formerly, POSCO-VNPC CO., LTD.) |
POSCO-Vietnam Processing Center Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-07 |
Reason | Merged into POSCO VIETNAM HOLDINGS CO., LTD (formerly, POSCO-VNPC CO., LTD.) |
Yingkou Puxiang Trade Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-07 |
Reason | Merged into Zhangjiagang Pohang Refractories Co., Ltd |
Chongqing POSCO CISL Automotive Steel Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-09 |
Reason | Loss of control |
IT Engineering CO. Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-11 |
Reason | Disposal |
POSCO India Delhi Steel Processing Center Private Limited [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-11 |
Reason | Merged into POSCO India Chennai Steel Processing Center Pvt.Ltd. |
POSCO India Ahmedabad Steel Processing Center Pvt.Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-11 |
Reason | Merged into POSCO India Chennai Steel Processing Center Pvt.Ltd. |
Kwanika Copper Corporation [Member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-11 |
Reason | Change in status due to a decline in stake |
USA-SRDC [member] | |
Disclosure of subsidiaries [line items] | |
Date of exclusion | 2017-12 |
Reason | Exclusion upon liquidation |
Summary of Significant Accoun90
Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Bottom of range [member] | Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Bottom of range [member] | Structures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 years |
Bottom of range [member] | Machinery and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 years |
Bottom of range [member] | Vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Bottom of range [member] | Tools [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Bottom of range [member] | Furniture and fixtures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Bottom of range [member] | Finance lease assets [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Top of range [member] | Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 50 years |
Top of range [member] | Structures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 50 years |
Top of range [member] | Machinery and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 25 years |
Top of range [member] | Vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 20 years |
Top of range [member] | Tools [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Top of range [member] | Furniture and fixtures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 20 years |
Top of range [member] | Finance lease assets [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 30 years |
Top of range [member] | Bearer plants [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 20 years |
Summary of Significant Accoun91
Summary of Significant Accounting Policies - Estimated Useful Lives of Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Intellectual property rights [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets | 4 years |
Intellectual property rights [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets | 25 years |
Development costs [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets | 3 years |
Development costs [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets | 5 years |
Port facilities usage rights [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets | 4 years |
Port facilities usage rights [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets | 75 years |
Other intangible assets [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets | 2 years |
Other intangible assets [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets | 15 years |
Summary of Significant Accoun92
Summary of Significant Accounting Policies - Summary of New Standards and Interpretations Not Yet Adopted (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Reserves | ₩ (682,556) | ₩ (143,985) | ||
Retained earnings | 42,974,658 | 41,125,712 | ||
Non-controllinginterests | 3,666,334 | 3,430,441 | ||
Total equity | 47,326,725 | ₩ 45,765,269 | ₩ 45,013,201 | ₩ 45,257,396 |
Previously stated [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Reserves | (682,556) | |||
Retained earnings | 42,974,658 | |||
Non-controllinginterests | 3,666,334 | |||
Total equity | 45,958,436 | |||
Increase (decrease) due to application of IFRS 9 [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Reserves | (401,344) | |||
Retained earnings | 368,612 | |||
Non-controllinginterests | (19,545) | |||
Total equity | (52,277) | |||
Increase (decrease) due to application of IFRS 15 [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Retained earnings | (71,066) | |||
Non-controllinginterests | (59,060) | |||
Total equity | (130,126) | |||
Currently Stated [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Reserves | (1,083,900) | |||
Retained earnings | 43,272,204 | |||
Non-controllinginterests | 3,587,729 | |||
Total equity | ₩ 45,776,033 |
Summary of Significant Accoun93
Summary of Significant Accounting Policies - Additional Information (Detail) - KRW (₩) ₩ in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of summary of significant accounting policies [Line Items] | |||
Loans and receivables | ₩ 21,268,107 | ₩ 19,277,709 | |
Held-to-maturity financial assets | 5,211 | 2,470 | |
Available-for-sale financial assets | 1,978,115 | 2,514,924 | |
Financial assets at fair value through profit or loss | 67,021 | ||
Equity investment that is classified as available-for-sale | 56,782 | 73,108 | |
Reserves | (682,556) | (143,985) | |
Retained earnings | 42,974,658 | 41,125,712 | |
Non-controlling interests | 3,666,334 | ₩ 3,430,441 | |
Increase (decrease) due to application of IFRS 9 [member] | |||
Disclosure of summary of significant accounting policies [Line Items] | |||
Reserves | (401,344) | ||
Retained earnings | 368,612 | ||
Non-controlling interests | (19,545) | ||
Increase (decrease) due to application of IFRS 15 [member] | |||
Disclosure of summary of significant accounting policies [Line Items] | |||
Retained earnings | (71,066) | ||
Non-controlling interests | (59,060) | ||
Equity investments [member] | |||
Disclosure of summary of significant accounting policies [Line Items] | |||
Equity investment that is classified as available-for-sale | ₩ 1,730,753 | ||
Increase (decrease) due to changes in accounting policy [member] | Increase (decrease) due to application of IFRS 9 [member] | Financial assets impaired [member] | |||
Disclosure of summary of significant accounting policies [Line Items] | |||
Retained earnings | ₩ (32,732) | ||
Increase in loss allowance | 66,637 | ||
Non-controlling interests | (19,545) | ||
Increase (decrease) due to changes in accounting policy [member] | Increase (decrease) due to application of IFRS 15 [member] | Construction Revenue [Member] | |||
Disclosure of summary of significant accounting policies [Line Items] | |||
Retained earnings | (949) | ||
Non-controlling interests | (156) | ||
Increase (decrease) due to changes in accounting policy [member] | Increase (decrease) due to application of IFRS 15 [member] | Shipping And handling [Member] | |||
Disclosure of summary of significant accounting policies [Line Items] | |||
Retained earnings | 452 | ||
Non-controlling interests | 628 | ||
Increase (decrease) due to changes in accounting policy [member] | Increase (decrease) due to application of IFRS 15 [member] | Sales [Member] | |||
Disclosure of summary of significant accounting policies [Line Items] | |||
Retained earnings | (2,773) | ||
Non-controlling interests | 88 | ||
Increase (decrease) due to changes in accounting policy [member] | Increase (decrease) due to application of IFRS 15 [member] | Manufacturing Services Revenue [Member] | |||
Disclosure of summary of significant accounting policies [Line Items] | |||
Retained earnings | (1,188) | ||
Non-controlling interests | (1,115) | ||
Increase (decrease) due to changes in accounting policy [member] | Increase (decrease) due to application of IFRS 15 [member] | Cost of sales [member] | |||
Disclosure of summary of significant accounting policies [Line Items] | |||
Retained earnings | (2,855) | ||
Non-controlling interests | (1,512) | ||
Increase (decrease) due to changes in accounting policy [member] | Increase (decrease) due to application of IFRS 15 [member] | Construction costs [Member] | |||
Disclosure of summary of significant accounting policies [Line Items] | |||
Retained earnings | (63,753) | ||
Non-controlling interests | (56,993) | ||
Increase (decrease) due to changes in accounting policy [member] | Equity investments [member] | Increase (decrease) due to application of IFRS 9 [member] | |||
Disclosure of summary of significant accounting policies [Line Items] | |||
Reserves | (401,344) | ||
Retained earnings | ₩ 401,344 |
Financial Risk Management - Net
Financial Risk Management - Net Borrowing-to-Equity Ratio (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of nature and extent of risks arising from financial instruments [abstract] | ||||
Total borrowings | ₩ 21,063,657 | ₩ 22,704,998 | ||
Less: Cash and cash equivalents | 2,612,530 | 2,447,619 | ||
Net borrowings | 18,451,127 | 20,257,379 | ||
Total equity | ₩ 47,326,725 | ₩ 45,765,269 | ₩ 45,013,201 | ₩ 45,257,396 |
Net borrowings-to-equity ratio | 38.99% | 44.26% |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents [abstract] | ||
Cash | ₩ 1,896 | ₩ 11,960 |
Demand deposits and checking accounts | 1,259,813 | 1,312,426 |
Time deposits | 360,985 | 254,888 |
Other cash equivalents | 989,836 | 868,345 |
Cash and cash equivalents | ₩ 2,612,530 | ₩ 2,447,619 |
Cash and Cash Equivalents - S96
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Parenthetical) (Detail) ₩ in Millions | Dec. 31, 2017KRW (₩) |
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | |
Disclosure of Cash and Cash Equivalents [Line Items] | |
Cash equivalents, restricted | ₩ 36,302 |
Trade Accounts and Notes Rece97
Trade Accounts and Notes Receivable - Summary of Trade Accounts and Notes Receivables (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Current trade accounts and notes receivable | ₩ 8,824,563 | ₩ 9,674,026 |
Non-current | ||
Non-current trade accounts and notes receivable | 731,570 | 51,124 |
Gross amount [member] | ||
Current | ||
Trade accounts and notes receivable | 8,579,620 | 9,320,915 |
Finance lease receivables | 10,469 | 10,300 |
Unbilled due from customers for contract work | 728,007 | 860,287 |
Non-current | ||
Trade accounts and notes receivable | 871,432 | 80,447 |
Finance lease receivables | 734 | 11,326 |
Allowance for credit losses [member] | ||
Current | ||
Current trade accounts and notes receivable | (493,533) | (517,476) |
Non-current | ||
Non-current trade accounts and notes receivable | ₩ (140,596) | ₩ (40,649) |
Trade Accounts and Notes Rece98
Trade Accounts and Notes Receivable - Additional Information (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Trade accounts and notes receivables, net [member] | ||
Disclosure of financial assets [line items] | ||
Trade accounts and notes receivable sold to financial institutions, for which the derecognition conditions were not met | ₩ 309,964 | ₩ 344,410 |
Trade Accounts and Notes Rece99
Trade Accounts and Notes Receivable - Finance Lease Receivables (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Finance lease receivables | ₩ 11,203 | ₩ 21,626 |
Korea electric power corporation [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Finance lease receivables | 10,469 | 20,648 |
KC Chemicals CORP [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Finance lease receivables | 244 | |
Hystech.Co. Ltd. [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Finance lease receivables | ₩ 734 | ₩ 734 |
Trade Accounts and Notes Rec100
Trade Accounts and Notes Receivable - Gross Amount and Present Value of Minimum Lease Payments (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Unrealized interest income | ₩ (1,396) | ₩ (4,035) |
Present value of minimum lease payment | 11,203 | 21,626 |
Less than 1 year [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Gross amount of lease payment | 11,771 | 13,114 |
1 year - 5 years [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Gross amount of lease payment | ₩ 828 | ₩ 12,547 |
Other Receivables - Summary of
Other Receivables - Summary of Other Receivables (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Other current receivables | ₩ 1,636,006 | ₩ 1,539,742 |
Non-current | ||
Other non-current receivables | 879,176 | 762,912 |
Gross amount [member] | ||
Current | ||
Loans | 617,696 | 421,818 |
Other accounts receivable | 960,543 | 1,131,492 |
Accrued income | 179,971 | 139,618 |
Deposits | 107,137 | 93,891 |
Others | 18,925 | 13,606 |
Non-current | ||
Loans | 874,158 | 733,974 |
Other accounts receivable | 92,939 | 81,938 |
Accrued income | 1,663 | 1,746 |
Deposits | 122,485 | 104,217 |
Allowance for credit losses [member] | ||
Current | ||
Other current receivables | (248,266) | (260,683) |
Non-current | ||
Other non-current receivables | ₩ (212,069) | ₩ (158,963) |
Other Financial Assets - Summar
Other Financial Assets - Summary of Other Financial Assets (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Derivatives assets held for trading | ₩ 63,912 | ₩ 49,281 |
Financial assets held for trading | 1,970 | |
Current portion of held-to-maturity securities | 421 | 422 |
Short-term financial instruments | 6,843,436 | 5,172,256 |
Other current financial assets | 7,045,880 | 5,224,911 |
Non-current | ||
Available-for-sale securities | 56,782 | 73,108 |
Held-to-maturity securities | 4,790 | 2,048 |
Long-term financial instruments | 60,542 | 45,371 |
Other non current financial assets | 1,911,684 | 2,657,692 |
Debt instruments [member] | ||
Current | ||
Available-for-sale securities | 136,141 | 2,952 |
Non-current | ||
Available-for-sale securities | 1,730,753 | 2,392,534 |
Equity investments [member] | ||
Non-current | ||
Derivatives assets held for trading | 4,378 | 98,301 |
Available-for-sale securities | 1,730,753 | |
Others [member] | ||
Non-current | ||
Available-for-sale securities | ₩ 54,439 | ₩ 46,330 |
Other Financial Assets - Sum103
Other Financial Assets - Summary of Other Financial Assets (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of financial assets [line items] | |||
Impairment losses recognized in profit or loss | ₩ 123,214 | ₩ 248,404 | ₩ 142,781 |
Government [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments restricted for use | 10,080 | 6,813 | |
Financial arrangements, pledge and others [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments restricted for use | 78,477 | 82,008 | |
Available-for-sale financial assets [member] | |||
Disclosure of financial assets [line items] | |||
Impairment losses recognized in profit or loss | 123,214 | 248,404 | |
Available-for-sale securities, respectively, have been provided as collateral for borrowings, construction projects and others | ₩ 136,099 | ₩ 123,220 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of inventories [Line Items] | ||
Inventories | ₩ 10,793,781 | ₩ 9,515,895 |
Gross amount [member] | ||
Disclosure of inventories [Line Items] | ||
Finished goods | 1,526,628 | 1,200,344 |
Merchandise | 930,558 | 851,325 |
Semi-finished goods | 1,721,130 | 1,552,988 |
Raw materials | 2,329,268 | 1,939,539 |
Fuel and materials | 808,016 | 817,397 |
Construction inventories | 1,692,092 | 1,455,115 |
Materials-in-transit | 1,818,576 | 1,807,816 |
Others | 103,144 | 94,535 |
Inventories | 10,929,412 | 9,719,059 |
Allowance for inventories valuation [member] | ||
Disclosure of inventories [Line Items] | ||
Inventories | ₩ (135,631) | ₩ (203,164) |
Inventories - Changes of Allowa
Inventories - Changes of Allowance for Inventories Valuation (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Classes of current inventories [abstract] | |||
Allowance for inventories valuation, beginning balance | ₩ 203,164 | ₩ 231,378 | ₩ 161,940 |
Loss on valuation of inventories | 78,560 | 152,249 | 152,952 |
Realization on disposal of inventories | (138,967) | (161,458) | (77,102) |
Others | (7,126) | (19,005) | (6,412) |
Allowance for inventories valuation, ending balance | ₩ 135,631 | ₩ 203,164 | ₩ 231,378 |
Assets Held for Sale - Details
Assets Held for Sale - Details of Assets Held For Sale and Related Liabilities (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | |||
Property, plant and equipment | ₩ 31,883,535 | ₩ 33,770,339 | ₩ 34,522,855 |
Assets held for sale | 71,768 | 311,958 | |
Assets held for sale and related liabilities [member] | |||
Assets | |||
Property, plant and equipment | 71,732 | 306,628 | |
Others | 36 | 5,330 | |
Posco [member] | |||
Assets | |||
Assets held for sale | 392 | 764 | |
Posco [member] | Assets held for sale and related liabilities [member] | |||
Assets | |||
Property, plant and equipment | 392 | 764 | |
Subsidiaries [member] | |||
Assets | |||
Assets held for sale | 71,376 | 311,194 | |
Subsidiaries [member] | Assets held for sale and related liabilities [member] | |||
Assets | |||
Property, plant and equipment | 71,340 | 305,864 | |
Others | ₩ 36 | ₩ 5,330 |
Assets Held for Sale - Detai107
Assets Held for Sale - Details of Assets Held For Sale and Related Liabilities (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets and liabilities held for sale [Line Items] | |||
Property, plant and equipment | ₩ 31,883,535 | ₩ 33,770,339 | ₩ 34,522,855 |
Assets held for sale and related liabilities [member] | |||
Assets and liabilities held for sale [Line Items] | |||
Property, plant and equipment | 71,732 | ₩ 306,628 | |
Assets held for sale and related liabilities [member] | POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | |||
Assets and liabilities held for sale [Line Items] | |||
Property, plant and equipment | ₩ 71,340 |
Investments in Associates an108
Investments in Associates and Joint Ventures - Summary of Investments in Associates and Joint Ventures (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Investments in subsidiaries, joint ventures and associates [abstract] | |||
Investments in associates | ₩ 1,520,441 | ₩ 1,595,441 | |
Investments in joint ventures | 2,037,491 | 2,286,948 | |
Investments in associates and joint ventures | ₩ 3,557,932 | ₩ 3,882,389 | ₩ 3,945,333 |
Investments in Associates an109
Investments in Associates and Joint Ventures - Details of Investments in Associates (Detail) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017KRW (₩)Companiesshares | Dec. 31, 2016KRW (₩) | |
Disclosure of associates [line items] | ||
Investments in associates | ₩ 1,520,441 | ₩ 1,595,441 |
Domestic [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | ₩ 634,636 | ₩ 615,159 |
Domestic [member] | EQP POSCO Global No1 Natural Resources PEF [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 178,713,975,892 | |
Ownership (%) | 31.14% | 29.37% |
Investments in associates | ₩ 175,553 | ₩ 175,690 |
Domestic [member] | SNNC [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 18,130,000 | |
Ownership (%) | 49.00% | 49.00% |
Investments in associates | ₩ 110,424 | ₩ 107,859 |
Domestic [member] | QSONE Co.,Ltd. [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 200,000 | |
Ownership (%) | 50.00% | 50.00% |
Investments in associates | ₩ 85,049 | ₩ 84,799 |
Domestic [member] | Chuncheon Energy Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 16,098,143 | |
Ownership (%) | 45.67% | 29.90% |
Investments in associates | ₩ 74,378 | ₩ 45,077 |
Domestic [member] | Incheon-Gimpo Expressway Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 9,032,539 | |
Ownership (%) | 18.26% | 20.04% |
Investments in associates | ₩ 31,660 | ₩ 37,372 |
Domestic [member] | Blue Ocean Private Equity Fund [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 333 | |
Ownership (%) | 27.52% | 27.52% |
Investments in associates | ₩ 19,620 | ₩ 35,752 |
Domestic [member] | Chungju Enterprise City Development Co.,Ltd [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 2,008,000 | |
Ownership (%) | 29.53% | 29.53% |
Investments in associates | ₩ 17,252 | ₩ 12,551 |
Domestic [member] | UITrans LRT Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 7,714,380 | |
Ownership (%) | 38.19% | 38.19% |
Investments in associates | ₩ 15,841 | ₩ 17,851 |
Domestic [member] | Daesung Steel [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 108,038 | |
Ownership (%) | 17.54% | 17.54% |
Investments in associates | ₩ 15,500 | ₩ 12,302 |
Domestic [member] | KoFC POSCO HANWHA KB Shared Growth No. 2. Private Equity Fund [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 6,485 | |
Ownership (%) | 12.50% | 12.50% |
Investments in associates | ₩ 6,828 | ₩ 11,890 |
Domestic [member] | KONES, Corp. [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 3,250,000 | |
Ownership (%) | 41.67% | 41.67% |
Investments in associates | ₩ 2,827 | ₩ 5,641 |
Domestic [member] | Other associates [member] | ||
Disclosure of associates [line items] | ||
Number of companies in other associates | Companies | 35 | |
Investments in associates | ₩ 67,325 | 55,061 |
Domestic [member] | Keystone-HYUNDAI SECURITIES NO. 1. Private Equity Fund [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 13,800,000 | |
Ownership (%) | 40.45% | |
Investments in associates | ₩ 12,379 | 13,314 |
Domestic [member] | Acquisition cost [member] | EQP POSCO Global No1 Natural Resources PEF [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 178,787 | |
Domestic [member] | Acquisition cost [member] | SNNC [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 90,650 | |
Domestic [member] | Acquisition cost [member] | QSONE Co.,Ltd. [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 84,395 | |
Domestic [member] | Acquisition cost [member] | Chuncheon Energy Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 80,491 | |
Domestic [member] | Acquisition cost [member] | Incheon-Gimpo Expressway Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 45,163 | |
Domestic [member] | Acquisition cost [member] | Blue Ocean Private Equity Fund [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 33,300 | |
Domestic [member] | Acquisition cost [member] | Chungju Enterprise City Development Co.,Ltd [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 10,040 | |
Domestic [member] | Acquisition cost [member] | UITrans LRT Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 38,572 | |
Domestic [member] | Acquisition cost [member] | Daesung Steel [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 14,000 | |
Domestic [member] | Acquisition cost [member] | KoFC POSCO HANWHA KB Shared Growth No. 2. Private Equity Fund [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 6,485 | |
Domestic [member] | Acquisition cost [member] | KONES, Corp. [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 6,893 | |
Domestic [member] | Acquisition cost [member] | Keystone-HYUNDAI SECURITIES NO. 1. Private Equity Fund [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 13,800 | |
Foreign [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | ₩ 885,805 | 980,282 |
Foreign [member] | Other associates [member] | ||
Disclosure of associates [line items] | ||
Number of companies in other associates | Companies | 26 | |
Investments in associates | ₩ 111,497 | ₩ 98,320 |
Foreign [member] | South-East Asia Gas Pipeline Company Ltd. [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 135,219,000 | |
Ownership (%) | 25.04% | 25.04% |
Investments in associates | ₩ 197,069 | ₩ 215,996 |
Foreign [member] | AES-VCM Mong Duong Power Company Limited [member] | ||
Disclosure of associates [line items] | ||
Ownership (%) | 30.00% | 30.00% |
Investments in associates | ₩ 142,348 | ₩ 167,141 |
Foreign [member] | 7623704 Canada Inc. [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 114,452,000 | |
Ownership (%) | 10.40% | 10.40% |
Investments in associates | ₩ 121,702 | ₩ 137,512 |
Foreign [member] | Eureka Moly LLC [member] | ||
Disclosure of associates [line items] | ||
Ownership (%) | 20.00% | 20.00% |
Investments in associates | ₩ 79,398 | ₩ 89,601 |
Foreign [member] | AMCI (WA) PTY LTD [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 49 | |
Ownership (%) | 49.00% | 49.00% |
Investments in associates | ₩ 63,378 | ₩ 70,501 |
Foreign [member] | Nickel mining company SAS [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 3,234,698 | |
Ownership (%) | 49.00% | 49.00% |
Investments in associates | ₩ 45,905 | ₩ 45,138 |
Foreign [member] | NCR LLC [member] | ||
Disclosure of associates [line items] | ||
Ownership (%) | 29.41% | 29.41% |
Investments in associates | ₩ 33,738 | ₩ 36,738 |
Foreign [member] | Korea LNG Ltd. [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 2,400 | |
Ownership (%) | 20.00% | 20.00% |
Investments in associates | ₩ 33,422 | ₩ 63,058 |
Foreign [member] | PT. batutua tembaga raya [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 128,285 | |
Ownership (%) | 22.00% | 24.10% |
Investments in associates | ₩ 21,823 | ₩ 22,723 |
Foreign [member] | Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 10,200,000 | |
Ownership (%) | 34.00% | 34.00% |
Investments in associates | ₩ 15,617 | ₩ 18,008 |
Foreign [member] | PT. wampu electric power [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 8,708,400 | |
Ownership (%) | 20.00% | 20.00% |
Investments in associates | ₩ 13,391 | ₩ 8,706 |
Foreign [member] | POSCO SeAH Steel Wire(Nantong) Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Number of shares | shares | 50 | |
Ownership (%) | 25.00% | 25.00% |
Investments in associates | ₩ 6,517 | ₩ 6,840 |
Foreign [member] | Acquisition cost [member] | South-East Asia Gas Pipeline Company Ltd. [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 150,779 | |
Foreign [member] | Acquisition cost [member] | AES-VCM Mong Duong Power Company Limited [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 164,303 | |
Foreign [member] | Acquisition cost [member] | 7623704 Canada Inc. [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 124,341 | |
Foreign [member] | Acquisition cost [member] | Eureka Moly LLC [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 240,123 | |
Foreign [member] | Acquisition cost [member] | AMCI (WA) PTY LTD [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 209,664 | |
Foreign [member] | Acquisition cost [member] | Nickel mining company SAS [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 157,585 | |
Foreign [member] | Acquisition cost [member] | NCR LLC [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 37,634 | |
Foreign [member] | Acquisition cost [member] | Korea LNG Ltd. [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 135,205 | |
Foreign [member] | Acquisition cost [member] | PT. batutua tembaga raya [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 21,824 | |
Foreign [member] | Acquisition cost [member] | Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 9,517 | |
Foreign [member] | Acquisition cost [member] | PT. wampu electric power [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | 10,054 | |
Foreign [member] | Acquisition cost [member] | POSCO SeAH Steel Wire(Nantong) Co., Ltd. [member] | ||
Disclosure of associates [line items] | ||
Investments in associates | ₩ 4,723 |
Investments in Associates an110
Investments in Associates and Joint Ventures - Details of Investments in Associates (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of associates [abstract] | ||
Investment in associates provided as collateral for borrowings | ₩ 158,370 | ₩ 124,963 |
Investments in Associates an111
Investments in Associates and Joint Ventures - Details of Investments in Joint Ventures (Detail) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017KRW (₩)Companiesshares | Dec. 31, 2016KRW (₩) | |
Disclosure of joint ventures [line items] | ||
Investments in joint ventures | ₩ 2,037,491 | ₩ 2,286,948 |
Foreign [member] | ||
Disclosure of joint ventures [line items] | ||
Investments in joint ventures | ₩ 116,854 | 83,113 |
Foreign [member] | POSCO MITSUBISHI CARBON TECHNOLOGY [member] | ||
Disclosure of joint ventures [line items] | ||
Number of shares | shares | 11,568,000 | |
Ownership (%) | 60.00% | |
Investments in joint ventures | ₩ 110,760 | ₩ 83,113 |
Foreign [member] | Other joint ventures [member] | ||
Disclosure of joint ventures [line items] | ||
Number of companies in other joint ventures | Companies | 5 | |
Investments in joint ventures | ₩ 6,094 | |
Foreign [member] | Roy Hill Holdings Pty Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 12.50% | 12.50% |
Foreign [member] | POSCO-NPS Niobium LLC [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 50.00% | 50.00% |
Foreign [member] | CSP - Compania Siderurgica do Pecem [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 20.00% | 20.00% |
Foreign [member] | KOBRASCO [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 50.00% | 50.00% |
Foreign [member] | BX STEEL POSCO Cold Rolled Sheet Co., Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 25.00% | 25.00% |
Foreign [member] | DMSA/AMSA [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 4.00% | 4.00% |
Foreign [member] | Acquisition cost [member] | POSCO MITSUBISHI CARBON TECHNOLOGY [member] | ||
Disclosure of joint ventures [line items] | ||
Investments in joint ventures | ₩ 115,680 | |
Domestic [member] | ||
Disclosure of joint ventures [line items] | ||
Investments in joint ventures | ₩ 1,920,637 | ₩ 2,203,835 |
Domestic [member] | POSCO MITSUBISHI CARBON TECHNOLOGY [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 60.00% | 60.00% |
Domestic [member] | Other joint ventures [member] | ||
Disclosure of joint ventures [line items] | ||
Number of companies in other joint ventures | Companies | 14 | |
Investments in joint ventures | ₩ 46,716 | ₩ 32,331 |
Domestic [member] | Roy Hill Holdings Pty Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Number of shares | shares | 13,117,972 | |
Ownership (%) | 12.50% | |
Investments in joint ventures | ₩ 1,125,133 | 1,186,859 |
Domestic [member] | POSCO-NPS Niobium LLC [member] | ||
Disclosure of joint ventures [line items] | ||
Number of shares | shares | 325,050,000 | |
Ownership (%) | 50.00% | |
Investments in joint ventures | ₩ 348,836 | 393,570 |
Domestic [member] | CSP - Compania Siderurgica do Pecem [member] | ||
Disclosure of joint ventures [line items] | ||
Number of shares | shares | 1,108,696,532 | |
Ownership (%) | 20.00% | |
Investments in joint ventures | ₩ 146,427 | 330,463 |
Domestic [member] | KOBRASCO [member] | ||
Disclosure of joint ventures [line items] | ||
Number of shares | shares | 2,010,719,185 | |
Ownership (%) | 50.00% | |
Investments in joint ventures | ₩ 108,485 | 88,308 |
Domestic [member] | BX STEEL POSCO Cold Rolled Sheet Co., Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 25.00% | |
Investments in joint ventures | ₩ 88,305 | 97,369 |
Domestic [member] | DMSA/AMSA [member] | ||
Disclosure of joint ventures [line items] | ||
Ownership (%) | 4.00% | |
Investments in joint ventures | ₩ 56,735 | ₩ 74,935 |
Domestic [member] | Acquisition cost [member] | Roy Hill Holdings Pty Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Investments in joint ventures | 1,528,672 | |
Domestic [member] | Acquisition cost [member] | POSCO-NPS Niobium LLC [member] | ||
Disclosure of joint ventures [line items] | ||
Investments in joint ventures | 364,609 | |
Domestic [member] | Acquisition cost [member] | CSP - Compania Siderurgica do Pecem [member] | ||
Disclosure of joint ventures [line items] | ||
Investments in joint ventures | 558,821 | |
Domestic [member] | Acquisition cost [member] | KOBRASCO [member] | ||
Disclosure of joint ventures [line items] | ||
Investments in joint ventures | 32,950 | |
Domestic [member] | Acquisition cost [member] | BX STEEL POSCO Cold Rolled Sheet Co., Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Investments in joint ventures | 61,961 | |
Domestic [member] | Acquisition cost [member] | DMSA/AMSA [member] | ||
Disclosure of joint ventures [line items] | ||
Investments in joint ventures | ₩ 304,623 |
Investments in Associates an112
Investments in Associates and Joint Ventures - Movements of Investments in Associates and Joint Ventures (Detail) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017KRW (₩)Companies | Dec. 31, 2016KRW (₩)Companies | Dec. 31, 2015KRW (₩) | |
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | ₩ 3,882,389 | ₩ 3,945,333 | |
Acquisition | 92,336 | 198,394 | |
Dividends | (131,710) | (111,622) | |
Share of profits (losses) | 10,540 | (88,677) | ₩ (506,054) |
Other increase (decrease) | (295,623) | (61,039) | |
Book value, ending balance | 3,557,932 | 3,882,389 | 3,945,333 |
Domestic [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 698,272 | 1,091,334 | |
Acquisition | 56,139 | 48,807 | |
Dividends | (505) | (200) | |
Share of profits (losses) | 11,918 | (234,748) | |
Other increase (decrease) | (14,334) | (206,921) | |
Book value, ending balance | 751,490 | 698,272 | 1,091,334 |
Domestic [member] | POSCO MITSUBISHI CARBON TECHNOLOGY [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 83,113 | 104,970 | |
Share of profits (losses) | 27,582 | (21,929) | |
Other increase (decrease) | 65 | 72 | |
Book value, ending balance | 110,760 | 83,113 | 104,970 |
Domestic [member] | POSCO ES MATERIALS CO., LTD. [Member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 38,447 | ||
Share of profits (losses) | (2,061) | ||
Other increase (decrease) | (36,386) | ||
Book value, ending balance | 38,447 | ||
Domestic [member] | EQP POSCO Global No1 Natural Resources PEF [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 175,690 | 175,676 | |
Acquisition | 222 | ||
Share of profits (losses) | 418 | (399) | |
Other increase (decrease) | (555) | 191 | |
Book value, ending balance | 175,553 | 175,690 | 175,676 |
Domestic [member] | SNNC [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 107,859 | 111,326 | |
Share of profits (losses) | 2,370 | (3,417) | |
Other increase (decrease) | 195 | (50) | |
Book value, ending balance | 110,424 | 107,859 | 111,326 |
Domestic [member] | QSONE Co.,Ltd. [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 84,799 | 83,919 | |
Dividends | (368) | ||
Share of profits (losses) | 618 | 880 | |
Book value, ending balance | 85,049 | 84,799 | 83,919 |
Domestic [member] | Chuncheon Energy Co., Ltd. [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 45,077 | 30,420 | |
Acquisition | 27,791 | 19,832 | |
Share of profits (losses) | 1,510 | (5,175) | |
Book value, ending balance | 74,378 | 45,077 | 30,420 |
Domestic [member] | Incheon-Gimpo Expressway Co., Ltd. [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 37,372 | 39,447 | |
Share of profits (losses) | (6,463) | (2,758) | |
Other increase (decrease) | 751 | 683 | |
Book value, ending balance | 31,660 | 37,372 | 39,447 |
Domestic [member] | Blue Ocean Private Equity Fund [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 35,752 | 35,437 | |
Share of profits (losses) | (8,154) | 643 | |
Other increase (decrease) | (7,978) | (328) | |
Book value, ending balance | 19,620 | 35,752 | 35,437 |
Domestic [member] | Chungju Enterprise City Development Co.,Ltd [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 12,551 | 12,265 | |
Share of profits (losses) | 4,701 | 286 | |
Book value, ending balance | 17,252 | 12,551 | 12,265 |
Domestic [member] | UITrans LRT Co., Ltd. [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 17,851 | 40,903 | |
Acquisition | 6,817 | ||
Share of profits (losses) | (2,010) | (29,825) | |
Other increase (decrease) | (44) | ||
Book value, ending balance | 15,841 | 17,851 | 40,903 |
Domestic [member] | Daesung Steel [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 12,302 | 14,000 | |
Share of profits (losses) | 3,198 | (2,272) | |
Other increase (decrease) | 574 | ||
Book value, ending balance | 15,500 | 12,302 | 14,000 |
Domestic [member] | Keystone NO. 1. Private Equity Fund [Member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 13,314 | 13,015 | |
Share of profits (losses) | (886) | 281 | |
Other increase (decrease) | (49) | 18 | |
Book value, ending balance | 12,379 | 13,314 | 13,015 |
Domestic [member] | KoFC POSCO HANWHA KB Shared Growth No. 2. Private Equity Fund [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 11,890 | 14,829 | |
Acquisition | 1,875 | ||
Share of profits (losses) | (197) | 1,186 | |
Other increase (decrease) | (4,865) | (6,000) | |
Book value, ending balance | 6,828 | 11,890 | 14,829 |
Domestic [member] | KONES, Corp. [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 5,641 | 5,775 | |
Share of profits (losses) | (2,774) | (256) | |
Other increase (decrease) | (40) | 122 | |
Book value, ending balance | ₩ 2,827 | 5,641 | 5,775 |
Domestic [member] | POSCO PLANTEC Co., Ltd. [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 171,218 | ||
Share of profits (losses) | (171,927) | ||
Other increase (decrease) | 709 | ||
Book value, ending balance | 171,218 | ||
Domestic [member] | SeAH Changwon Integrated Special Steel [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 165,754 | ||
Share of profits (losses) | 4,797 | ||
Other increase (decrease) | ₩ (170,551) | ||
Book value, ending balance | 165,754 | ||
Domestic [member] | Other associates and joint ventures [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Number of companies in other associates and joint ventures | Companies | 40 | 33 | |
Book value, beginning balance | ₩ 55,061 | ₩ 33,933 | |
Acquisition | 28,348 | 20,061 | |
Dividends | (137) | (200) | |
Share of profits (losses) | (7,995) | (2,802) | |
Other increase (decrease) | (1,858) | 4,069 | |
Book value, ending balance | 73,419 | 55,061 | 33,933 |
Foreign [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 3,184,117 | 2,853,999 | |
Acquisition | 36,197 | 149,587 | |
Dividends | (131,205) | (111,422) | |
Share of profits (losses) | (1,378) | 146,071 | |
Other increase (decrease) | (281,289) | 145,882 | |
Book value, ending balance | 2,806,442 | 3,184,117 | 2,853,999 |
Foreign [member] | Roy Hill Holdings Pty Ltd. [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 1,186,859 | 1,153,434 | |
Share of profits (losses) | 46,020 | 12,643 | |
Other increase (decrease) | (107,746) | 20,782 | |
Book value, ending balance | 1,125,133 | 1,186,859 | 1,153,434 |
Foreign [member] | POSCO-NPS Niobium LLC [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 393,570 | 381,461 | |
Dividends | (17,277) | (10,893) | |
Share of profits (losses) | 17,173 | 11,499 | |
Other increase (decrease) | (44,630) | 11,503 | |
Book value, ending balance | 348,836 | 393,570 | 381,461 |
Foreign [member] | CSP - Compania Siderurgica do Pecem [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 330,463 | 80,805 | |
Acquisition | 88,930 | ||
Share of profits (losses) | (147,847) | 116,694 | |
Other increase (decrease) | (36,189) | 44,034 | |
Book value, ending balance | 146,427 | 330,463 | 80,805 |
Foreign [member] | KOBRASCO [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 88,308 | 78,364 | |
Dividends | (22,135) | (29,297) | |
Share of profits (losses) | 56,445 | 20,761 | |
Other increase (decrease) | (14,133) | 18,480 | |
Book value, ending balance | 108,485 | 88,308 | 78,364 |
Foreign [member] | BX STEEL POSCO Cold Rolled Sheet Co., Ltd. [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 97,369 | 100,908 | |
Dividends | (5,542) | ||
Share of profits (losses) | 1,555 | 258 | |
Other increase (decrease) | (5,077) | (3,797) | |
Book value, ending balance | 88,305 | 97,369 | 100,908 |
Foreign [member] | DMSA/AMSA [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 74,935 | 105,964 | |
Acquisition | 13,712 | 24,624 | |
Share of profits (losses) | (22,339) | (60,415) | |
Other increase (decrease) | (9,573) | 4,762 | |
Book value, ending balance | ₩ 56,735 | ₩ 74,935 | 105,964 |
Foreign [member] | Other associates and joint ventures [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Number of companies in other associates and joint ventures | Companies | 40 | 37 | |
Book value, beginning balance | ₩ 130,651 | ₩ 67,273 | |
Acquisition | 22,209 | 28,993 | |
Dividends | (4,408) | (4,252) | |
Share of profits (losses) | 46,535 | (791) | |
Other increase (decrease) | (36,774) | 39,428 | |
Book value, ending balance | 158,213 | 130,651 | 67,273 |
Foreign [member] | South-East Asia Gas Pipeline Company Ltd. [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 215,996 | 222,269 | |
Dividends | (37,016) | (59,717) | |
Share of profits (losses) | 42,896 | 46,855 | |
Other increase (decrease) | (24,807) | 6,589 | |
Book value, ending balance | 197,069 | 215,996 | 222,269 |
Foreign [member] | AES-VCM Mong Duong Power Company Limited [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 167,141 | 153,271 | |
Dividends | (30,798) | ||
Share of profits (losses) | 19,644 | 27,031 | |
Other increase (decrease) | (13,639) | (13,161) | |
Book value, ending balance | 142,348 | 167,141 | 153,271 |
Foreign [member] | 7623704 Canada Inc. [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 137,512 | 134,034 | |
Dividends | (7,563) | (921) | |
Share of profits (losses) | 7,468 | 175 | |
Other increase (decrease) | (15,715) | 4,224 | |
Book value, ending balance | 121,702 | 137,512 | 134,034 |
Foreign [member] | Eureka Moly LLC [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 89,601 | 87,878 | |
Share of profits (losses) | (35) | (18) | |
Other increase (decrease) | (10,168) | 1,741 | |
Book value, ending balance | 79,398 | 89,601 | 87,878 |
Foreign [member] | AMCI (WA) PTY LTD [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 70,501 | 72,289 | |
Share of profits (losses) | (4,299) | (3,358) | |
Other increase (decrease) | (2,824) | 1,570 | |
Book value, ending balance | 63,378 | 70,501 | 72,289 |
Foreign [member] | Nickel mining company SAS [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 45,138 | 76,445 | |
Share of profits (losses) | 424 | (31,047) | |
Other increase (decrease) | 343 | (260) | |
Book value, ending balance | 45,905 | 45,138 | 76,445 |
Foreign [member] | NCR LLC [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 36,738 | 35,447 | |
Acquisition | 276 | ||
Share of profits (losses) | (60) | (41) | |
Other increase (decrease) | (3,216) | 1,332 | |
Book value, ending balance | 33,738 | 36,738 | 35,447 |
Foreign [member] | Korea LNG Ltd. [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 63,058 | 53,548 | |
Dividends | (6,466) | (6,342) | |
Share of profits (losses) | (70,180) | 6,392 | |
Other increase (decrease) | 47,010 | 9,460 | |
Book value, ending balance | 33,422 | 63,058 | 53,548 |
Foreign [member] | PT. batutua tembaga raya [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 22,723 | 15,382 | |
Acquisition | 7,040 | ||
Share of profits (losses) | 260 | ||
Other increase (decrease) | (1,160) | 301 | |
Book value, ending balance | 21,823 | 22,723 | 15,382 |
Foreign [member] | Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 18,008 | 19,311 | |
Share of profits (losses) | (1,268) | (412) | |
Other increase (decrease) | (1,123) | (891) | |
Book value, ending balance | 15,617 | 18,008 | 19,311 |
Foreign [member] | PT. wampu electric power [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 8,706 | 8,855 | |
Share of profits (losses) | 5,927 | (397) | |
Other increase (decrease) | (1,242) | 248 | |
Book value, ending balance | 13,391 | 8,706 | 8,855 |
Foreign [member] | POSCO SeAH Steel Wire(Nantong) Co., Ltd. [member] | |||
Disclosure of investments in associates and joint ventures [Line Items] | |||
Book value, beginning balance | 6,840 | 7,061 | |
Share of profits (losses) | 303 | 242 | |
Other increase (decrease) | (626) | (463) | |
Book value, ending balance | ₩ 6,517 | ₩ 6,840 | ₩ 7,061 |
Investments in Associates an113
Investments in Associates and Joint Ventures - Summarized Financial Information of Associates and Joint Ventures (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | ₩ 79,785,629 | ₩ 80,137,614 | ||
Liabilities | 32,458,904 | 34,372,345 | ||
Equity (deficit) | 47,326,725 | 45,765,269 | ₩ 45,013,201 | ₩ 45,257,396 |
Sales | 60,186,867 | 52,939,771 | 58,522,268 | |
Net income (loss) | 2,909,311 | 1,032,065 | ₩ (116,215) | |
Domestic [member] | POSCO MITSUBISHI CARBON TECHNOLOGY [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 478,847 | 448,618 | ||
Liabilities | 295,052 | 311,070 | ||
Equity (deficit) | 183,795 | 137,548 | ||
Sales | 154,312 | 53,908 | ||
Net income (loss) | 46,138 | (36,572) | ||
Domestic [member] | POSCO PLANTEC Co., Ltd. [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 501,659 | |||
Liabilities | 678,004 | |||
Equity (deficit) | (176,345) | |||
Sales | 361,351 | |||
Net income (loss) | (43,195) | |||
Domestic [member] | EQP POSCO Global No1 Natural Resources PEF [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 562,698 | 597,767 | ||
Liabilities | 866 | 864 | ||
Equity (deficit) | 561,832 | 596,903 | ||
Net income (loss) | 1,261 | (1,349) | ||
Domestic [member] | SNNC [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 705,975 | 725,987 | ||
Liabilities | 459,519 | 482,429 | ||
Equity (deficit) | 246,456 | 243,558 | ||
Sales | 576,023 | 527,101 | ||
Net income (loss) | 2,417 | 2,022 | ||
Domestic [member] | QSONE Co.,Ltd. [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 248,779 | 247,385 | ||
Liabilities | 78,680 | 77,786 | ||
Equity (deficit) | 170,099 | 169,599 | ||
Sales | 15,297 | 15,961 | ||
Net income (loss) | 1,236 | 1,760 | ||
Domestic [member] | Chuncheon Energy Co., Ltd. [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 700,079 | 547,805 | ||
Liabilities | 539,137 | 378,613 | ||
Equity (deficit) | 160,942 | 169,192 | ||
Sales | 164,294 | |||
Net income (loss) | (8,250) | (3,748) | ||
Domestic [member] | Incheon-Gimpo Expressway Co., Ltd. [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 1,132,233 | 929,539 | ||
Liabilities | 922,338 | 718,107 | ||
Equity (deficit) | 209,895 | 211,432 | ||
Net income (loss) | (23,221) | (1,910) | ||
Domestic [member] | Blue Ocean Private Equity Fund [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 311,129 | 357,723 | ||
Liabilities | 188,512 | 220,895 | ||
Equity (deficit) | 122,617 | 136,828 | ||
Sales | 445,238 | 456,311 | ||
Net income (loss) | (3,345) | 2,335 | ||
Domestic [member] | Chungju Enterprise City Development Co.,Ltd [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 76,184 | 136,857 | ||
Liabilities | 48,072 | 124,666 | ||
Equity (deficit) | 28,112 | 12,191 | ||
Sales | 77,093 | 19,028 | ||
Net income (loss) | 15,921 | 967 | ||
Domestic [member] | UITrans LRT Co., Ltd. [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 464,074 | 400,761 | ||
Liabilities | 384,202 | 307,625 | ||
Equity (deficit) | 79,872 | 93,136 | ||
Sales | 3,689 | |||
Net income (loss) | (13,263) | (822) | ||
Domestic [member] | Daesung Steel [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 169,774 | 150,944 | ||
Liabilities | 112,795 | 112,194 | ||
Equity (deficit) | 56,979 | 38,750 | ||
Sales | 70,434 | 60,772 | ||
Net income (loss) | 18,230 | (12,955) | ||
Domestic [member] | Keystone NO. 1. Private Equity Fund [Member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 170,155 | 119,378 | ||
Liabilities | 133,033 | 79,946 | ||
Equity (deficit) | 37,122 | 39,432 | ||
Sales | 5,391 | 197 | ||
Net income (loss) | (2,070) | 694 | ||
Domestic [member] | KoFC POSCO HANWHA KB Shared Growth No. 2. Private Equity Fund [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 55,936 | 96,213 | ||
Liabilities | 1,315 | 1,094 | ||
Equity (deficit) | 54,621 | 95,119 | ||
Sales | 10,212 | 14,157 | ||
Net income (loss) | (1,578) | 9,561 | ||
Domestic [member] | KONES, Corp. [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 2,766 | 2,627 | ||
Liabilities | 1,616 | 1,519 | ||
Equity (deficit) | 1,150 | 1,108 | ||
Sales | 5,379 | 3,952 | ||
Net income (loss) | 139 | (615) | ||
Foreign [member] | Roy Hill Holdings Pty Ltd. [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 10,148,416 | 10,962,261 | ||
Liabilities | 6,600,900 | 8,059,714 | ||
Equity (deficit) | 3,547,516 | 2,902,547 | ||
Sales | 2,988,372 | 845,243 | ||
Net income (loss) | 797,008 | 129,968 | ||
Foreign [member] | POSCO-NPS Niobium LLC [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 697,470 | 786,937 | ||
Equity (deficit) | 697,470 | 786,937 | ||
Net income (loss) | 32,481 | 24,719 | ||
Foreign [member] | CSP - Compania Siderurgica do Pecem [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 4,805,353 | 5,682,161 | ||
Liabilities | 4,223,392 | 4,237,247 | ||
Equity (deficit) | 581,961 | 1,444,914 | ||
Sales | 1,290,767 | 226,669 | ||
Net income (loss) | (740,591) | 243,151 | ||
Foreign [member] | KOBRASCO [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 252,813 | 178,853 | ||
Liabilities | 35,843 | 2,236 | ||
Equity (deficit) | 216,970 | 176,617 | ||
Sales | 179,453 | 72,274 | ||
Net income (loss) | 112,890 | 41,522 | ||
Foreign [member] | BX STEEL POSCO Cold Rolled Sheet Co., Ltd. [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 717,472 | 789,336 | ||
Liabilities | 391,871 | 427,475 | ||
Equity (deficit) | 325,601 | 361,861 | ||
Sales | 1,245,178 | 948,488 | ||
Net income (loss) | 5,978 | 1,033 | ||
Foreign [member] | DMSA/AMSA [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 5,586,171 | 6,570,172 | ||
Liabilities | 4,167,906 | 4,842,560 | ||
Equity (deficit) | 1,418,265 | 1,727,612 | ||
Sales | 630,229 | 579,388 | ||
Net income (loss) | (475,958) | (519,969) | ||
Foreign [member] | South-East Asia Gas Pipeline Company Ltd. [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 1,911,942 | 2,171,689 | ||
Liabilities | 1,121,783 | 1,305,942 | ||
Equity (deficit) | 790,159 | 865,747 | ||
Sales | 445,682 | 491,011 | ||
Net income (loss) | 171,303 | 187,114 | ||
Foreign [member] | 7623704 Canada Inc. [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 1,182,376 | 1,334,391 | ||
Liabilities | 9 | 1 | ||
Equity (deficit) | 1,182,367 | 1,334,390 | ||
Net income (loss) | 82,344 | 19,485 | ||
Foreign [member] | Nickel mining company SAS [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 465,700 | 491,458 | ||
Liabilities | 324,687 | 347,194 | ||
Equity (deficit) | 141,013 | 144,264 | ||
Sales | 179,683 | 145,571 | ||
Net income (loss) | (4,450) | (61,473) | ||
Foreign [member] | Korea LNG Ltd. [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 179,269 | 303,389 | ||
Liabilities | 86 | 19,704 | ||
Equity (deficit) | 179,183 | 283,685 | ||
Sales | 34,640 | 33,035 | ||
Net income (loss) | 32,446 | 31,962 | ||
Foreign [member] | PT. batutua tembaga raya [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 336,085 | 351,119 | ||
Liabilities | 272,542 | 332,037 | ||
Equity (deficit) | 63,543 | 19,082 | ||
Sales | 195,520 | |||
Net income (loss) | 49,091 | |||
Foreign [member] | Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 70,437 | 83,291 | ||
Liabilities | 18,722 | 24,676 | ||
Equity (deficit) | 51,715 | 58,615 | ||
Sales | 85,850 | 117,387 | ||
Net income (loss) | (3,736) | (1,216) | ||
Foreign [member] | PT. wampu electric power [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 212,095 | 206,052 | ||
Liabilities | 148,177 | 165,618 | ||
Equity (deficit) | 63,918 | 40,434 | ||
Sales | 779 | 3,405 | ||
Net income (loss) | 29,634 | (1,984) | ||
Foreign [member] | POSCO SeAH Steel Wire(Nantong) Co., Ltd. [member] | ||||
Disclosure of investments in associates and joint ventures [Line Items] | ||||
Assets | 70,701 | 67,905 | ||
Liabilities | 43,588 | 40,451 | ||
Equity (deficit) | 27,113 | 27,454 | ||
Sales | 84,973 | 81,260 | ||
Net income (loss) | ₩ 1,210 | ₩ 938 |
Joint Operations - Details of S
Joint Operations - Details of Significant Joint Operations (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Myanmar A-1/A-3 mine [member] | |
Disclosure of joint operations [line items] | |
Category of business | Mineral development and gas production |
Ownership (%) | 51.00% |
Location | Myanmar |
Offshore midstream [member] | |
Disclosure of joint operations [line items] | |
Category of business | Gas transportation facility |
Ownership (%) | 51.00% |
Location | Myanmar |
Greenhills mine [member] | |
Disclosure of joint operations [line items] | |
Category of business | Mine development |
Ownership (%) | 20.00% |
Location | Canada |
Arctos Anthracite coal project [member] | |
Disclosure of joint operations [line items] | |
Category of business | Mine development |
Ownership (%) | 50.00% |
Location | Canada |
Mt. Thorley J/V [member] | |
Disclosure of joint operations [line items] | |
Category of business | Mine development |
Ownership (%) | 20.00% |
Location | Australia |
POSMAC J/V [member] | |
Disclosure of joint operations [line items] | |
Category of business | Mine development |
Ownership (%) | 20.00% |
Location | Australia |
RUM J/V [member] | |
Disclosure of joint operations [line items] | |
Category of business | Mine development |
Ownership (%) | 10.00% |
Location | Australia |
Hanam Gamil package public housing project [member] | |
Disclosure of joint operations [line items] | |
Category of business | Construction |
Ownership (%) | 7.70% |
Location | Korea |
Sejong 2-1 P3 Block public housing project [member] | |
Disclosure of joint operations [line items] | |
Category of business | Construction |
Ownership (%) | 37.00% |
Location | Korea |
Yongin-Giheung Station area city development project [member] | |
Disclosure of joint operations [line items] | |
Category of business | Construction |
Ownership (%) | 61.00% |
Location | Korea |
Korean wave world complex land multi-purpose building development project [member] | |
Disclosure of joint operations [line items] | |
Category of business | Construction |
Ownership (%) | 33.30% |
Location | Korea |
Sejong 4-1 P3 Block public housing project [member] | |
Disclosure of joint operations [line items] | |
Category of business | Construction |
Ownership (%) | 60.00% |
Location | Korea |
Investment Property, Net - Summ
Investment Property, Net - Summary of Investment Property (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about investment property [line items] | |||
Investment property | ₩ 1,064,914 | ₩ 1,117,720 | ₩ 1,084,292 |
Land [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | 360,402 | 392,723 | 346,879 |
Buildings [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | 634,040 | 671,539 | 696,526 |
Structures [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | 6,281 | 2,147 | 1,819 |
Construction-in-progress [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | 64,191 | 51,311 | ₩ 39,068 |
Gross amount [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | 1,159,332 | 1,286,026 | |
Gross amount [member] | Land [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | 360,402 | 423,910 | |
Gross amount [member] | Buildings [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | 727,022 | 807,657 | |
Gross amount [member] | Structures [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | 7,717 | 3,148 | |
Gross amount [member] | Construction-in-progress [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | 64,191 | 51,311 | |
Accumulated depreciation, amortization and impairment [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | (94,418) | (168,306) | |
Accumulated depreciation, amortization and impairment [member] | Land [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | (31,187) | ||
Accumulated depreciation, amortization and impairment [member] | Buildings [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | (92,982) | (136,118) | |
Accumulated depreciation, amortization and impairment [member] | Structures [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | ₩ (1,436) | ₩ (1,001) |
Investment Property, Net - Addi
Investment Property, Net - Additional Information (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about investment property [line items] | |||
Investment property | ₩ 1,064,914 | ₩ 1,117,720 | ₩ 1,084,292 |
6 Subsidiaries, including POSCO(Dalian) IT Center Development Co.,Ltd [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | 126,026 | ||
Fair value [member] | 6 Subsidiaries, including POSCO(Dalian) IT Center Development Co.,Ltd [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | ₩ 1,663,682 |
Investment Property, Net - Chan
Investment Property, Net - Changes in Carrying Amount of Investment Property (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about investment property [line items] | ||
Beginning | ₩ 1,117,720 | ₩ 1,084,292 |
Acquisitions | 77,420 | 45,575 |
Disposals | (47,231) | (11,395) |
Depreciation | (24,041) | (24,331) |
Others | (58,954) | 23,579 |
Ending | 1,064,914 | 1,117,720 |
Land [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Beginning | 392,723 | 346,879 |
Acquisitions | 20,941 | 24,116 |
Disposals | (37,725) | (8,056) |
Others | (15,537) | 29,784 |
Ending | 360,402 | 392,723 |
Buildings [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Beginning | 671,539 | 696,526 |
Acquisitions | 38,831 | 7,548 |
Disposals | (9,506) | (3,339) |
Depreciation | (23,450) | (24,043) |
Others | (43,374) | (5,153) |
Ending | 634,040 | 671,539 |
Structures [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Beginning | 2,147 | 1,819 |
Acquisitions | 1 | |
Depreciation | (591) | (288) |
Others | 4,725 | 615 |
Ending | 6,281 | 2,147 |
Construction-in-progress [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Beginning | 51,311 | 39,068 |
Acquisitions | 17,648 | 13,910 |
Others | (4,768) | (1,667) |
Ending | ₩ 64,191 | ₩ 51,311 |
Investment Property, Net - C118
Investment Property, Net - Changes in Carrying Amount of Investment Property (Parenthetical) (Detail) ₩ in Millions | 12 Months Ended |
Dec. 31, 2016KRW (₩) | |
Disclosure of detailed information about investment property [abstract] | |
Impairment loss on investment property | ₩ 318 |
Property, Plant and Equipmen119
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | ₩ 31,883,535 | ₩ 33,770,339 | ₩ 34,522,855 |
Gross amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 67,499,667 | 67,964,596 | |
Accumulated depreciation, amortization and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (35,608,601) | (34,185,681) | |
Government grants [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (7,531) | (8,576) | |
Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 2,527,650 | 2,601,208 | 2,572,807 |
Land [member] | Gross amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 2,534,102 | 2,607,660 | |
Land [member] | Accumulated depreciation, amortization and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (6,452) | (6,452) | |
Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 4,877,018 | 4,995,631 | 5,165,725 |
Buildings [member] | Gross amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 9,311,426 | 9,180,028 | |
Buildings [member] | Accumulated depreciation, amortization and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (4,433,996) | (4,183,974) | |
Buildings [member] | Government grants [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (412) | (423) | |
Structures [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 2,765,852 | 2,908,480 | 2,949,413 |
Structures [member] | Gross amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 5,452,713 | 5,385,365 | |
Structures [member] | Accumulated depreciation, amortization and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (2,686,802) | (2,476,818) | |
Structures [member] | Government grants [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (59) | (67) | |
Machinery and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 19,367,957 | 20,318,390 | 21,093,743 |
Machinery and equipment [member] | Gross amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 46,669,612 | 46,698,254 | |
Machinery and equipment [member] | Accumulated depreciation, amortization and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (27,301,410) | (26,379,544) | |
Machinery and equipment [member] | Government grants [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (245) | (320) | |
Vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 32,861 | 46,699 | 52,005 |
Vehicles [member] | Gross amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 296,815 | 306,770 | |
Vehicles [member] | Accumulated depreciation, amortization and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (263,884) | (259,986) | |
Vehicles [member] | Government grants [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (70) | (85) | |
Tools [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 63,640 | 71,380 | 73,478 |
Tools [member] | Gross amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 380,144 | 385,960 | |
Tools [member] | Accumulated depreciation, amortization and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (315,446) | (312,266) | |
Tools [member] | Government grants [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (1,058) | (2,314) | |
Furniture and fixtures [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 145,439 | 132,406 | 148,099 |
Furniture and fixtures [member] | Gross amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 643,779 | 609,736 | |
Furniture and fixtures [member] | Accumulated depreciation, amortization and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (498,192) | (477,064) | |
Furniture and fixtures [member] | Government grants [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (148) | (266) | |
Finance lease assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 145,257 | 159,013 | 92,796 |
Finance lease assets [member] | Gross amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 243,160 | 248,590 | |
Finance lease assets [member] | Accumulated depreciation, amortization and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (97,903) | (89,577) | |
Bearer plants [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 65,515 | ||
Bearer plants [member] | Gross amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 70,031 | ||
Bearer plants [member] | Accumulated depreciation, amortization and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (4,516) | ||
Construction-in-progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 1,892,346 | 2,537,132 | ₩ 2,374,789 |
Construction-in-progress [member] | Gross amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 1,897,885 | 2,542,233 | |
Construction-in-progress [member] | Government grants [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | ₩ (5,539) | ₩ (5,101) |
Property, Plant and Equipmen120
Property, Plant and Equipment, Net - Changes in Carrying Amount of Property, Plant and Equipment (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning | ₩ 33,770,339 | ₩ 34,522,855 |
Acquisitions | 2,257,864 | 2,331,351 |
Business combination | 342,886 | |
Disposals | (124,941) | (78,501) |
Depreciation | (2,980,836) | (3,008,372) |
Others | (1,038,891) | (339,880) |
Ending | 31,883,535 | 33,770,339 |
Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning | 2,601,208 | 2,572,807 |
Acquisitions | 3,477 | 8,901 |
Business combination | 15,687 | |
Disposals | (18,226) | (16,176) |
Depreciation | (6,452) | |
Others | (58,809) | 26,441 |
Ending | 2,527,650 | 2,601,208 |
Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning | 4,995,631 | 5,165,725 |
Acquisitions | 53,961 | 37,493 |
Business combination | 277,242 | |
Disposals | (5,782) | (12,857) |
Depreciation | (361,531) | (396,899) |
Others | 194,739 | (75,073) |
Ending | 4,877,018 | 4,995,631 |
Structures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning | 2,908,480 | 2,949,413 |
Acquisitions | 18,943 | 19,043 |
Disposals | (2,558) | (1,994) |
Depreciation | (246,229) | (216,631) |
Others | 87,216 | 158,649 |
Ending | 2,765,852 | 2,908,480 |
Machinery and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning | 20,318,390 | 21,093,743 |
Acquisitions | 194,653 | 193,856 |
Business combination | 47,021 | |
Disposals | (93,210) | (36,095) |
Depreciation | (2,217,435) | (2,277,740) |
Others | 1,165,559 | 1,297,605 |
Ending | 19,367,957 | 20,318,390 |
Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning | 46,699 | 52,005 |
Acquisitions | 9,982 | 8,967 |
Business combination | 88 | |
Disposals | (1,623) | (1,990) |
Depreciation | (22,340) | (18,484) |
Others | 143 | 6,113 |
Ending | 32,861 | 46,699 |
Tools [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning | 71,380 | 73,478 |
Acquisitions | 16,424 | 17,546 |
Business combination | 635 | |
Disposals | (976) | (848) |
Depreciation | (28,539) | (27,396) |
Others | 5,351 | 7,965 |
Ending | 63,640 | 71,380 |
Furniture and fixtures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning | 132,406 | 148,099 |
Acquisitions | 61,597 | 30,650 |
Business combination | 32 | |
Disposals | (1,296) | (4,248) |
Depreciation | (48,416) | (51,361) |
Others | 1,148 | 9,234 |
Ending | 145,439 | 132,406 |
Finance lease assets [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning | 159,013 | 92,796 |
Acquisitions | 4,760 | 79,556 |
Disposals | (453) | (38) |
Depreciation | (14,810) | (13,409) |
Others | (3,253) | 108 |
Ending | 145,257 | 159,013 |
Construction-in-progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning | 2,537,132 | 2,374,789 |
Acquisitions | 1,894,067 | 1,935,339 |
Business combination | 2,181 | |
Disposals | (817) | (4,255) |
Depreciation | (36,706) | |
Others | (2,501,330) | (1,770,922) |
Ending | 1,892,346 | ₩ 2,537,132 |
Bearer plants [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation | (4,830) | |
Others | 70,345 | |
Ending | ₩ 65,515 |
Property, Plant and Equipmen121
Property, Plant and Equipment, Net - Changes in Carrying Amount of Property, Plant and Equipment (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss on property, plant and equipment | ₩ 117,231 | ₩ 196,882 | ₩ 136,269 |
POSCO ENERGY CO., LTD. [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Discount rate | 14.00% | ||
Fuel cell business [Member] | POSCO ENERGY CO., LTD. [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss on property, plant and equipment | ₩ 61,565 | ||
Individual assets based on disposal plans [Member] | POSCO ENERGY CO., LTD. [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss on property, plant and equipment | 17,651 | ₩ 58,388 | |
Suncheon bay personal rapid transit business [member] | Suncheon Eco Trans Co., Ltd [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss on property, plant and equipment | ₩ 48,070 |
Property, Plant and Equipmen122
Property, Plant and Equipment, Net - Borrowing Costs Capitalized and Capitalized Interest Rate (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Expenditure | ₩ 2,287,580 | ₩ 2,324,112 | ₩ 2,560,244 |
Borrowing costs capitalized | 37,261 | 40,321 | |
Weighted average [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Expenditure | ₩ 1,180,563 | ₩ 1,070,280 | |
Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalization rate (%) | 1.74% | 3.32% | |
Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalization rate (%) | 3.45% | 3.82% |
Property, Plant and Equipmen123
Property, Plant and Equipment, Net - Property, Plant and Equipment and Investment Property Pledged as Collateral (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment and investment property pledged as collateral | ₩ 6,043,269 | ₩ 6,698,026 |
Land [member] | Korean Development Bank and others [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment and investment property pledged as collateral | 822,057 | 925,670 |
Buildings and structures [member] | Korean Development Bank and others [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment and investment property pledged as collateral | 1,678,403 | 1,734,543 |
Machinery and equipment [member] | Korean Development Bank and others [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment and investment property pledged as collateral | 3,527,420 | ₩ 4,037,813 |
Construction-in-progress [member] | Korean Development Bank and others [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment and investment property pledged as collateral | ₩ 15,389 |
Property, Plant and Equipmen124
Property, Plant and Equipment, Net - Property, Plant and Equipment and Investment Property Pledged as Collateral (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Assets pledged as collateral | ₩ 6,043,269 | ₩ 6,698,026 |
Investment Property And Other Assets [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Assets pledged as collateral | ₩ 4,984,841 |
Goodwill and Other Intangibl125
Goodwill and Other Intangible Assets, Net - Summary of Goodwill and Other Intangible Assets (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | ₩ 5,952,269 | ₩ 6,088,729 | ₩ 6,405,754 |
Goodwill [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 1,349,838 | 1,375,131 | 1,461,954 |
Intellectual property rights [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 2,449,193 | 2,521,171 | 2,667,086 |
Premium in rental [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 118,310 | 119,039 | 127,949 |
Development costs [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 80,218 | 117,012 | 135,796 |
Port facilities usage rights [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 309,373 | 256,617 | 264,801 |
Exploration and evaluation assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 205,944 | 162,268 | 151,144 |
Customer relationships [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 466,945 | 514,245 | 559,809 |
Power generation permit [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 539,405 | 539,405 | 539,405 |
Other intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 433,043 | 483,841 | ₩ 497,810 |
Gross amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 8,686,709 | 8,344,824 | |
Gross amount [member] | Goodwill [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 1,604,288 | 1,669,556 | |
Gross amount [member] | Intellectual property rights [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 3,140,159 | 2,923,030 | |
Gross amount [member] | Premium in rental [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 139,873 | 139,843 | |
Gross amount [member] | Development costs [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 397,129 | 376,327 | |
Gross amount [member] | Port facilities usage rights [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 705,692 | 633,025 | |
Gross amount [member] | Exploration and evaluation assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 296,320 | 196,124 | |
Gross amount [member] | Customer relationships [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 857,624 | 859,643 | |
Gross amount [member] | Power generation permit [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 539,405 | 539,405 | |
Gross amount [member] | Other intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | 1,006,219 | 1,007,871 | |
Accumulated depreciation, amortization and impairment [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | (2,734,397) | (2,255,231) | |
Accumulated depreciation, amortization and impairment [member] | Goodwill [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | (254,450) | (294,425) | |
Accumulated depreciation, amortization and impairment [member] | Intellectual property rights [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | (690,966) | (401,156) | |
Accumulated depreciation, amortization and impairment [member] | Premium in rental [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | (21,563) | (20,804) | |
Accumulated depreciation, amortization and impairment [member] | Development costs [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | (316,892) | (259,184) | |
Accumulated depreciation, amortization and impairment [member] | Port facilities usage rights [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | (396,319) | (376,408) | |
Accumulated depreciation, amortization and impairment [member] | Exploration and evaluation assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | (90,376) | (33,856) | |
Accumulated depreciation, amortization and impairment [member] | Customer relationships [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | (390,679) | (345,398) | |
Accumulated depreciation, amortization and impairment [member] | Other intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | (573,152) | (524,000) | |
Government grants [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | (43) | (864) | |
Government grants [member] | Intellectual property rights [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | (703) | ||
Government grants [member] | Development costs [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | (19) | (131) | |
Government grants [member] | Other intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill and other intangible assets | ₩ (24) | ₩ (30) |
Goodwill and Other Intangibl126
Goodwill and Other Intangible Assets, Net - Changes in Carrying Amount of Goodwill and Other Intangible Assets (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning | ₩ 6,088,729 | ₩ 6,405,754 |
Acquisitions | 353,115 | 160,714 |
Business combination | 47,625 | |
Disposals | (6,936) | (9,793) |
Amortization | (409,774) | (378,004) |
Impairment loss | (166,977) | (125,270) |
Others (*2) | 46,487 | 35,328 |
Ending | 5,952,269 | 6,088,729 |
Goodwill [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning | 1,375,131 | 1,461,954 |
Impairment loss | (21,750) | (95,984) |
Others (*2) | (3,543) | 9,161 |
Ending | 1,349,838 | 1,375,131 |
Intellectual property rights [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning | 2,521,171 | 2,667,086 |
Acquisitions | 167,580 | 56,849 |
Business combination | 47,625 | |
Disposals | (450) | (753) |
Amortization | (217,932) | (204,112) |
Impairment loss | (74,524) | (16,786) |
Others (*2) | 5,723 | 18,887 |
Ending | 2,449,193 | 2,521,171 |
Premium in rental [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning | 119,039 | 127,949 |
Acquisitions | 6,006 | 1,964 |
Disposals | (3,666) | (7,526) |
Amortization | (611) | (243) |
Impairment loss | (1,661) | (1,559) |
Others (*2) | (797) | (1,546) |
Ending | 118,310 | 119,039 |
Development costs [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning | 117,012 | 135,796 |
Acquisitions | 3,479 | 4,027 |
Disposals | (1,179) | (60) |
Amortization | (66,847) | (61,732) |
Impairment loss | (694) | (298) |
Others (*2) | 28,447 | 39,279 |
Ending | 80,218 | 117,012 |
Port facilities usage rights [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning | 256,617 | 264,801 |
Amortization | (19,912) | (15,217) |
Others (*2) | 72,668 | 7,033 |
Ending | 309,373 | 256,617 |
Exploration and evaluation assets [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning | 162,268 | 151,144 |
Acquisitions | 91,548 | 45,524 |
Impairment loss | (56,519) | (3,290) |
Others (*2) | 8,647 | (31,110) |
Ending | 205,944 | 162,268 |
Customer relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning | 514,245 | 559,809 |
Amortization | (46,508) | (47,790) |
Others (*2) | (792) | 2,226 |
Ending | 466,945 | 514,245 |
Power generation permit [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning | 539,405 | 539,405 |
Ending | 539,405 | 539,405 |
Other intangible assets [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning | 483,841 | 497,810 |
Acquisitions | 84,502 | 52,350 |
Disposals | (1,641) | (1,454) |
Amortization | (57,964) | (48,910) |
Impairment loss | (11,829) | (7,353) |
Others (*2) | (63,866) | (8,602) |
Ending | ₩ 433,043 | ₩ 483,841 |
Goodwill and Other Intangibl127
Goodwill and Other Intangible Assets, Net - Allocation of Goodwill to Individually Operating Entities Which are Determined to be CGUs (Detail) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017KRW (₩)Cash_Generating_Units | Dec. 31, 2016KRW (₩)Cash_Generating_Units | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Total number of CGUs | Cash_Generating_Units | 16 | 21 |
Goodwill | ₩ 1,349,838 | ₩ 1,375,131 |
Steel [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Total number of CGUs | Cash_Generating_Units | 7 | 9 |
Trading [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Total number of CGUs | Cash_Generating_Units | 2 | 2 |
Construction [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Total number of CGUs | Cash_Generating_Units | 2 | 4 |
Other reportable segment [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Total number of CGUs | Cash_Generating_Units | 5 | 6 |
POSCO Engineering & Construction Co., Ltd. [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Discount rate | 8.20% | |
Terminal growth rate | 1.00% | |
Period for the estimated future cash flows | 5 years | |
Discount rate increase | 0.25% | |
Value in use decrease due to increase in discount rate | 3.02% | |
Terminal growth rate decrease | 0.25% | |
Value in use decrease due to decrease in terminal growth rate | 2.06% | |
Impairment loss on goodwill | ₩ 20,883 | |
POSCO Engineering & Construction Co., Ltd. [member] | Construction [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
CGUs | POSCO ENGINEERING & CONSTRUCTION CO., LTD. | |
Goodwill | ₩ 90,426 | |
POSCO DAEWOO Corporation [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Discount rate | 8.10% | |
Terminal growth rate | 1.90% | |
Period for the estimated future cash flows | 5 years | |
Recoverable amount of CGU in excess of carrying amount | ₩ 117,324 | |
Discount rate increase | 0.25% | |
Value in use decrease due to increase in discount rate | 3.45% | |
Terminal growth rate decrease | 0.25% | |
Value in use decrease due to decrease in terminal growth rate | 1.78% | |
POSCO DAEWOO Corporation [member] | Trading [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
CGUs | POSCO DAEWOO Corporation | |
Goodwill | ₩ 1,165,030 | ₩ 1,163,922 |
POSCO VST Co., Ltd. [member] | Steel [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
CGUs | POSCO VST CO., LTD. | |
Goodwill | ₩ 36,955 | 36,955 |
Others [member] | Steel [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
CGUs | Others | |
Goodwill | ₩ 12,494 | 13,151 |
Others [member] | Other reportable segment [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
CGUs | Others | |
Goodwill | ₩ 11,206 | 15,087 |
PT. Bio Inti Agrindo [member] | Trading [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
CGUs | PT. Bio Inti Agrindo | |
Goodwill | ₩ 7,099 | 8,070 |
POSCO Engineering CO., Ltd. [member] | Construction [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
CGUs | POSCO Engineering CO.,Ltd | |
Goodwill | 111,309 | |
DONG FANG JIN HONG [member] | Construction [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
CGUs | DONG FANG JIN HONG | |
Goodwill | ₩ 157 | 166 |
POSCO ENERGY CO., LTD. [member] | Other reportable segment [member] | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
CGUs | POSCO ENERGY CO., LTD. | |
Goodwill | ₩ 26,471 | ₩ 26,471 |
Goodwill and Other Intangibl128
Goodwill and Other Intangible Assets, Net - Allocation of Goodwill to Individually Operating Entities Which are Determined to be CGUs (Parenthetical) (Detail) ₩ in Millions | 12 Months Ended |
Dec. 31, 2017KRW (₩) | |
POSCO DAEWOO Corporation [member] | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |
Goodwill transferred | ₩ 1,108 |
POSCO Processing And Service Co Ltd [member] | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |
Goodwill transferred | ₩ (1,108) |
Other Assets - Summary of Other
Other Assets - Summary of Other Current Assets and Other Non-Current Assets (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Advance payment | ₩ 661,779 | ₩ 787,452 |
Prepaid expenses | 143,032 | 105,102 |
Firm commitment asset | 15,115 | |
Others | 1,316 | 1,930 |
Other current assets | 821,242 | 894,484 |
Non-current | ||
Long-term advance payment | 24,201 | 27,189 |
Long-term prepaid expenses | 333,153 | 380,678 |
Others | 131,657 | 159,813 |
Other non-current assets | ₩ 489,011 | ₩ 567,680 |
Other Assets - Summary of Ot130
Other Assets - Summary of Other Current Assets and Other Non-Current Assets (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Tax assets | ₩ 88,633 | ₩ 100,693 |
Borrowings - Short-term Borrowi
Borrowings - Short-term Borrowings and Current Portion of Long-term Borrowings (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about borrowings [line items] | ||
Short-term borrowings | ₩ 8,174,818 | ₩ 7,979,727 |
Current borrowings and current portion of non-current borrowings | 11,274,516 | 10,194,807 |
JP Morgan and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Short-term borrowings | 217,879 | 254,036 |
HSBC and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Short-term borrowings | ₩ 7,956,939 | 7,725,691 |
Bottom of range [member] | Short-term borrowings [member] | JP Morgan and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance date | January, 2017 | |
Maturity date | January, 2018 | |
Interest rate (%) | 1.20% | |
Bottom of range [member] | Short-term borrowings [member] | HSBC and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance date | January, 2017 | |
Maturity date | January, 2018 | |
Interest rate (%) | 0.30% | |
Bottom of range [member] | Current portion of long-term liabilities [member] | Export-Import Bank of Korea and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance date | September, 2001 | |
Maturity date | February, 2018 | |
Interest rate (%) | 0.40% | |
Bottom of range [member] | Current portion of long-term liabilities [member] | Korean Development Bank and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance date | August, 2009 | |
Maturity date | February, 2018 | |
Interest rate (%) | 1.40% | |
Top of range [member] | Short-term borrowings [member] | JP Morgan and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance date | December, 2017 | |
Maturity date | December, 2018 | |
Interest rate (%) | 9.00% | |
Top of range [member] | Short-term borrowings [member] | HSBC and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance date | December, 2017 | |
Maturity date | December, 2018 | |
Interest rate (%) | 10.50% | |
Top of range [member] | Current portion of long-term liabilities [member] | Export-Import Bank of Korea and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance date | November, 2017 | |
Maturity date | December, 2018 | |
Interest rate (%) | 8.50% | |
Top of range [member] | Current portion of long-term liabilities [member] | Korean Development Bank and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance date | November, 2016 | |
Maturity date | December, 2018 | |
Interest rate (%) | 6.10% | |
Gross amount [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current portion of debentures | ₩ (1,399) | (829) |
Gross amount [member] | Export-Import Bank of Korea and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current portion of debentures | 1,407,123 | 1,390,733 |
Gross amount [member] | Korean Development Bank and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current portion of debentures | 1,693,974 | 825,176 |
Discount on debentures [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current portion of debentures | ₩ 3,099,698 | ₩ 2,215,080 |
Borrowings - Long-term Borrowin
Borrowings - Long-term Borrowings, Excluding Current Portion (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about borrowings [line items] | ||
Long-term borrowings, excluding current portion | ₩ 9,789,141 | ₩ 12,510,191 |
Export-Import Bank of Korea and others [member] | Long-term borrowings [member] | Bottom of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance date | September, 2001 | |
Maturity date | March, 2019 | |
Interest rate (%) | 0.50% | |
Export-Import Bank of Korea and others [member] | Long-term borrowings [member] | Top of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance date | Decemeber, 2017 | |
Maturity date | March, 2037 | |
Interest rate (%) | 8.40% | |
Korean Development Bank and others [member] | Long-term borrowings [member] | Bottom of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance date | August, 2009 | |
Maturity date | February, 2019 | |
Interest rate (%) | 1.80% | |
Korean Development Bank and others [member] | Long-term borrowings [member] | Top of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance date | November, 2017 | |
Maturity date | July, 2025 | |
Interest rate (%) | 6.30% | |
Gross amount [member] | Export-Import Bank of Korea and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Long-term borrowings, excluding current portion | ₩ 4,839,199 | 6,420,612 |
Gross amount [member] | Korean Development Bank and others [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Long-term borrowings, excluding current portion | 4,999,575 | 6,163,896 |
Present value discount [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Long-term borrowings, excluding current portion | (36,459) | (55,799) |
Discount on debentures [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Long-term borrowings, excluding current portion | ₩ (13,174) | ₩ (18,518) |
Borrowings - Summary of Assets
Borrowings - Summary of Assets Pledges as Collateral (Detail) ₩ in Millions | Dec. 31, 2017KRW (₩) |
Disclosure Of Assets Pledged As Collateral [line items] | |
Pledged amount | ₩ 5,288,208 |
Book value [member] | |
Disclosure Of Assets Pledged As Collateral [line items] | |
Assets | 6,143,600 |
Property, plant and equipment including investment property [member] | Korean Development Bank and others [member] | |
Disclosure Of Assets Pledged As Collateral [line items] | |
Pledged amount | 4,969,201 |
Property, plant and equipment including investment property [member] | Book value [member] | Korean Development Bank and others [member] | |
Disclosure Of Assets Pledged As Collateral [line items] | |
Assets | 5,777,330 |
Trade accounts and notes receivables, net [member] | Korean Development Bank and others [member] | |
Disclosure Of Assets Pledged As Collateral [line items] | |
Pledged amount | 147,581 |
Trade accounts and notes receivables, net [member] | Book value [member] | Korean Development Bank and others [member] | |
Disclosure Of Assets Pledged As Collateral [line items] | |
Assets | 147,581 |
Inventories [member] | Export-Import Bank of Korea and others [member] | |
Disclosure Of Assets Pledged As Collateral [line items] | |
Pledged amount | 116,378 |
Inventories [member] | Book value [member] | Export-Import Bank of Korea and others [member] | |
Disclosure Of Assets Pledged As Collateral [line items] | |
Assets | 162,198 |
Financial instruments [member] | Woori Bank and others [member] | |
Disclosure Of Assets Pledged As Collateral [line items] | |
Pledged amount | 55,048 |
Financial instruments [member] | Book value [member] | Woori Bank and others [member] | |
Disclosure Of Assets Pledged As Collateral [line items] | |
Assets | ₩ 56,491 |
Other Payables - Summary of Oth
Other Payables - Summary of Other Payables (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Accounts payable | ₩ 800,374 | ₩ 854,623 |
Accrued expenses | 653,923 | 665,295 |
Dividend payable | 7,213 | 7,770 |
Finance lease liabilities | 17,763 | 24,523 |
Withholdings | 274,188 | 299,448 |
Other payables, current | 1,753,461 | 1,851,659 |
Non-current | ||
Accounts payable | 4,632 | 6,823 |
Accrued expenses | 14,234 | 41,082 |
Finance lease liabilities | 75,255 | 89,886 |
Long-term withholdings | 53,629 | 70,768 |
Other payables, non-current | ₩ 147,750 | ₩ 208,559 |
Other Financial Liabilities - S
Other Financial Liabilities - Summary of Other Financial Liabilities (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Derivatives liabilities | ₩ 69,872 | ₩ 85,786 |
Financial guarantee liabilities | 59,940 | 63,962 |
Other financial liabilities, current | 129,812 | 149,748 |
Non-current | ||
Derivatives liabilities | 85,638 | 37,110 |
Financial guarantee liabilities | 28,467 | 44,199 |
Other financial liabilities, non-current | ₩ 114,105 | ₩ 81,309 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of other provisions [line items] | ||
Current | ₩ 110,946 | ₩ 114,865 |
Non-current | 477,172 | 337,739 |
Provision for bonus payments [member] | ||
Disclosure of other provisions [line items] | ||
Current | 49,171 | 42,986 |
Provision for construction warranties [member] | ||
Disclosure of other provisions [line items] | ||
Current | 11,804 | 10,551 |
Non-current | 106,232 | 86,158 |
Provision for legal contingencies and claims [member] | ||
Disclosure of other provisions [line items] | ||
Current | 495 | 4,348 |
Non-current | 36,269 | 80,498 |
Provisions for the restoration [member] | ||
Disclosure of other provisions [line items] | ||
Current | 12,273 | 10,169 |
Non-current | 121,917 | 52,425 |
Others [member] | ||
Disclosure of other provisions [line items] | ||
Current | 37,203 | 46,811 |
Non-current | ₩ 212,754 | ₩ 118,658 |
Provisions - Summary of Prov137
Provisions - Summary of Provisions (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of other provisions [line items] | |||
Other provisions | ₩ 588,118 | ₩ 452,604 | ₩ 324,012 |
POSCO ENERGY CO., LTD. [member] | |||
Disclosure of other provisions [line items] | |||
Discount rates | 14.00% | ||
Others [member] | |||
Disclosure of other provisions [line items] | |||
Other provisions | 249,957 | ₩ 165,469 | ₩ 102,243 |
Others [member] | POSCO ENERGY CO., LTD. [member] | |||
Disclosure of other provisions [line items] | |||
Other provisions | 157,461 | 87,827 | |
Others [member] | POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | |||
Disclosure of other provisions [line items] | |||
Other provisions | 23,600 | 23,600 | |
Lawsuits provision [member] | |||
Disclosure of other provisions [line items] | |||
Other provisions | 27,963 | ₩ 30,425 | |
Land [member] | Gangneung province [member] | |||
Disclosure of other provisions [line items] | |||
Other provisions | ₩ 29,471 | ||
Discount rates | 2.73% | ||
Land [member] | Pohang work [member] | |||
Disclosure of other provisions [line items] | |||
Discount rates | 2.73% |
Provisions - Changes in Provisi
Provisions - Changes in Provisions (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other provisions [line items] | ||
Beginning | ₩ 452,604 | ₩ 324,012 |
Increase | 367,595 | 297,996 |
Utilization | (225,861) | (157,202) |
Reversal | (27,485) | (18,716) |
Others | 21,265 | 6,514 |
Ending | 588,118 | 452,604 |
Provision for bonus payments [member] | ||
Disclosure of other provisions [line items] | ||
Beginning | 42,986 | 42,602 |
Increase | 74,728 | 44,106 |
Utilization | (64,319) | (42,211) |
Reversal | (3,035) | (272) |
Others | (1,189) | (1,239) |
Ending | 49,171 | 42,986 |
Provision for construction warranties [member] | ||
Disclosure of other provisions [line items] | ||
Beginning | 96,709 | 81,446 |
Increase | 40,916 | 33,925 |
Utilization | (18,006) | (19,469) |
Reversal | (2,502) | (2,695) |
Others | 919 | 3,502 |
Ending | 118,036 | 96,709 |
Provision for legal contingencies and claims [member] | ||
Disclosure of other provisions [line items] | ||
Beginning | 84,846 | 52,610 |
Increase | 27,459 | 45,525 |
Utilization | (70,156) | (14,012) |
Reversal | (1,749) | (188) |
Others | (3,636) | 911 |
Ending | 36,764 | 84,846 |
Provisions for the restoration [member] | ||
Disclosure of other provisions [line items] | ||
Beginning | 62,594 | 45,111 |
Increase | 63,438 | 42,529 |
Utilization | (8,530) | (13,367) |
Reversal | (12,475) | |
Others | 16,688 | 796 |
Ending | 134,190 | 62,594 |
Others [member] | ||
Disclosure of other provisions [line items] | ||
Beginning | 165,469 | 102,243 |
Increase | 161,054 | 131,911 |
Utilization | (64,850) | (68,143) |
Reversal | (20,199) | (3,086) |
Others | 8,483 | 2,544 |
Ending | ₩ 249,957 | ₩ 165,469 |
Employee Benefits - Expense Rel
Employee Benefits - Expense Related to Post-employment Benefit Plans under Defined Contribution Plans (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of defined benefit plans [abstract] | |||
Expense related to post-employment benefit plans under defined contribution plans | ₩ 35,538 | ₩ 30,344 | ₩ 25,224 |
Employee Benefits - Amounts Rec
Employee Benefits - Amounts Recognized in Relation to Net Defined Benefit Liabilities in Statements of Financial Position (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of defined benefit plans [abstract] | ||
Present value of funded obligations | ₩ 1,826,907 | ₩ 1,715,583 |
Fair value of plan assets | (1,714,166) | (1,693,118) |
Present value of non-funded obligations | 16,228 | 17,437 |
Net defined benefit liabilities | ₩ 128,969 | ₩ 39,902 |
Employee Benefits - Amounts 141
Employee Benefits - Amounts Recognized in Relation to Net Defined Benefit Liabilities in Statements of Financial Position (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of defined benefit plans [abstract] | ||
Net defined benefit assets | ₩ 8,224 | ₩ 83,702 |
Employee Benefits - Changes in
Employee Benefits - Changes in Present Value of Defined Benefit Obligations (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service costs | ₩ 209,612 | ₩ 285,706 | ₩ 239,508 |
Interest | (9,686) | 1,901 | 5,894 |
Defined benefit obligations [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Beginning of period | 1,733,020 | 1,714,115 | |
Current service costs | 209,612 | 285,706 | |
Interest | 35,830 | 39,286 | |
Remeasurements | 51,994 | (32,927) | |
- Gain from change in financial assumptions | (50,218) | (72,910) | |
- Loss (gain) from change in demographic assumptions | 15,952 | (4,140) | |
- Others | 86,260 | 44,123 | |
Benefits paid | (185,220) | (278,278) | |
Others | (2,101) | 5,118 | |
End of period | ₩ 1,843,135 | ₩ 1,733,020 | ₩ 1,714,115 |
Employee Benefits - Changes 143
Employee Benefits - Changes in Fair Value of Plan Assets (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Interest | ₩ (9,686) | ₩ 1,901 | ₩ 5,894 |
Plan assets [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Beginning of period | 1,693,118 | 1,532,090 | |
Interest | 45,516 | 37,385 | |
Remeasurements | (17,190) | (6,963) | |
Contributions to plan assets | 164,828 | 328,671 | |
Benefits paid | (168,643) | (189,817) | |
Others | (3,463) | (8,248) | |
End of period | ₩ 1,714,166 | ₩ 1,693,118 | ₩ 1,532,090 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) ₩ in Millions | 12 Months Ended |
Dec. 31, 2017KRW (₩) | |
Disclosure of net defined benefit liability (asset) [abstract] | |
Estimated contribution to the defined benefit plan assets | ₩ 164,865 |
Employee Benefits - Fair Value
Employee Benefits - Fair Value of Plan Assets (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of fair value of plan assets [abstract] | ||
Equity instruments | ₩ 41,218 | ₩ 56,187 |
Debt instruments | 367,027 | 411,726 |
Deposits | 1,254,571 | 1,167,475 |
Others | 51,350 | 57,730 |
Fair value of plan assets | ₩ 1,714,166 | ₩ 1,693,118 |
Employee Benefits - Amounts 146
Employee Benefits - Amounts Recognized in Consolidated Statements of Comprehensive Income (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of defined benefit plans [line items] | |||
Current service costs | ₩ 209,612 | ₩ 285,706 | ₩ 239,508 |
Net interest costs | (9,686) | 1,901 | 5,894 |
Amounts recognized in consolidated statements of comprehensive income | 199,926 | 287,607 | 245,402 |
Cost of sales [member] | |||
Disclosure of defined benefit plans [line items] | |||
Amounts recognized in consolidated statements of comprehensive income | 131,724 | 161,810 | 170,334 |
Selling and administrative expenses [member] | |||
Disclosure of defined benefit plans [line items] | |||
Amounts recognized in consolidated statements of comprehensive income | 67,424 | 124,994 | 74,210 |
Others [member] | |||
Disclosure of defined benefit plans [line items] | |||
Amounts recognized in consolidated statements of comprehensive income | ₩ 778 | ₩ 803 | ₩ 858 |
Employee Benefits - Amounts 147
Employee Benefits - Amounts Recognized in Consolidated Statements of Comprehensive Income (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of defined benefit plans [abstract] | |||
Actual return on plan assets | ₩ 28,326 | ₩ 30,422 | ₩ 32,630 |
Employee Benefits - Accumulated
Employee Benefits - Accumulated Actuarial Gains (Losses), Net of Tax Recognized in Other Comprehensive Income (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of defined benefit plans [abstract] | |||
Beginning | ₩ (251,612) | ₩ (272,152) | ₩ (314,106) |
Current actuarial gains (losses) | (47,543) | 20,540 | 41,954 |
Ending | ₩ (299,155) | ₩ (251,612) | ₩ (272,152) |
Employee Benefits - Principal A
Employee Benefits - Principal Actuarial Assumptions (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Bottom of range [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.70% | 2.15% |
Expected future increase in salaries | 1.04% | 1.00% |
Top of range [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 7.75% | 8.59% |
Expected future increase in salaries | 10.00% | 10.00% |
Employee Benefits - Changes to
Employee Benefits - Changes to Defined Benefit Obligation Due to Reasonably Possible Changes to one of the Relevant Actuarial Assumptions (Detail) ₩ in Millions | Dec. 31, 2017KRW (₩) |
Discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Affect on defined benefit obligation due to reasonably possible 1% increase in actuarial assumption | ₩ (123,568) |
Percentage of reasonably possible 1% increase in actuarial assumption | (6.70%) |
Affect on defined benefit obligation due to reasonably possible 1% decrease in actuarial assumption | ₩ 138,196 |
Percentage of reasonably possible 1% decrease in actuarial assumption | 7.50% |
Expected future increase in salaries [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Affect on defined benefit obligation due to reasonably possible 1% increase in actuarial assumption | ₩ 136,385 |
Percentage of reasonably possible 1% increase in actuarial assumption | 7.40% |
Affect on defined benefit obligation due to reasonably possible 1% decrease in actuarial assumption | ₩ (124,400) |
Percentage of reasonably possible 1% decrease in actuarial assumption | (6.70%) |
Employee Benefits - Maturity of
Employee Benefits - Maturity of Expected Benefit Payments (Detail) ₩ in Millions | Dec. 31, 2017KRW (₩) |
Disclosure of defined benefit plans [line items] | |
Benefits paid | ₩ 2,518,669 |
Less than 1 year [member] | |
Disclosure of defined benefit plans [line items] | |
Benefits paid | 109,212 |
1 year - 5 years [member] | |
Disclosure of defined benefit plans [line items] | |
Benefits paid | 613,786 |
5 years - 10 years [member] | |
Disclosure of defined benefit plans [line items] | |
Benefits paid | 792,792 |
10 years - 20 years [member] | |
Disclosure of defined benefit plans [line items] | |
Benefits paid | 655,599 |
After 20 years [member] | |
Disclosure of defined benefit plans [line items] | |
Benefits paid | ₩ 347,280 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Due to customers for contract work | ₩ 782,968 | ₩ 1,031,663 |
Advances received | 1,183,108 | 864,536 |
Unearned revenue | 7,121 | 8,702 |
Withholdings | 221,940 | 186,665 |
Firm commitment liability | 12,192 | |
Others | 33,590 | 22,307 |
Other current liabilities | 2,240,919 | 2,113,873 |
Non-current | ||
Advances received | 353,631 | 418,832 |
Unearned revenue | 18,440 | 20,013 |
Others | 14,360 | 40,338 |
Other non-current liabilities | ₩ 386,431 | ₩ 479,183 |
Financial Instruments - Summary
Financial Instruments - Summary of Financial Assets (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financial assets at fair value through profit or loss | ||
Financial assets held for trading | ₩ 1,970 | |
Derivatives assets held for trading | 65,051 | ₩ 147,582 |
Derivatives assets designated as hedging instruments | 3,239 | |
Available-for-sale financial assets | 1,978,115 | 2,514,924 |
Held-to-maturity financial assets | 5,211 | 2,470 |
Loans and receivables | 21,268,107 | 19,277,709 |
Financial assets | ₩ 23,321,693 | ₩ 21,942,685 |
Financial Instruments - Summ154
Financial Instruments - Summary of Financial Liabilities (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Financial liabilities at fair value through profit or loss | ||
Derivatives liabilities held for trading | ₩ 142,280 | ₩ 122,896 |
Derivatives liabilities designated as hedging instruments | 13,230 | |
Financial liabilities measured at amortized cost | ||
Trade accounts and notes payable | 3,477,678 | 4,117,798 |
Borrowings | 21,063,657 | 22,704,998 |
Financial guarantee liabilities | 88,407 | 108,161 |
Others | 1,865,683 | 2,007,114 |
Financial liabilities | ₩ 26,650,935 | ₩ 29,060,967 |
Financial Instruments - Finance
Financial Instruments - Finance Income and Costs by Category of Financial Instruments (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about financial instruments [line items] | |||
Interest income (expense) | ₩ (440,664) | ₩ (476,251) | ₩ (578,579) |
Gain and loss on valuation | (161,735) | (15,565) | 83,201 |
Finance income Gain and loss on G foreign currency | 170,098 | (142,308) | (382,553) |
Gain and loss on disposal | 360,787 | 87,819 | 146,751 |
Impairment loss | (123,214) | (248,404) | (142,781) |
Others | 83,118 | 12,499 | 43,980 |
Total | (111,610) | (782,210) | (829,981) |
Other comprehensive income (loss) | (31,389) | 310,608 | (187,854) |
Derivative financial liabilities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain and loss on valuation | (61,809) | (72,976) | (46,748) |
Gain and loss on disposal | (231,908) | (332,415) | (334,340) |
Total | (293,717) | (405,391) | (381,088) |
Financial liabilities measured at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income (expense) | (653,115) | (658,726) | (788,772) |
Finance income Gain and loss on G foreign currency | 777,935 | (283,059) | (665,583) |
Gain and loss on disposal | (61) | ||
Others | (9,546) | (28,367) | (138,827) |
Total | 115,274 | (970,213) | (1,593,182) |
Derivative financial assets [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain and loss on valuation | (99,942) | 57,411 | 129,949 |
Gain and loss on disposal | 206,362 | 310,625 | 357,715 |
Total | 106,420 | 368,036 | 487,664 |
Other comprehensive income (loss) | (143) | ||
Available-for-sale financial assets [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income (expense) | 60 | 431 | 1,956 |
Gain and loss on disposal | 418,789 | 127,524 | 138,782 |
Impairment loss | (123,214) | (248,404) | (142,781) |
Others | 92,961 | 41,000 | 183,712 |
Total | 388,596 | (79,449) | 181,669 |
Other comprehensive income (loss) | (31,389) | 310,608 | (187,854) |
Held-to-maturity financial assets [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income (expense) | 236 | 266 | 456 |
Others | 7 | 38 | (688) |
Total | 243 | 304 | (232) |
Loans and receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income (expense) | 212,155 | 181,778 | 207,781 |
Finance income Gain and loss on G foreign currency | (607,837) | 140,751 | 283,030 |
Gain and loss on disposal | (32,456) | (17,854) | (15,406) |
Others | (304) | (172) | (217) |
Total | (428,442) | ₩ 304,503 | ₩ 475,188 |
Financial Assets Held For Trading [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain and loss on valuation | 16 | ||
Total | ₩ 16 |
Financial Instruments - Maximum
Financial Instruments - Maximum Exposure to Credit Risk (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | ₩ 21,536,444 | ₩ 19,479,410 |
Cash and cash equivalents [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 2,612,530 | 2,447,619 |
Derivative financial assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 68,290 | 147,582 |
Fair value through profit or loss [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 1,970 | |
Available-for-sale financial assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 192,866 | 51,649 |
Held-to-maturity financial assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 5,211 | 2,470 |
Loans and receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 9,099,444 | 7,104,940 |
Trade accounts and notes receivables, net [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 8,824,563 | 9,674,026 |
Long-term trade accounts and notes receivable, net [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | ₩ 731,570 | ₩ 51,124 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit risk related financial guarantees | ₩ 21,536,444 | ₩ 19,479,410 |
Financial guarantees [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit risk related financial guarantees | ₩ 3,135,084 | ₩ 2,995,544 |
Financial Instruments - Allowan
Financial Instruments - Allowance for Doubtful Accounts (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of financial assets [line items] | ||||
Allowance for doubtful accounts | ₩ 1,094,464 | ₩ 977,771 | ₩ 999,678 | ₩ 954,153 |
Trade accounts and notes receivables, net [member] | ||||
Disclosure of financial assets [line items] | ||||
Allowance for doubtful accounts | 634,129 | 558,125 | ||
Other accounts receivable [member] | ||||
Disclosure of financial assets [line items] | ||||
Allowance for doubtful accounts | 187,706 | 203,346 | ||
Loans [member] | ||||
Disclosure of financial assets [line items] | ||||
Allowance for doubtful accounts | 258,957 | 210,346 | ||
Other assets [member] | ||||
Disclosure of financial assets [line items] | ||||
Allowance for doubtful accounts | ₩ 13,672 | ₩ 5,954 |
Financial Instruments - Impairm
Financial Instruments - Impairment Losses on Financial Assets (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of financial assets [line items] | |||
Impairment loss on financial assets | ₩ 123,214 | ₩ 248,404 | ₩ 142,781 |
Impairment loss on financial assets, net | 395,065 | 451,083 | |
Bad debt expenses [member] | |||
Disclosure of financial assets [line items] | |||
Impairment loss on financial assets | 173,694 | 165,150 | |
Others [member] | |||
Disclosure of financial assets [line items] | |||
Impairment loss on financial assets | 100,920 | 50,225 | |
Less: Recovery of impairment loss on financial assets | (2,743) | (12,658) | |
Available-for-sale financial assets [member] | |||
Disclosure of financial assets [line items] | |||
Impairment loss on financial assets | 123,214 | 248,404 | |
Held-to-maturity financial assets [member] | |||
Disclosure of financial assets [line items] | |||
Less: Recovery of impairment loss on financial assets | ₩ (20) | ₩ (38) |
Financial Instruments - Aging a
Financial Instruments - Aging and Impairment Losses of Trade Accounts and Notes Receivable and Other Receivables (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | ₩ 23,321,693 | ₩ 21,942,685 | ||
Impairment | 1,094,464 | 977,771 | ₩ 999,678 | ₩ 954,153 |
Trade accounts and notes receivables, net [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | 10,190,262 | 10,283,275 | ||
Impairment | 634,129 | 558,125 | ||
Trade accounts and notes receivables, net [member] | Not due [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | 7,736,092 | 7,963,491 | ||
Impairment | 65,314 | 62,511 | ||
Trade accounts and notes receivables, net [member] | Over due less than 1 one month [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | 445,390 | 790,042 | ||
Impairment | 12,546 | 27,482 | ||
Trade accounts and notes receivables, net [member] | 1 month-3 months [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | 170,682 | 205,394 | ||
Impairment | 742 | 8,955 | ||
Trade accounts and notes receivables, net [member] | 3 months-12 months [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | 384,313 | 189,605 | ||
Impairment | 21,030 | 26,814 | ||
Trade accounts and notes receivables, net [member] | Over 12 months [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | 1,453,785 | 1,134,743 | ||
Impairment | 534,497 | 432,363 | ||
Other receivables [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | 2,655,801 | 2,306,959 | ||
Impairment | 460,335 | 419,646 | ||
Other receivables [member] | Not due [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | 1,888,726 | 1,641,924 | ||
Impairment | 9,672 | 23,958 | ||
Other receivables [member] | Over due less than 1 one month [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | 235,559 | 197,772 | ||
Impairment | 35,539 | 75,207 | ||
Other receivables [member] | 1 month-3 months [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | 69,372 | 27,525 | ||
Impairment | 54,335 | 1,189 | ||
Other receivables [member] | 3 months-12 months [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | 96,942 | 82,337 | ||
Impairment | 64,467 | 20,300 | ||
Other receivables [member] | Over 12 months [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets | 365,202 | 357,401 | ||
Impairment | ₩ 296,322 | ₩ 298,992 |
Financial Instruments - Changes
Financial Instruments - Changes in Allowance for Doubtful Accounts (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Beginning | ₩ 977,771 | ₩ 999,678 | ₩ 954,153 |
Bad debt expenses | 173,694 | 165,150 | 189,616 |
Other bad debt expenses | 98,177 | 37,567 | 147,619 |
Others | (155,178) | (224,624) | (291,710) |
Ending | ₩ 1,094,464 | ₩ 977,771 | ₩ 999,678 |
Financial Instruments - Chan162
Financial Instruments - Changes in Allowance for Doubtful Accounts (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Exclusion of POSCO PLANTEC Co., Ltd. from consolidation | ₩ 199,003 | ||
Write-off of receivables | ₩ 119,964 | ₩ 216,657 |
Financial Instruments - Contrac
Financial Instruments - Contractual Maturities for Non-derivative Financial Liabilities (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade accounts and notes payable, book value | ₩ 3,477,678 | ₩ 4,117,798 |
Borrowings, book value | 21,063,657 | 22,704,998 |
Financial guarantee liabilities, book value | 88,407 | 108,161 |
Other financial liabilities, book value | 1,865,683 | ₩ 2,007,114 |
Non-derivative financial liabilities, book value | 26,495,425 | |
Trade accounts and notes payable, contractual cash flow | 3,478,992 | |
Borrowings, contractual cash flow | 22,928,112 | |
Financial guarantee liabilities, contractual cash flow | 3,135,084 | |
Other financial liabilities, contractual cash flow | 1,874,667 | |
Non-derivative financial liabilities, contractual cash flow | 31,416,855 | |
Less than 1 year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade accounts and notes payable, contractual cash flow | 3,466,001 | |
Borrowings, contractual cash flow | 12,093,516 | |
Financial guarantee liabilities, contractual cash flow | 3,135,084 | |
Other financial liabilities, contractual cash flow | 1,721,004 | |
Non-derivative financial liabilities, contractual cash flow | 20,415,605 | |
1 year - 5 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade accounts and notes payable, contractual cash flow | 12,991 | |
Borrowings, contractual cash flow | 9,200,416 | |
Other financial liabilities, contractual cash flow | 153,663 | |
Non-derivative financial liabilities, contractual cash flow | 9,367,070 | |
After 5 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings, contractual cash flow | 1,634,180 | |
Non-derivative financial liabilities, contractual cash flow | ₩ 1,634,180 |
Financial Instruments - Maturit
Financial Instruments - Maturity Analysis of Derivative Financial Liabilities (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | ₩ 142,280 | ₩ 122,896 |
Currency forward [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 10,044 | |
Currency futures [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 84,466 | |
Currency swaps [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 36,057 | |
Interest swaps [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 153 | |
Other forwards [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 24,790 | |
Less than 1 year [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 69,872 | |
Less than 1 year [member] | Currency forward [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 9,744 | |
Less than 1 year [member] | Currency futures [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 9,632 | |
Less than 1 year [member] | Currency swaps [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 25,553 | |
Less than 1 year [member] | Interest swaps [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 153 | |
Less than 1 year [member] | Other forwards [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 24,790 | |
1 year - 5 years [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 85,638 | |
1 year - 5 years [member] | Currency forward [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 300 | |
1 year - 5 years [member] | Currency futures [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | 74,834 | |
1 year - 5 years [member] | Currency swaps [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Derivative financial liabilities | ₩ 10,504 |
Financial Instruments - Exposur
Financial Instruments - Exposure to Currency Risk (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Assets | ₩ 23,321,693 | ₩ 21,942,685 |
Liabilities | 26,650,935 | 29,060,967 |
Currency risk [member] | USD [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Assets | 4,215,151 | 5,007,649 |
Liabilities | 5,940,380 | 6,636,065 |
Currency risk [member] | EUR [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Assets | 552,630 | 463,110 |
Liabilities | 454,072 | 550,235 |
Currency risk [member] | JPY [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Assets | 165,356 | 45,975 |
Liabilities | 709,318 | 821,403 |
Currency risk [member] | Others [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Assets | 220,723 | 219,444 |
Liabilities | ₩ 117,632 | ₩ 286,112 |
Financial Instruments - Chan166
Financial Instruments - Changes in Gain or Loss Due to a Hypothetically Strengthening or Weakening in Foreign Currencies (Detail) - KRW (₩) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
10% increase [member] | USD [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Changes in gain or loss due to hypothetically strengthens or weakens of functional currency against foreign currencies other than functional currency | ₩ (172,523) | ₩ (162,842) |
Hypothetical percentage change in functional currency against foreign currencies other than functional currency | 10.00% | 10.00% |
10% increase [member] | EUR [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Changes in gain or loss due to hypothetically strengthens or weakens of functional currency against foreign currencies other than functional currency | ₩ 9,856 | ₩ (8,713) |
Hypothetical percentage change in functional currency against foreign currencies other than functional currency | 10.00% | 10.00% |
10% increase [member] | JPY [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Changes in gain or loss due to hypothetically strengthens or weakens of functional currency against foreign currencies other than functional currency | ₩ (54,396) | ₩ (77,543) |
Hypothetical percentage change in functional currency against foreign currencies other than functional currency | 10.00% | 10.00% |
10% decrease [member] | USD [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Changes in gain or loss due to hypothetically strengthens or weakens of functional currency against foreign currencies other than functional currency | ₩ 172,523 | ₩ 162,842 |
Hypothetical percentage change in functional currency against foreign currencies other than functional currency | 10.00% | 10.00% |
10% decrease [member] | EUR [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Changes in gain or loss due to hypothetically strengthens or weakens of functional currency against foreign currencies other than functional currency | ₩ (9,856) | ₩ 8,713 |
Hypothetical percentage change in functional currency against foreign currencies other than functional currency | 10.00% | 10.00% |
10% decrease [member] | JPY [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Changes in gain or loss due to hypothetically strengthens or weakens of functional currency against foreign currencies other than functional currency | ₩ 54,396 | ₩ 77,543 |
Hypothetical percentage change in functional currency against foreign currencies other than functional currency | 10.00% | 10.00% |
Financial Instruments - Carryin
Financial Instruments - Carrying Amount of Interest-Bearing Financial Instruments (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | ₩ 23,321,693 | ₩ 21,942,685 |
Financial liabilities | (26,650,935) | (29,060,967) |
Fixed rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 10,943,300 | 8,650,483 |
Financial liabilities | (11,179,635) | (10,794,724) |
Financial asset and liabilities | (236,335) | (2,144,241) |
Variable rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | ₩ (9,977,040) | ₩ (12,024,683) |
Financial Instruments - Chan168
Financial Instruments - Changes in Interest Expense Due to an Increases or Decreases in Interest Rate (Detail) - Variable rate [member] - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
1% increase in floating rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Hypothetical percentage change in the floating rate | 1.00% | 1.00% |
Change in interest expense due to hypothetical increase or decrease in the floating rate | ₩ (99,770) | ₩ (120,247) |
1% decrease in floating rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Hypothetical percentage change in the floating rate | (1.00%) | (1.00%) |
Change in interest expense due to hypothetical increase or decrease in the floating rate | ₩ 99,770 | ₩ 120,247 |
Financial Instruments - Carr169
Financial Instruments - Carrying Amount and Fair Value of Financial Instruments (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | ||
Available-for-sale financial assets | ₩ 1,978,115 | ₩ 2,514,924 |
Derivatives assets | 65,051 | 147,582 |
Cash and cash equivalents | 2,612,530 | 2,447,619 |
Held-to-maturity financial assets | 5,211 | 2,470 |
Derivatives liabilities | 142,280 | 122,896 |
Trade accounts and notes payable | 3,477,678 | 4,117,798 |
Borrowings | 21,063,657 | 22,704,998 |
Financial guarantee liabilities | 88,407 | 108,161 |
Others | 1,865,683 | 2,007,114 |
Liabilities measured at amortized cost | 26,495,425 | |
Assets measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash and cash equivalents | 2,612,530 | 2,447,619 |
Trade accounts and notes receivable, net | 9,556,133 | 9,725,150 |
Loans and other receivables, net | 9,099,444 | 7,104,940 |
Held-to-maturity financial assets | 5,211 | 2,470 |
Assets measured at amortized cost | 21,273,318 | 19,280,179 |
Liabilities measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade accounts and notes payable | 3,477,678 | 4,117,798 |
Borrowings | 21,063,657 | 22,704,998 |
Financial guarantee liabilities | 88,407 | 108,161 |
Others | 1,865,683 | 2,007,114 |
Liabilities measured at amortized cost | 26,495,425 | 28,938,071 |
Assets measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Available-for-sale financial assets | 1,506,893 | 2,139,687 |
Financial assets held for trading | 1,970 | |
Derivatives assets | 68,290 | 147,582 |
Assets measured at fair value | 1,577,153 | 2,287,269 |
Liabilities measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivatives liabilities | 155,510 | 122,896 |
Fair value [member] | Assets measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash and cash equivalents | 2,612,530 | 2,447,619 |
Trade accounts and notes receivable, net | 9,556,133 | 9,725,150 |
Loans and other receivables, net | 9,099,444 | 7,104,940 |
Held-to-maturity financial assets | 5,211 | 2,470 |
Assets measured at amortized cost | 21,273,318 | 19,280,179 |
Fair value [member] | Liabilities measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade accounts and notes payable | 3,477,678 | 4,117,798 |
Borrowings | 21,217,415 | 22,956,571 |
Financial guarantee liabilities | 88,407 | 108,161 |
Others | 1,865,683 | 2,007,114 |
Liabilities measured at amortized cost | 26,649,183 | 29,189,644 |
Fair value [member] | Assets measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Available-for-sale financial assets | 1,506,893 | 2,139,687 |
Financial assets held for trading | 1,970 | |
Derivatives assets | 68,290 | 147,582 |
Assets measured at fair value | 1,577,153 | 2,287,269 |
Fair value [member] | Liabilities measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivatives liabilities | ₩ 155,510 | ₩ 122,896 |
Financial Instruments - Fair Va
Financial Instruments - Fair Values of Financial Assets and Financial Liabilities by Fair Value Hierarchy (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | ||
Available-for-sale financial assets | ₩ 1,978,115 | ₩ 2,514,924 |
Derivatives assets | 65,051 | 147,582 |
Derivatives liabilities | 142,280 | 122,896 |
Assets measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Available-for-sale financial assets | 1,506,893 | 2,139,687 |
Financial assets held for trading | 1,970 | |
Derivatives assets | 68,290 | 147,582 |
Assets measured at fair value | 1,577,153 | 2,287,269 |
Liabilities measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivatives liabilities | 155,510 | 122,896 |
Fair value [member] | Assets measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Available-for-sale financial assets | 1,506,893 | 2,139,687 |
Financial assets held for trading | 1,970 | |
Derivatives assets | 68,290 | 147,582 |
Assets measured at fair value | 1,577,153 | 2,287,269 |
Fair value [member] | Assets measured at fair value [member] | Level 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Available-for-sale financial assets | 1,137,662 | 1,800,943 |
Assets measured at fair value | 1,137,662 | 1,800,943 |
Fair value [member] | Assets measured at fair value [member] | Level 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Available-for-sale financial assets | 17,812 | |
Financial assets held for trading | 1,970 | |
Derivatives assets | 68,290 | 137,236 |
Assets measured at fair value | 88,072 | 137,236 |
Fair value [member] | Assets measured at fair value [member] | Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Available-for-sale financial assets | 351,419 | 338,744 |
Derivatives assets | 10,346 | |
Assets measured at fair value | 351,419 | 349,090 |
Fair value [member] | Liabilities measured at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivatives liabilities | 155,510 | 122,896 |
Fair value [member] | Liabilities measured at fair value [member] | Level 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivatives liabilities | ₩ 155,510 | ₩ 122,896 |
Financial Instruments - Value M
Financial Instruments - Value Measurement Method and Significant but not Observable Inputs for the Financial Assets Classified as Fair Value Hierarchy Level 3 (Detail) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017KRW (₩) | Dec. 31, 2016KRW (₩) | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Available-for-sale financial assets | ₩ 1,978,115 | ₩ 2,514,924 |
Fair value [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Available-for-sale financial assets | 235,803 | |
Fair value [member] | PeerGroupUsage [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Available-for-sale financial assets | 14,775 | |
Fair value [member] | Asset value approach [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Available-for-sale financial assets | ₩ 100,841 | |
Fair value [member] | Available-for-sale financial assets [member] | Level 3 [member] | Bottom of range [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Growth rate | 0.00% | |
Discount rate | 0.50% | |
Price multiple | 1.085 | |
Fair value [member] | Available-for-sale financial assets [member] | Level 3 [member] | Top of range [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Growth rate | 2.00% | |
Discount rate | 11.90% | |
Price multiple | 5.245 |
Financial Instruments - Sensiti
Financial Instruments - Sensitivity Analysis of Financial Assets and Financial Liabilities Classified as Level 3 of Fair Value Hierarchy (Detail) - Available-for-sale financial assets [member] ₩ in Millions | 12 Months Ended |
Dec. 31, 2017KRW (₩) | |
Fluctuation 0.5% of growth rate [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Favorable changes | ₩ 5,713 |
Unfavorable changes | 4,641 |
Fluctuation 0.5% of discount rate [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Favorable changes | 27,238 |
Unfavorable changes | ₩ 22,724 |
Financial Instruments - Chan173
Financial Instruments - Changes in Fair Value of Financial Assets and Financial Liabilities Classified as Level 3 (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of fair value measurement of assets [line items] | |||
Beginning | ₩ 80,137,614 | ||
Impairment | (123,214) | ₩ (248,404) | ₩ (142,781) |
Ending | 79,785,629 | 80,137,614 | |
Fair value [member] | Level 3 [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Beginning | 466,407 | 349,090 | |
Acquisition and others | 47,493 | 129,766 | |
Gain (loss) on valuations of derivatives | (59,829) | (10,346) | |
Other comprehensive income (loss) | (38,731) | 35,126 | |
Impairment | (19,111) | (107,934) | |
Disposal and others | (47,139) | (44,283) | |
Ending | ₩ 349,090 | ₩ 466,407 | ₩ 349,090 |
Share Capital and Capital Su174
Share Capital and Capital Surplus - Summary of Share Capital (Detail) - KRW (₩) ₩ / shares in Units, ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of classes of share capital [abstract] | |||
Authorized shares | 200,000,000 | 200,000,000 | |
Par value | ₩ 5,000 | ₩ 5,000 | |
Issued shares(*1) | 87,186,835 | 87,186,835 | 87,186,835 |
Shared capital(*2) | ₩ 482,403 | ₩ 482,403 |
Share Capital and Capital Su175
Share Capital and Capital Surplus - Summary of Share Capital (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of classes of share capital [line items] | |||
Total shares of ADRs outstanding | 79,999,604 | 79,997,665 | 79,995,648 |
Total shares of ADRs outstanding, equivalent common stock shares | 9,210,073 | ||
Difference between the ending balance of common stock and the par value of issued common stock due to retirement of treasury stocks | ₩ 46,469 | ||
Retirement of treasury stock | 9,293,790 | ||
ADRs [Member] | |||
Disclosure of classes of share capital [line items] | |||
Total shares of ADRs outstanding | 36,840,292 |
Share Capital and Capital Su176
Share Capital and Capital Surplus - Changes in Issued Common Stock (Detail) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of classes of share capital [abstract] | ||
Shares issued beginning balance | 87,186,835 | 87,186,835 |
Disposal of treasury shares | 0 | 0 |
Shares issued ending balance | 87,186,835 | 87,186,835 |
Treasury shares beginning balance | (7,189,170) | (7,191,187) |
Disposal of treasury shares | 1,939 | 2,017 |
Treasury shares ending balance | (7,187,231) | (7,189,170) |
Number of outstanding shares beginning balance | 79,997,665 | 79,995,648 |
Disposal of treasury shares | 1,939 | 2,017 |
Number of outstanding shares ending balance | 79,999,604 | 79,997,665 |
Share Capital and Capital Su177
Share Capital and Capital Surplus - Summary of Capital Surplus (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of changes in equity [abstract] | ||
Share premium | ₩ 463,825 | ₩ 463,825 |
Gain on disposal of treasury shares | 783,914 | 783,788 |
Other capital deficit | 174,282 | 159,634 |
Capital surplus | ₩ 1,422,021 | ₩ 1,407,247 |
Share Capital and Capital Su178
Share Capital and Capital Surplus - Summary of Redeemable Convertible Preferred Shares (Detail) - Redeemable Convertible Preferred Stock [Member] | 12 Months Ended |
Dec. 31, 2017₩ / sharesshares | |
Disclosure Of Redeemable Convertible Preferred Shares [Line Items] | |
Issue date | Feb. 25, 2017 |
Number of shares issued | shares | 8,643,193 |
Price per share | ₩ / shares | ₩ 28,346 |
Voting rights | No voting rights for 3 years from issue date |
Dividend rights | Comparative, Non-participating |
Dividend rate description | Minimum dividend rate for 1~3 years:3.98% |
Dividend rate | 3.98% |
Dividend rate issuance spread on comparative rate | Minimum dividend rate after 4 years : Comparative rate + Issuance spread + 2% |
Details about redemption | Issuer can demand redemption of all or part of redeemable convertible preferred shares every year after the issue date, for a period of 10 years from the issue date. |
Details about Conversion | Stockholders of redeemable convertible preferred shares can convert them to common shares from 3 years after the issue date to the end of the redemption period (10 years). Conversion price is equal to issue price, which could be adjusted according to anti-dilution clause. |
Hybrid Bonds - Summary of Hybri
Hybrid Bonds - Summary of Hybrid Bonds (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | ₩ 996,919 | ₩ 996,919 |
Hybrid bond 1-1 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Date of issue | Jun. 13, 2013 | |
Date of maturity | Jun. 13, 2043 | |
Interest rate (%) | 4.30% | |
Hybrid bond 1-2 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Date of issue | Jun. 13, 2013 | |
Date of maturity | Jun. 13, 2043 | |
Interest rate (%) | 4.60% | 4.60% |
Gross amount [member] | Hybrid bond 1-1 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | ₩ 800,000 | ₩ 800,000 |
Gross amount [member] | Hybrid bond 1-2 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | 200,000 | 200,000 |
Issuance cost [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | ₩ (3,081) | ₩ (3,081) |
Hybrid Bonds - Summary of Hy180
Hybrid Bonds - Summary of Hybrid Bonds (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | ₩ 996,919 | ₩ 996,919 |
Hybrid bond 1-1 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Maturity date | 30 years (POSCO has a right to extend the maturity date) | |
Interest rate | Issue date ~ 2018-06-12: 4.3% Reset every 5 years as follows; · After 5 years: return on government bond (5 years) + 1.3% · After 10 years: additionally +0.25% according to Step-up clauses After 25 years: additionally +0.75% | |
Interest rate (%) | 4.30% | |
Interest payments condition | Quarterly (Optional deferral of interest payment is available to POSCO) | |
Others | POSCO can call the hybrid bond at year 5 and interest payment date afterwards | |
Hybrid bond 1-1 [member] | After 5 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 1.30% | |
Hybrid bond 1-1 [member] | After 10 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 0.25% | |
Hybrid bond 1-1 [member] | After 25 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 0.75% | |
Hybrid bond 1-2 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Maturity date | 30 years (POSCO has a right to extend the maturity date) | |
Interest rate | Issue date ~ 2023-06-12: 4.6% Reset every 10 years as follows;· After 10 years: return on government bond (10 years) + 1.4% · After 10 years: additionally +0.25% according to Step-up clauses · After 30 years: additionally +0.75% | |
Interest rate (%) | 4.60% | 4.60% |
Interest payments condition | Quarterly (Optional deferral of interest payment is available to POSCO) | |
Others | POSCO can call the hybrid bond at year 10 and interest payment date afterwards | |
Hybrid bond 1-2 [member] | After 10 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 0.25% | |
Hybrid bond 1-2 [member] | After 10 years : Return on Government Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 1.40% | |
Hybrid bond 1-2 [member] | After 30 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 0.75% | |
Gross amount [member] | Hybrid bond 1-1 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | ₩ 800,000 | ₩ 800,000 |
Gross amount [member] | Hybrid bond 1-2 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | ₩ 200,000 | ₩ 200,000 |
Hybrid Bonds - Additional Infor
Hybrid Bonds - Additional Information (Detail) - Hybrid bonds [member] ₩ in Millions | Dec. 31, 2017KRW (₩) |
Disclosure of detailed information about borrowings [line items] | |
Interest accumulated but not paid on hybrid bonds | ₩ 2,389 |
POSCO ENERGY CO., LTD. [member] | |
Disclosure of detailed information about borrowings [line items] | |
Interest accumulated but not paid on hybrid bonds | ₩ 2,004 |
Hybrid Bonds - Hybrid Bonds Iss
Hybrid Bonds - Hybrid Bonds Issued by POSCO ENERGY Co., Ltd. (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bond | ₩ 996,919 | ₩ 996,919 |
Hybrid bond 1-1 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Date of issue | Jun. 13, 2013 | |
Date of maturity | Jun. 13, 2043 | |
Interest rate (%) | 4.30% | |
Hybrid bond 1-1 [member] | After 25 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 0.75% | |
Hybrid bond 1-2 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Date of issue | Jun. 13, 2013 | |
Date of maturity | Jun. 13, 2043 | |
Interest rate (%) | 4.60% | 4.60% |
Gross amount [member] | Hybrid bond 1-1 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bond | ₩ 800,000 | ₩ 800,000 |
Gross amount [member] | Hybrid bond 1-2 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bond | 200,000 | 200,000 |
Issuance cost [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bond | (3,081) | (3,081) |
POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bond | ₩ 498,468 | 498,468 |
POSCO ENERGY CO., LTD. [member] | Hybrid bond 1-1 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Date of issue | Aug. 29, 2013 | |
Date of maturity | Aug. 29, 2043 | |
Interest rate (%) | 4.66% | |
POSCO ENERGY CO., LTD. [member] | Hybrid bond 1-1 [member] | After 25 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 0.75% | |
POSCO ENERGY CO., LTD. [member] | Hybrid bond 1-2 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Date of issue | Aug. 29, 2013 | |
Date of maturity | Aug. 29, 2043 | |
Interest rate (%) | 4.72% | |
POSCO ENERGY CO., LTD. [member] | Hybrid bond 1-3 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Date of issue | Aug. 29, 2013 | |
Date of maturity | Aug. 29, 2043 | |
Interest rate (%) | 4.72% | |
POSCO ENERGY CO., LTD. [member] | Hybrid bond 1-4 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Date of issue | Aug. 29, 2013 | |
Date of maturity | Aug. 29, 2043 | |
Interest rate (%) | 5.21% | |
POSCO ENERGY CO., LTD. [member] | Hybrid bond 1-2 and 1-3 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate (%) | 4.72% | |
POSCO ENERGY CO., LTD. [member] | Hybrid bond 1-2 and 1-3 [Member] | After 25 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 0.75% | |
POSCO ENERGY CO., LTD. [member] | Gross amount [member] | Hybrid bond 1-1 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bond | ₩ 165,000 | 165,000 |
POSCO ENERGY CO., LTD. [member] | Gross amount [member] | Hybrid bond 1-2 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bond | 165,000 | 165,000 |
POSCO ENERGY CO., LTD. [member] | Gross amount [member] | Hybrid bond 1-3 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bond | 30,000 | 30,000 |
POSCO ENERGY CO., LTD. [member] | Gross amount [member] | Hybrid bond 1-4 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bond | 140,000 | 140,000 |
POSCO ENERGY CO., LTD. [member] | Gross amount [member] | Hybrid bond 1-2 and 1-3 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bond | 195,000 | |
POSCO ENERGY CO., LTD. [member] | Issuance cost [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bond | ₩ (1,532) | ₩ (1,532) |
Hybrid Bonds - Hybrid Bonds 183
Hybrid Bonds - Hybrid Bonds Issued by POSCO ENERGY Co., Ltd. (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | ₩ 996,919 | ₩ 996,919 |
POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | ₩ 498,468 | 498,468 |
Hybrid bond 1-1 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Maturity date | 30 years (POSCO has a right to extend the maturity date) | |
Interest rate | Issue date ~ 2018-06-12: 4.3% Reset every 5 years as follows; · After 5 years: return on government bond (5 years) + 1.3% · After 10 years: additionally +0.25% according to Step-up clauses After 25 years: additionally +0.75% | |
Interest rate (%) | 4.30% | |
Interest payments condition | Quarterly (Optional deferral of interest payment is available to POSCO) | |
Others | POSCO can call the hybrid bond at year 5 and interest payment date afterwards | |
Hybrid bond 1-1 [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate | Issue date ~ 2018-08-29: 4.66%Reset every 5 years as follows; · After 5 years: return on government bond (5 years) + 1.39%· After 10 years: additionally +0.25% according to Step-up clauses · After 25 years: additionally +0.75% | |
Interest rate (%) | 4.66% | |
Interest payments condition | Quarterly (Optional deferral of interest payment is available to the Company but for hybrid bond 1-3, the Company pays every quarter(3/30, 6/30, 9/30, 12/30)) | |
Others | The issuer can call the hybrid bond at year 5 and interest payment date afterwards | |
Hybrid bond 1-1 [member] | After 5 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 1.30% | |
Hybrid bond 1-1 [member] | After 5 years [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 1.39% | |
Hybrid bond 1-1 [member] | After 10 years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 0.25% | |
Hybrid bond 1-1 [member] | After 10 years [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 0.25% | |
Hybrid bond 1-4 [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Maturity date | 30 years (The Company has a right to extend the maturity date) | |
Interest rate | Issue date ~ 2023-08-29: 5.21%Reset every 10 years as follows; · After 10 years: return on government bond (10 years) + 1.55%· After 10 years: additionally +0.25% according to Step-up clauses · After 30 years: additionally +0.75% | |
Interest rate (%) | 5.21% | |
Interest payments condition | Quarterly (Optional deferral of interest payment is available to the Company but for hybrid bond 1-3, the Company pays every quarter(3/30, 6/30, 9/30, 12/30)) | |
Others | The issuer can call the hybrid bond at year 10 and interest payment date afterwards | |
Hybrid bond 1-4 [member] | After 10 years : Return on Government Bond [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 1.55% | |
Hybrid bond 1-4 [member] | After 10 years [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 0.25% | |
Hybrid bond 1-4 [member] | After 30 years [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 0.75% | |
Hybrid bond 1-2 and 1-3 [Member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Maturity date | 30 years (The Company has a right to extend the maturity date) | |
Interest rate | Issue date ~ 2018-08-29: 4.72%Reset every 5 years as follows; · After 5 years: return on government bond (5 years) + 1.45%· After 10 years: additionally +0.25% according to Step-up clauses · After 25 years: additionally +0.75% | |
Interest rate (%) | 4.72% | |
Interest payments condition | Quarterly (Optional deferral of interest payment is available to the Company but for hybrid bond 1-3, the Company pays every quarter(3/30, 6/30, 9/30, 12/30)) | |
Others | The issuer can call the hybrid bond at year 5 and interest payment date afterwards | |
Hybrid bond 1-2 and 1-3 [Member] | After 5 years [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 1.45% | |
Hybrid bond 1-2 and 1-3 [Member] | After 10 years [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate adjustment | 0.25% | |
Gross amount [member] | Hybrid bond 1-1 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | ₩ 800,000 | 800,000 |
Gross amount [member] | Hybrid bond 1-1 [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | 165,000 | 165,000 |
Gross amount [member] | Hybrid bond 1-4 [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | 140,000 | ₩ 140,000 |
Gross amount [member] | Hybrid bond 1-2 and 1-3 [Member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Hybrid bonds classified as equity | ₩ 195,000 |
Reserves - Summary of Reserves
Reserves - Summary of Reserves (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of reserves within equity [abstract] | |||
Accumulated comprehensive loss of investments in associates and joint ventures | ₩ (516,528) | ₩ (301,734) | |
Changes in the unrealized fair value of available-for-saleinvestments | 230,190 | 276,143 | ₩ (38,294) |
Currency translation differences | (372,166) | (99,264) | |
Gain or losses on valuation of derivatives | (136) | ||
Others | (23,916) | (19,130) | |
Reserves | ₩ (682,556) | ₩ (143,985) |
Reserves - Changes in the Unrea
Reserves - Changes in the Unrealized Fair Value of Available-for-sale Investments (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reserves within equity [abstract] | ||
Changes in unrealized fair value of available-for-sale investments, beginning balance | ₩ 276,143 | ₩ (38,294) |
Changes in the unrealized fair value of available-for-sale investments | 183,761 | 218,542 |
Reclassification to profit or loss upon disposal | (299,862) | (88,781) |
Impairment of available-for-sale investments | 96,083 | 187,108 |
Others | (25,935) | (2,432) |
Changes in unrealized fair value of available-for-sale investments, ending balance | ₩ 230,190 | ₩ 276,143 |
Treasury Shares - Changes in Tr
Treasury Shares - Changes in Treasury Shares (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of shares, Beginning | 7,189,170 | 7,191,187 | |
Number of shares, Disposal of treasury shares | (1,939) | (2,017) | |
Number of shares, Ending | 7,187,231 | 7,189,170 | 7,191,187 |
Amount, Beginning | ₩ 1,533,468 | ||
Amount, Disposal of treasury shares | (540) | ₩ (462) | ₩ (524) |
Amount, Ending | ₩ 1,533,054 | ₩ 1,533,468 | |
Treasury shares [member] | |||
Number of shares, Beginning | 7,189,170 | 7,191,187 | |
Number of shares, Disposal of treasury shares | (1,939) | (2,017) | |
Number of shares, Ending | 7,187,231 | 7,189,170 | 7,191,187 |
Amount, Beginning | ₩ 1,533,468 | ₩ 1,533,898 | |
Amount, Disposal of treasury shares | (414) | (430) | ₩ (559) |
Amount, Ending | ₩ 1,533,054 | ₩ 1,533,468 | ₩ 1,533,898 |
Revenue - Details of Revenue (D
Revenue - Details of Revenue (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue [abstract] | |||
Sale of goods | ₩ 51,357,709 | ₩ 43,683,169 | ₩ 47,018,466 |
Services | 2,064,583 | 2,276,534 | 2,489,447 |
Construction revenue | 6,299,483 | 6,497,723 | 8,546,454 |
Rental income | 6,370 | 8,930 | 11,757 |
Others | 458,722 | 473,415 | 456,144 |
Revenue | ₩ 60,186,867 | ₩ 52,939,771 | ₩ 58,522,268 |
Construction Contracts - Detail
Construction Contracts - Details of In-Progress Construction Contracts (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of construction contract [Abstract] | ||
Aggregate amount of costs incurred | ₩ 21,404,321 | ₩ 22,012,241 |
Add: Recognized profits | 1,524,208 | 1,429,555 |
Less: Recognized losses | (718,593) | (1,139,165) |
Cumulative construction revenue | 22,209,936 | 22,302,631 |
Less: Progress billing | (22,265,891) | (22,483,968) |
Others | 994 | 9,961 |
Construction contract in progress | ₩ (54,961) | ₩ (171,376) |
Construction Contracts - Det189
Construction Contracts - Details of Due from/to Customers for Contract Work (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of construction contract [Abstract] | ||
Unbilled due from customers for contract work | ₩ 728,007 | ₩ 860,287 |
Due to customers for contract work | (782,968) | (1,031,663) |
Construction contract in progress | ₩ (54,961) | ₩ (171,376) |
Construction Contracts - Det190
Construction Contracts - Details of Changes in Estimated Total Contract Costs and Impact on Profit Before Income Taxes (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of construction contract [Abstract] | ||
Changes in estimated total contract costs | ₩ 164,812 | ₩ 532,801 |
Changes in profit before income taxes of construction contract : | ||
Current period | (69,656) | (790,391) |
Future periods | ₩ (6,041) | ₩ 69,464 |
Selling and Administrative E191
Selling and Administrative Expenses - Summary of Administrative Expenses (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of comprehensive income [Line Items] | |||
Wages and salaries | ₩ 3,105,364 | ₩ 3,016,488 | ₩ 3,186,237 |
Expenses related to post-employment benefits | 199,926 | 287,607 | 245,402 |
Depreciation | 2,887,646 | 2,835,843 | 2,836,663 |
Amortization | 409,774 | 378,004 | 381,583 |
Electricity expenses | 933,045 | 1,018,429 | 1,251,546 |
Research & development | 486,888 | 444,798 | 491,681 |
Vehicles maintenance | 1,336,969 | 1,342,009 | 1,531,906 |
Increase to provisions | 215,383 | 189,914 | 86,903 |
Bad debt expenses | 271,871 | 202,717 | 337,235 |
Total administrative expenses | 2,176,800 | 2,291,540 | 2,395,248 |
Administrative expenses [member] | |||
Statement of comprehensive income [Line Items] | |||
Wages and salaries | 774,900 | 769,589 | 810,851 |
Expenses related to post-employment benefits | 78,654 | 200,956 | 87,293 |
Other employee benefits | 159,920 | 176,794 | 193,967 |
Travel | 39,790 | 40,828 | 48,426 |
Depreciation | 97,261 | 103,442 | 105,470 |
Amortization | 146,314 | 139,569 | 168,525 |
Communication | 11,740 | 11,186 | 12,502 |
Electricity expenses | 7,050 | 7,527 | 9,573 |
Taxes and public dues | 72,826 | 78,895 | 74,315 |
Rental | 69,976 | 82,005 | 119,836 |
Repairs | 9,859 | 11,316 | 11,677 |
Entertainment | 11,582 | 13,157 | 15,740 |
Advertising | 119,724 | 86,141 | 90,698 |
Research & development | 125,795 | 120,608 | 135,508 |
Service fees | 193,387 | 201,129 | 218,751 |
Vehicles maintenance | 8,211 | 10,090 | 10,756 |
Industry association fee | 10,140 | 13,468 | 12,603 |
Conference | 14,494 | 13,108 | 16,053 |
Increase to provisions | 10,990 | 6,532 | 14,900 |
Bad debt expenses | 173,694 | 165,150 | 189,616 |
Others | ₩ 40,493 | ₩ 40,050 | ₩ 48,188 |
Selling and Administrative E192
Selling and Administrative Expenses - Summary of Selling Expenses (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of comprehensive income [Line Items] | |||
Freight and custody expenses | ₩ 1,336,969 | ₩ 1,342,009 | ₩ 1,531,906 |
Sales commissions | 115,925 | 94,377 | 80,165 |
Total Selling expenses | 1,557,277 | 1,553,686 | 1,728,956 |
Selling expenses [Member] | |||
Statement of comprehensive income [Line Items] | |||
Freight and custody expenses | 1,336,969 | 1,342,009 | 1,531,906 |
Operating expenses for distribution center | 10,503 | 10,315 | 11,021 |
Sales commissions | 115,925 | 94,377 | 80,165 |
Sales advertising | 3,800 | 5,117 | 3,220 |
Sales promotion | 12,414 | 10,670 | 22,443 |
Sample | 1,989 | 2,335 | 2,576 |
Sales insurance premium | 36,546 | 31,379 | 30,682 |
Contract cost | 23,061 | 49,480 | 38,425 |
Others | ₩ 16,070 | ₩ 8,004 | ₩ 8,518 |
Research and Development Exp193
Research and Development Expenditures Recognized as Expenses - Summary of Research and Development Expenditures Recognized as Expenses (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of comprehensive income [Line Items] | |||
Research and development expenditures recognized as expenses | ₩ 486,888 | ₩ 444,798 | ₩ 491,681 |
Administrative expenses [member] | |||
Statement of comprehensive income [Line Items] | |||
Research and development expenditures recognized as expenses | 125,795 | 120,608 | 135,508 |
Cost of sales [member] | |||
Statement of comprehensive income [Line Items] | |||
Research and development expenditures recognized as expenses | ₩ 361,093 | ₩ 324,190 | ₩ 356,173 |
Other Operating Income and E194
Other Operating Income and Expenses - Details of Other Operating Income and Expenses (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other operating income | |||
Gain on disposal of assets held for sale | ₩ 1,180 | ₩ 23,112 | ₩ 227,956 |
Gain on disposal of investments in subsidiaries, associates and joint ventures | 81,794 | 23,305 | 88,718 |
Gain on disposal of property, plant and equipment | 32,145 | 23,826 | 22,730 |
Gain on disposal of intangible assets | 23,391 | 671 | 1,432 |
Recovery of allowance for other doubtful accounts | 2,743 | 12,658 | 10,452 |
Gain on valuation of firm commitment | 56,301 | ||
Rental revenues | 1,498 | 1,771 | 1,019 |
Gain on insurance proceeds | 5,878 | 22,400 | 14,976 |
Others | 246,294 | 107,393 | 181,765 |
Other operating income | 451,224 | 215,136 | 549,048 |
Other operating expenses | |||
Impairment losses on assets held for sale | (24,890) | (133,547) | |
Loss on disposal of assets held for sale | (608) | (254) | (190,357) |
Loss on disposal of investments in subsidiaries, associates and joint ventures | (19,985) | (22,499) | (18,996) |
Loss on disposal of property, plant and equipment | (151,343) | (86,622) | (101,732) |
Impairment losses on property, plant and equipment | (117,231) | (196,882) | (136,269) |
Impairment losses on goodwill and intangible assets | (167,995) | (127,875) | (161,412) |
Other bad debt expenses | (100,920) | (50,225) | (158,071) |
Loss on valuation of firm commitment | (43,164) | ||
Idle tangible asset expenses | (10,490) | (6,437) | (12,773) |
Incease to provisions | (33,964) | (53,058) | (18,396) |
Donations | (51,424) | (43,810) | (62,957) |
Others | (95,172) | (143,168) | (447,788) |
Other operating expenses | ₩ (792,296) | ₩ (755,720) | ₩ (1,442,298) |
Other Operating Income and E195
Other Operating Income and Expenses - Details of Other Operating Income and Expenses (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2015 | |
Analysis of income and expense [abstract] | ||
Refund of VAT and other taxes | ₩ 160,501 | |
Settlement with Nippon Steel & Sumitomo Metal Corporation for a civil lawsuit | ₩ 299,037 |
Finance Income and Costs - Deta
Finance Income and Costs - Details of Finance Income and Costs (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finance income | |||
Interest income | ₩ 212,451 | ₩ 182,475 | ₩ 210,193 |
Dividend income | 92,962 | 41,000 | 183,712 |
Gain on foreign currency transactions | 785,616 | 1,032,552 | 1,025,240 |
Gain on foreign currency translations | 564,016 | 377,723 | 466,090 |
Gain on derivatives transactions | 210,727 | 316,524 | 366,482 |
Gain on valuations of derivatives | 64,735 | 147,111 | 155,334 |
Gain on disposals of available-for-sale financial assets | 425,684 | 130,830 | 139,136 |
Others | 16,476 | 3,765 | 10,886 |
Finance income | 2,372,667 | 2,231,980 | 2,557,073 |
Finance costs | |||
Interest expenses | (653,115) | (658,726) | (788,772) |
Loss on foreign currency transactions | (756,654) | (1,147,192) | (1,157,161) |
Loss on foreign currency translations | (422,880) | (405,391) | (716,722) |
Loss on derivatives transactions | (236,273) | (338,314) | (343,118) |
Loss on valuation of derivatives | (226,487) | (162,676) | (72,133) |
Impairment loss on available-for-sale financial assets | (123,214) | (248,404) | (142,781) |
Others | (65,654) | (53,487) | (166,367) |
Finance costs | ₩ (2,484,277) | ₩ (3,014,190) | ₩ (3,387,054) |
Expenses by Nature - Summary of
Expenses by Nature - Summary of Expenses by Nature (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Analysis of income and expense [abstract] | |||
Raw material used, changes in inventories and others | ₩ 35,584,184 | ₩ 30,177,732 | ₩ 33,939,108 |
Employee benefits expenses | 3,357,861 | 3,444,276 | 3,472,295 |
Outsourced processing cost | 7,074,948 | 7,678,055 | 8,681,271 |
Electricity expenses | 933,045 | 1,018,429 | 1,251,546 |
Depreciation | 2,887,646 | 2,835,843 | 2,836,663 |
Amortization | 409,774 | 378,004 | 381,583 |
Freight and custody expenses | 1,336,969 | 1,342,009 | 1,531,906 |
Sales commissions | 115,925 | 94,377 | 80,165 |
Loss on disposal of property, plant and equipment | 151,343 | 86,622 | 101,732 |
Impairment loss on property, plant and equipment | 117,231 | 196,882 | 136,269 |
Impairment loss on goodwill and intangible assets | 167,995 | 127,875 | 161,412 |
Increase to provisions | 215,383 | 189,914 | 86,903 |
Donations | 51,424 | 43,810 | 62,957 |
Other expenses | 4,038,242 | 3,258,583 | 4,861,126 |
Expenses by nature | 56,441,970 | 50,872,411 | 57,584,936 |
Wages and salaries | 3,105,364 | 3,016,488 | 3,186,237 |
Expenses related to post-employment benefits | 252,497 | 427,788 | 286,058 |
Employee benefits expenses | ₩ 3,357,861 | ₩ 3,444,276 | ₩ 3,472,295 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Major components of tax expense (income) [abstract] | |||
Current income taxes | ₩ 864,143 | ₩ 699,269 | ₩ 553,041 |
Deferred income tax due to temporary differences | 300,037 | (209,706) | (253,860) |
Items recorded directly in equity | 21,560 | (110,019) | (32,621) |
Income tax expense | ₩ 1,185,740 | ₩ 379,544 | ₩ 266,560 |
Income Taxes - Income Tax Credi
Income Taxes - Income Tax Credit (Charged) Directly to Equity (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current and deferred tax relating to items charged or credited directly to equity [abstract] | |||
Net changes in the unrealized fair value of available-for-saleinvestments | ₩ 1,271 | ₩ (100,550) | ₩ 60,077 |
Loss (gain) on sale of treasury shares | (40) | (10) | 12 |
Other capital surplus | (86,765) | ||
Others | 20,329 | (9,459) | (5,945) |
Income taxes credited (charged) directly to equity | ₩ 21,560 | ₩ (110,019) | ₩ (32,621) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Major components of tax expense (income) [abstract] | |||
POSCO's statutory rate | 24.20% | 24.20% | 24.20% |
Deductible temporary differences | ₩ 5,300,667 | ₩ 4,612,900 | |
Taxable temporary differences, not recognized | 4,362,127 | 3,933,428 | |
Deferred tax liabilities, not recognized | ₩ 1,137,632 | ₩ 951,890 |
Income Taxes - Reconciliation O
Income Taxes - Reconciliation Of Calculated Income Tax Expense Based on the Statutory Rate to Actual Amount of Taxes Recorded (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit before income tax expense | ₩ 4,095,051 | ₩ 1,411,609 | ₩ 150,345 |
Income tax expense computed at statutory rate | 990,540 | 341,148 | 35,921 |
Adjustments: | |||
Tax credits | (40,757) | (30,124) | (152,139) |
Over provisions from prior years | (20,912) | (11,829) | (47,053) |
Investment in subsidiaries, associates and joint ventures | 55,113 | 76,751 | 439,575 |
Tax effects due to permanent differences | 4,798 | (9,962) | (26,045) |
Effect of tax rate change | 175,647 | ||
Others | 21,311 | 13,560 | 16,301 |
Adjustments | 195,200 | 38,396 | 230,639 |
Income tax expense | ₩ 1,185,740 | ₩ 379,544 | ₩ 266,560 |
Effective tax rate | 28.96% | 26.89% | 177.30% |
Income Taxes - Reconciliatio202
Income Taxes - Reconciliation Of Calculated Income Tax Expense Based on the Statutory Rate to Actual Amount of Taxes Recorded (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Income Taxes [Line Items] | ||||
Statutory rate | 24.20% | 24.20% | 24.20% | |
Changes in tax rates or tax laws enacted or announced [member] | ||||
Disclosure of Income Taxes [Line Items] | ||||
Statutory rate | 27.50% | |||
Excess of taxable income enacted | ₩ 300,000 |
Income Taxes - Movements in Def
Income Taxes - Movements in Deferred Tax Assets (Liabilities) (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | ₩ (142,720) | ₩ (342,873) |
Inc. (Dec.) | (298,467) | 200,153 |
Ending | (441,187) | (142,720) |
Allowance for credit losses [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 213,119 | 202,592 |
Inc. (Dec.) | 60,875 | 10,527 |
Ending | 273,994 | 213,119 |
Reserve for technology developments [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | (91,960) | (177,676) |
Inc. (Dec.) | 53,973 | 85,716 |
Ending | (37,987) | (91,960) |
Property, plant and equipment depreciation [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | (11,639) | (15,240) |
Inc. (Dec.) | 26,280 | 3,601 |
Ending | 14,641 | (11,639) |
Share of profit or loss of equity-accounted investees [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 70,259 | (45,174) |
Inc. (Dec.) | 125,783 | 115,433 |
Ending | 196,042 | 70,259 |
Allowance for inventories valuation [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 15,651 | 13,373 |
Inc. (Dec.) | (4,871) | 2,278 |
Ending | 10,780 | 15,651 |
Property, plant and equipment revaluation [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | (1,524,149) | (1,393,501) |
Inc. (Dec.) | (304,015) | (130,648) |
Ending | (1,828,164) | (1,524,149) |
Prepaid expenses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 19,665 | 19,180 |
Inc. (Dec.) | 335 | 485 |
Ending | 20,000 | 19,665 |
Property, plant and equipment impairment loss [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 5,295 | 8,055 |
Inc. (Dec.) | 245 | (2,760) |
Ending | 5,540 | 5,295 |
Gain or loss on foreign currency [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | (5,957) | (29,355) |
Inc. (Dec.) | (42,515) | 23,398 |
Ending | (48,472) | (5,957) |
Defined benefit obligations [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 361,838 | 354,175 |
Inc. (Dec.) | 68,279 | 7,663 |
Ending | 430,117 | 361,838 |
Plan assets [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | (316,525) | (287,839) |
Inc. (Dec.) | (36,129) | (28,686) |
Ending | (352,654) | (316,525) |
Provision for construction losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 997 | 612 |
Inc. (Dec.) | (556) | 385 |
Ending | 441 | 997 |
Provision for construction warranty [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 24,322 | 21,604 |
Inc. (Dec.) | 4,395 | 2,718 |
Ending | 28,717 | 24,322 |
Accrued income [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | (9,441) | (8,982) |
Inc. (Dec.) | (3,474) | (459) |
Ending | (12,915) | (9,441) |
Impairment loss on AFS [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 245,168 | 266,474 |
Inc. (Dec.) | (42,373) | (21,306) |
Ending | 202,795 | 245,168 |
Difference in acquisition costs of treasury shares [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 62,099 | 62,116 |
Inc. (Dec.) | 8,448 | (17) |
Ending | 70,547 | 62,099 |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 403,748 | 296,207 |
Inc. (Dec.) | (27,740) | 107,541 |
Ending | 376,008 | 403,748 |
Temporary differences [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | (537,510) | (713,379) |
Inc. (Dec.) | (113,060) | 175,869 |
Ending | (650,570) | (537,510) |
Unrealized fair value of available-for-sale investments [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | (50,507) | 50,043 |
Inc. (Dec.) | 1,271 | (100,550) |
Ending | (49,236) | (50,507) |
Other deferred income taxes recognized directly to equity [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 51,832 | 61,291 |
Inc. (Dec.) | 20,329 | (9,459) |
Ending | 72,161 | 51,832 |
Deferred income taxes recognized directly to equity [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 1,325 | 111,334 |
Inc. (Dec.) | 21,600 | (110,009) |
Ending | 22,925 | 1,325 |
Tax credit carryforward and others [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 307,335 | 277,261 |
Inc. (Dec.) | (189,303) | 30,074 |
Ending | 118,032 | 307,335 |
Investments in subsidiaries, associates and joint ventures [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning | 86,130 | (18,089) |
Inc. (Dec.) | (17,704) | 104,219 |
Ending | ₩ 68,426 | ₩ 86,130 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets And Liabilities (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | ₩ 2,811,648 | ₩ 2,714,516 | |
Liabilities | (3,252,835) | (2,857,236) | |
Net | (441,187) | (142,720) | ₩ (342,873) |
Allowance for credit losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 273,994 | 213,119 | |
Net | 273,994 | 213,119 | 202,592 |
Reserve for technology developments [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Liabilities | (37,987) | (91,960) | |
Net | (37,987) | (91,960) | (177,676) |
Property, plant and equipment depreciation [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 59,912 | 50,843 | |
Liabilities | (45,271) | (62,482) | |
Net | 14,641 | (11,639) | (15,240) |
Share of profit or loss of equity-accounted investees [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 236,637 | 178,538 | |
Liabilities | (40,595) | (108,279) | |
Net | 196,042 | 70,259 | (45,174) |
Allowance for inventories valuation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 10,780 | 15,651 | |
Net | 10,780 | 15,651 | 13,373 |
Property, plant and equipment revaluation [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Liabilities | (1,828,164) | (1,524,149) | |
Net | (1,828,164) | (1,524,149) | (1,393,501) |
Prepaid expenses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 20,000 | 19,665 | |
Net | 20,000 | 19,665 | 19,180 |
Property, plant and equipment impairment loss [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 5,639 | 5,397 | |
Liabilities | (99) | (102) | |
Net | 5,540 | 5,295 | 8,055 |
Gain or loss on foreign currency [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 113,760 | 99,836 | |
Liabilities | (162,232) | (105,793) | |
Net | (48,472) | (5,957) | (29,355) |
Defined benefit obligations [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 430,117 | 361,838 | |
Net | 430,117 | 361,838 | 354,175 |
Plan assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Liabilities | (352,654) | (316,525) | |
Net | (352,654) | (316,525) | (287,839) |
Provision for construction losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 441 | 997 | |
Net | 441 | 997 | 612 |
Provision for construction warranty [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 28,717 | 24,322 | |
Net | 28,717 | 24,322 | 21,604 |
Accrued income [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Liabilities | (12,915) | (9,441) | |
Net | (12,915) | (9,441) | (8,982) |
Impairment loss on AFS [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 202,795 | 245,168 | |
Net | 202,795 | 245,168 | 266,474 |
Difference in acquisition costs of treasury shares [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 70,547 | 62,099 | |
Net | 70,547 | 62,099 | 62,116 |
Other [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 473,025 | 452,425 | |
Liabilities | (97,017) | (48,677) | |
Net | 376,008 | 403,748 | 296,207 |
Temporary differences [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 1,926,364 | 1,729,898 | |
Liabilities | (2,576,934) | (2,267,408) | |
Net | (650,570) | (537,510) | (713,379) |
Unrealized fair value of available-for-sale investments [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 110,865 | 50,245 | |
Liabilities | (160,101) | (100,752) | |
Net | (49,236) | (50,507) | 50,043 |
Other deferred income taxes recognized directly to equity [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 92,981 | 65,532 | |
Liabilities | (20,820) | (13,700) | |
Net | 72,161 | 51,832 | 61,291 |
Deferred income taxes recognized directly to equity [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 203,846 | 115,777 | |
Liabilities | (180,921) | (114,452) | |
Net | 22,925 | 1,325 | 111,334 |
Tax credit carryforward and others [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 118,032 | 307,335 | |
Net | 118,032 | 307,335 | 277,261 |
Investments in subsidiaries, associates and joint ventures [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 563,406 | 561,506 | |
Liabilities | (494,980) | (475,376) | |
Net | ₩ 68,426 | ₩ 86,130 | ₩ (18,089) |
Earnings Per Share - Basic And
Earnings Per Share - Basic And Diluted Earnings Per Share (Detail) - KRW (₩) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [abstract] | |||
Profit attribute to controlling interest | ₩ 2,756,230,000,000 | ₩ 1,354,807,000,000 | ₩ 171,494,000,000 |
Interests of hybrid bonds | ₩ (33,048,799,997) | ₩ (33,225,163,081) | ₩ (33,029,632,499) |
Weighted-average number of common shares outstanding | 79,998,600 | 79,996,389 | 79,993,834 |
Basic and diluted earnings per share | ₩ 34,040 | ₩ 16,521 | ₩ 1,731 |
Total number of common shares issued | 87,186,835 | 87,186,835 | 87,186,835 |
Weighted-average number of treasury shares | (7,188,235) | (7,190,446) | (7,193,001) |
Weighted-average number of common shares outstanding | 79,998,600 | 79,996,389 | 79,993,834 |
Related Party Transactions - Si
Related Party Transactions - Significant Transactions Between the Controlling Company and Related Parties (Detail) - Posco [member] - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of transactions between related parties [line items] | |||
Sales | ₩ 12,751,894 | ₩ 11,239,938 | ₩ 11,746,815 |
Other sales | 153,870 | 169,401 | 310,188 |
Purchase of material | 3,913,323 | 2,882,146 | 2,659,136 |
Purchase of fixed assets | 829,730 | 741,739 | 978,230 |
Outsourced processing cost | 650,170 | 610,018 | 612,041 |
Other purchases | 428,940 | 388,292 | 404,065 |
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 3,328 | 29,511 | 4,441 |
Other sales | 71 | 16,661 | 145 |
Purchase of material | 8 | 19 | |
Purchase of fixed assets | 151,639 | 183,768 | 427,760 |
Outsourced processing cost | 32 | 2,250 | |
Other purchases | 18,352 | 24,511 | 37,488 |
POSCO Processing & Service [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 298,781 | 1,212,220 | 1,074,826 |
Other sales | 1 | 5,778 | 24 |
Purchase of material | 113,628 | 549,803 | 437,626 |
Purchase of fixed assets | 4,595 | 2,896 | |
Outsourced processing cost | 8,309 | 22,704 | |
Other purchases | 404 | 2,445 | 2,281 |
POSCO COATED & COLOR STEEL Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 417,369 | 326,078 | 380,626 |
Other sales | 3,533 | 2,560 | |
Outsourced processing cost | 8,483 | 12,232 | 9,359 |
Other purchases | 106 | 126 | 104 |
POSCO ICT [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 1,697 | 1,224 | 1,259 |
Other sales | 5,097 | 727 | 7 |
Purchase of fixed assets | 315,748 | 219,301 | 210,877 |
Outsourced processing cost | 29,773 | 32,456 | 29,612 |
Other purchases | 183,226 | 171,107 | 182,745 |
eNtoB Corporation [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 1 | ||
Other sales | 30 | 5 | |
Purchase of material | 330,921 | 278,016 | 261,989 |
Purchase of fixed assets | 8,215 | 9,836 | 6,501 |
Outsourced processing cost | 139 | 212 | 130 |
Other purchases | 26,023 | 19,436 | 22,017 |
POSCO CHEMTECH [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 359,862 | 319,164 | 436,594 |
Other sales | 33,076 | 33,784 | 30,343 |
Purchase of material | 479,896 | 502,448 | 519,956 |
Purchase of fixed assets | 23,043 | 14,847 | 9,515 |
Outsourced processing cost | 296,296 | 290,427 | 297,183 |
Other purchases | 6,860 | 5,139 | 1,773 |
POSCO ENERGY CO., LTD. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 179,966 | 187,311 | 188,458 |
Other sales | 1,456 | 1,382 | 1,359 |
Other purchases | 2 | 7 | 6 |
POSCO DAEWOO Corporation [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 5,214,127 | 3,227,716 | 3,505,187 |
Other sales | 35,182 | 34,341 | 34,334 |
Purchase of material | 550,258 | 92,203 | 46,675 |
Purchase of fixed assets | 221 | ||
Outsourced processing cost | 44,108 | 343 | |
Other purchases | 1,948 | 480 | |
POSCO Thainox Public Company Limited [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 218,005 | 237,471 | 268,576 |
Other sales | 9,780 | 2,915 | 10 |
Purchase of material | 10,168 | 9,593 | 5,147 |
Outsourced processing cost | 19 | ||
Other purchases | 548 | 34 | |
POSCO America Corporation [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 345,225 | 469,543 | 624,549 |
Other sales | 6 | ||
Purchase of material | 90 | 284 | |
Other purchases | 1,776 | 1,103 | 725 |
POSCO Canada Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 439 | 275 | |
Other sales | 690 | ||
Purchase of material | 278,915 | 148,528 | 111,243 |
POSCO Asia Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 1,949,354 | 1,758,080 | 1,822,932 |
Other sales | 1,454 | 1,373 | 960 |
Purchase of material | 365,025 | 403,174 | 269,086 |
Purchase of fixed assets | 337 | 247 | |
Outsourced processing cost | 1,625 | 939 | 513 |
Other purchases | 4,982 | 3,602 | 2,273 |
Qingdao Pohang Stainless Steel Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 161,803 | 135,405 | 118,845 |
Other purchases | 176 | 525 | 220 |
POSCO JAPAN Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 1,436,159 | 1,112,489 | 1,051,910 |
Other sales | 20 | 128 | 9,383 |
Purchase of material | 26,256 | 23,217 | 25,957 |
Purchase of fixed assets | 621 | 3,744 | 2,278 |
Outsourced processing cost | 345 | 201 | |
Other purchases | 44,829 | 3,841 | 2,754 |
POSCO-VIETNAM Co., Ltd. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 212,883 | 226,063 | |
Other sales | 445 | ||
Other purchases | 7 | ||
POSCO MEXICO S.A. DE C.V. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 276,387 | 274,210 | 270,184 |
Other sales | 462 | 80 | |
Other purchases | 1,749 | 11 | |
POSCO Maharashtra Steel Private Limited [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 467,206 | 355,829 | 421,244 |
Other sales | 2,613 | 752 | |
Other purchases | 65 | 93 | 31 |
POSCO(Suzhou) Automotive Processing Center Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 192,467 | 149,911 | |
Others [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 932,048 | 766,263 | 867,334 |
Other sales | 10,073 | 22,717 | 14,474 |
Purchase of material | 262,828 | 207,601 | 223,393 |
Purchase of fixed assets | 25,270 | 62,202 | 113,769 |
Outsourced processing cost | 240,687 | 212,344 | 212,539 |
Other purchases | 118,665 | 145,562 | 129,506 |
Subsidiaries [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 12,667,107 | 11,160,350 | 11,680,733 |
Other sales | 100,463 | 125,892 | 268,980 |
Purchase of material | 2,417,985 | 2,214,877 | 2,180,042 |
Purchase of fixed assets | 529,689 | 496,841 | 895,892 |
Outsourced processing cost | 629,452 | 592,579 | 608,109 |
Other purchases | 409,170 | 380,144 | 399,389 |
POSCO TMC Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 219,489 | 263,242 | |
Purchase of material | 2 | ||
Outsourced processing cost | 863 | 1,497 | |
Other purchases | 1,177 | 1,560 | |
POSCO AST [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 152,098 | 362,658 | |
Other sales | 1 | 15 | |
Purchase of material | 4,115 | ||
Outsourced processing cost | 19,695 | 39,175 | |
Other purchases | 922 | 1,611 | |
POSHIMETAL Co., Ltd. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 10,777 | ||
Other sales | 151 | ||
Purchase of material | 145,165 | ||
Other purchases | 46 | ||
SeAH Changwon Integrated Special Steel [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 2,811 | ||
Other sales | 176,904 | ||
Purchase of material | 8,239 | ||
Outsourced processing cost | 515 | ||
Other purchases | 75 | ||
POSCO PLANTEC Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 4,280 | ||
Other sales | 33 | ||
Purchase of material | 2,544 | ||
Purchase of fixed assets | 125,192 | ||
Outsourced processing cost | 15,135 | ||
Other purchases | 13,649 | ||
PT. KRAKATAU POSCO [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of material | 118,888 | ||
POSCO PLANTEC Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 2,947 | 2,245 | 147 |
Other sales | 112 | 48 | 14 |
Purchase of material | 5,487 | 3,533 | 1,017 |
Purchase of fixed assets | 300,041 | 244,898 | 82,338 |
Outsourced processing cost | 20,718 | 16,812 | 3,513 |
Other purchases | 19,763 | 8,146 | 4,676 |
SNNC [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 6,734 | 6,004 | 4,673 |
Other sales | 712 | 1,042 | 594 |
Purchase of material | 554,151 | 487,395 | 422,420 |
Other purchases | 4 | 2 | |
POSCO-SAMSUNG-Slovakia Processing Center [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 52,779 | 44,686 | 26,379 |
Roy Hill Holdings Pty Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of material | 697,096 | ||
CSP - Compania Siderurgica do Pecem [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 7,384 | ||
Purchase of material | 159,501 | ||
Other associates and joint ventures [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 14,943 | 26,625 | 28,841 |
Other sales | 52,583 | 13,122 | 40,600 |
Purchase of material | 79,103 | 175,246 | 51,855 |
Other purchases | 3 | ||
Associates and joint ventures [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 84,787 | 79,588 | 66,082 |
Other sales | 53,407 | 43,509 | 41,208 |
Purchase of material | 1,495,338 | 667,269 | 479,094 |
Purchase of fixed assets | 300,041 | 244,898 | 82,338 |
Outsourced processing cost | 20,718 | 17,439 | 3,932 |
Other purchases | ₩ 19,770 | 8,148 | 4,676 |
SeAH Changwon Integrated Special Steel [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 28 | 6,042 | |
Purchase of material | 1,095 | 3,802 | |
Outsourced processing cost | 627 | ₩ 419 | |
KOBRASCO [member] | |||
Disclosure of transactions between related parties [line items] | |||
Other sales | ₩ 29,297 |
Related Party Transactions -207
Related Party Transactions - Significant Transactions Between the Controlling Company and Related Parties (Parenthetical) (Detail) $ in Thousands, ₩ in Millions | 12 Months Ended | |||
Dec. 31, 2017KRW (₩) | Dec. 31, 2016KRW (₩) | Dec. 31, 2015KRW (₩) | Dec. 31, 2015USD ($) | |
Disclosure of transactions between related parties [line items] | ||||
Loans to related parties during the year | ₩ | ₩ 1,055,895 | ₩ 603,332 | ₩ 295,689 | |
Collected loans from related parties during the year | ₩ | ₩ 667,045 | ₩ 557,064 | ₩ 308,906 | |
Posco [member] | CSP - Compania Siderurgica do Pecem [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Loans to related parties during the year | $ 60,000 | |||
Posco [member] | LLP POSUK Titanium [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Collected loans from related parties during the year | 3,850 | |||
Posco [member] | POSCO-Uruguay S.A. [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Borrowings from related parties during the year | $ 17,420 |
Related Party Transactions - Re
Related Party Transactions - Related Account Balances of Significant Transactions Between the Controlling Company and Related Parties (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | ₩ 155,922 | |
Accounts payable | 224,238 | |
Other payables | 84,112 | |
Total payables | 464,272 | |
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable | 21,965 | |
Other payables | 674 | |
Total payables | 22,639 | |
POSCO COATED & COLOR STEEL Co., Ltd. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable | 5 | |
Other payables | 504 | |
Total payables | 509 | |
POSCO ICT [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 1,458 | |
Accounts payable | 72,586 | |
Other payables | 27,009 | |
Total payables | 101,053 | |
eNtoB Corporation [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 12,252 | |
Accounts payable | 31,899 | |
Other payables | 20 | |
Total payables | 44,171 | |
POSCO CHEMTECH [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 51,774 | |
Accounts payable | 20,313 | |
Other payables | 17,568 | |
Total payables | 89,655 | |
POSCO ENERGY CO., LTD. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Other payables | 1,425 | |
Total payables | 1,425 | |
POSCO DAEWOO Corporation [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 10,213 | |
Accounts payable | 2,145 | |
Other payables | 5,794 | |
Total payables | 18,152 | |
POSCO Thainox Public Company Limited [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 1,204 | |
Total payables | 1,204 | |
POSCO Asia Co., Ltd. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 9,811 | |
Accounts payable | 24 | |
Total payables | 9,835 | |
Others [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 15,038 | |
Accounts payable | 59,575 | |
Other payables | 31,118 | |
Total payables | 105,731 | |
Subsidiaries [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 101,750 | |
Accounts payable | 208,512 | |
Other payables | 84,112 | |
Total payables | 394,374 | |
POSCO PLANTEC Co., Ltd. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 3,842 | |
Accounts payable | 15,723 | |
Total payables | 19,565 | |
SNNC [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 49,506 | |
Accounts payable | 3 | |
Total payables | 49,509 | |
Other associates and joint ventures [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 824 | |
Total payables | 824 | |
Associates and joint ventures [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 54,172 | |
Accounts payable | 15,726 | |
Total payables | 69,898 | |
Posco [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 1,980,600 | ₩ 1,615,355 |
Other receivables | 78,631 | 97,028 |
Total receivables | 2,059,231 | 1,712,383 |
Trade accounts and notes payable | 153,049 | |
Accounts payable | 249,958 | |
Other payables | 61,118 | |
Total payables | 464,125 | |
Posco [member] | POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 2 | 3 |
Other receivables | 2,908 | 3,359 |
Total receivables | 2,910 | 3,362 |
Accounts payable | 9,825 | |
Other payables | 515 | |
Total payables | 10,340 | |
Posco [member] | POSCO COATED & COLOR STEEL Co., Ltd. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 58,184 | 48,716 |
Other receivables | 324 | 324 |
Total receivables | 58,508 | 49,040 |
Accounts payable | 5 | |
Other payables | 1,600 | |
Total payables | 1,605 | |
Posco [member] | POSCO ICT [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 55 | |
Other receivables | 217 | 128 |
Total receivables | 272 | 128 |
Trade accounts and notes payable | 1,062 | |
Accounts payable | 89,382 | |
Other payables | 6,074 | |
Total payables | 96,518 | |
Posco [member] | eNtoB Corporation [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes payable | 9,948 | |
Accounts payable | 29,310 | |
Other payables | 15 | |
Total payables | 39,273 | |
Posco [member] | POSCO CHEMTECH [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 61,810 | 27,253 |
Other receivables | 3,589 | 3,868 |
Total receivables | 65,399 | 31,121 |
Trade accounts and notes payable | 54,702 | |
Accounts payable | 11,870 | |
Other payables | 19,282 | |
Total payables | 85,854 | |
Posco [member] | POSCO ENERGY CO., LTD. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 33,239 | 18,701 |
Other receivables | 1,673 | 2,012 |
Total receivables | 34,912 | 20,713 |
Other payables | 1,425 | |
Total payables | 1,425 | |
Posco [member] | POSCO DAEWOO Corporation [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 483,915 | 182,700 |
Other receivables | 12,739 | 11,184 |
Total receivables | 496,654 | 193,884 |
Trade accounts and notes payable | 460 | |
Accounts payable | 183 | |
Other payables | 49 | |
Total payables | 692 | |
Posco [member] | POSCO Thainox Public Company Limited [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 57,826 | 62,034 |
Other receivables | 8 | |
Total receivables | 57,826 | 62,042 |
Accounts payable | 224 | |
Total payables | 224 | |
Posco [member] | POSCO America Corporation [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 5,365 | 10,008 |
Total receivables | 5,365 | 10,008 |
Posco [member] | POSCO Asia Co., Ltd. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 404,857 | 375,823 |
Other receivables | 541 | 458 |
Total receivables | 405,398 | 376,281 |
Trade accounts and notes payable | 25,101 | |
Total payables | 25,101 | |
Posco [member] | Qingdao Pohang Stainless Steel Co., Ltd. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 31,693 | 25,386 |
Total receivables | 31,693 | 25,386 |
Accounts payable | 5 | |
Total payables | 5 | |
Posco [member] | POSCO MEXICO S.A. DE C.V. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 55,695 | 114,166 |
Other receivables | 530 | 1,024 |
Total receivables | 56,225 | 115,190 |
Posco [member] | POSCO Maharashtra Steel Private Limited [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 392,630 | 208,737 |
Other receivables | 5,733 | 9,923 |
Total receivables | 398,363 | 218,660 |
Posco [member] | Others [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 384,385 | 333,031 |
Other receivables | 49,403 | 64,526 |
Total receivables | 433,788 | 397,557 |
Trade accounts and notes payable | 17,374 | |
Accounts payable | 46,455 | |
Other payables | 26,974 | |
Total payables | 90,803 | |
Posco [member] | Subsidiaries [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 1,969,656 | 1,614,302 |
Other receivables | 77,657 | 96,992 |
Total receivables | 2,047,313 | 1,711,294 |
Trade accounts and notes payable | 109,732 | |
Accounts payable | 192,626 | |
Other payables | 61,118 | |
Total payables | 363,476 | |
Posco [member] | POSCO Processing & Service [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 207,744 | |
Other receivables | 178 | |
Total receivables | 207,922 | |
Trade accounts and notes payable | 1,085 | |
Accounts payable | 5,367 | |
Other payables | 5,184 | |
Total payables | 11,636 | |
Posco [member] | POSCO PLANTEC Co., Ltd. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 1,946 | 30 |
Other receivables | 9 | 9 |
Total receivables | 1,955 | 39 |
Trade accounts and notes payable | 2,125 | |
Accounts payable | 39,647 | |
Total payables | 41,772 | |
Posco [member] | SNNC [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 648 | 223 |
Other receivables | 61 | 26 |
Total receivables | 709 | 249 |
Trade accounts and notes payable | 40,201 | |
Total payables | 40,201 | |
Posco [member] | Other associates and joint ventures [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 8,350 | 800 |
Other receivables | 904 | 1 |
Total receivables | 9,254 | 801 |
Trade accounts and notes payable | 991 | |
Accounts payable | 17,685 | |
Total payables | 18,676 | |
Posco [member] | Associates and joint ventures [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts and notes receivable | 10,944 | 1,053 |
Other receivables | 974 | 36 |
Total receivables | ₩ 11,918 | 1,089 |
Trade accounts and notes payable | 43,317 | |
Accounts payable | 57,332 | |
Total payables | ₩ 100,649 |
Related Party Transactions -209
Related Party Transactions - Significant Transactions Between the Company, Excluding the Controlling Company, and Related Companies (Detail) - Company, excluding the controlling company [member] - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
POSCO PLANTEC Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | ₩ 19,513 | ₩ 21,659 | ₩ 10,543 |
Other sales | 5 | ||
Purchase of material | 98 | 3,335 | 5,953 |
Other purchases | 8,113 | 5,912 | 6,386 |
New Songdo International City Development, LLC [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 223,567 | 226,042 | 420,094 |
Other sales | 13,207 | ||
Other purchases | 49 | 14 | 667 |
SNNC [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 26,288 | 29,330 | 32,160 |
Other sales | 44 | ||
Purchase of material | 3,578 | 21,479 | 6,518 |
Other purchases | 17,985 | 9,494 | 53,260 |
Chuncheon Energy Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 42,147 | 288,307 | |
Noeul Green Energy [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 11,863 | 107,268 | |
Other purchases | 2,178 | ||
VSC POSCO Steel Corporation [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 19,404 | 43,650 | 37,416 |
Other sales | 47 | ||
Purchase of material | 188 | 479 | 2,395 |
Other purchases | 3 | ||
USS-POSCO Industries [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 26,899 | 287,072 | 353,626 |
Other sales | 107 | ||
Purchase of material | 2,222 | 1,195 | 1,109 |
CSP - Compania Siderurgica do Pecem [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 241,299 | 157,814 | 845,979 |
Purchase of material | 101,018 | ||
Other purchases | 21,154 | ||
Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 38,484 | 61,844 | 68,300 |
Other sales | 111 | ||
Purchase of material | 47,241 | 57,179 | 70,236 |
LLP POSUK Titanium [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of material | 3,972 | 14,575 | |
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 4 | 3 | |
Purchase of material | 20,145 | 24,365 | 23,320 |
POS-SEAHSTEELWIRE(TIANJIN)CO., Ltd [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 20,004 | 15,759 | 9,668 |
PT. batutua tembaga raya [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of material | 21,024 | 13,079 | |
POSCO SeAH Steel Wire(Nantong) Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 34,088 | 31,711 | 30,310 |
Purchase of material | 192 | 65 | 4 |
Zhangjiagang Pohang Refractories Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 250 | 970 | |
Other sales | 14 | 1,248 | |
Purchase of material | 87 | 364 | 17,484 |
Other purchases | 1,632 | 2,472 | 2,023 |
Sebang Steel [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 441 | ||
Purchase of material | 23,778 | 26,276 | 29,007 |
SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN'L TRADING CO., LTD. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 43,764 | 157,886 | 214,521 |
Purchase of material | 3,535 | 3,960 | |
Other purchases | 3,190 | ||
DMSA/AMSA [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 800 | ||
Other sales | 99 | 9,322 | |
Purchase of material | 47,092 | 72,582 | 241,074 |
South-East Asia Gas Pipeline Company Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Other sales | 62,423 | 87,973 | 47,556 |
Other associates and joint ventures [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 272,107 | 195,139 | 415,217 |
Other sales | 43,126 | 11,184 | 17,793 |
Purchase of material | 19,520 | 16,664 | 18,518 |
Other purchases | 19,483 | 1,801 | 2,683 |
Associates and joint ventures [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 1,019,872 | 1,746,453 | 2,478,687 |
Other sales | 118,962 | 99,223 | 76,074 |
Purchase of material | 290,155 | 277,201 | 469,440 |
Other purchases | ₩ 70,594 | 35,912 | 95,386 |
SeAH Changwon Integrated Special Steel [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 16,294 | 32,802 | |
Purchase of material | 22,029 | 49,862 | |
Other purchases | 1,977 | ||
Posco e&c Songdo International Building [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 4,245 | 6,278 | |
Other purchases | 16,219 | ₩ 25,197 | |
Incheon-Gimpo Expressway Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | ₩ 102,183 |
Related Party Transactions -210
Related Party Transactions - Related Account Balances of Significant Transactions Between the Company, Excluding the Controlling Company, and Related Parties (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes payable | ₩ 155,922 | ||
Other payables | 84,112 | ||
Total payables | 464,272 | ||
POSCO PLANTEC Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes payable | 3,842 | ||
Total payables | 19,565 | ||
Other associates and joint ventures [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes payable | 824 | ||
Total payables | 824 | ||
Associates and joint ventures [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes payable | 54,172 | ||
Total payables | 69,898 | ||
Company, excluding the controlling company [member] | POSCO PLANTEC Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 2,287 | ₩ 4,709 | |
Other receivables | 5 | 6 | |
Total receivables | 2,292 | 4,715 | |
Trade accounts and notes payable | 3,442 | 2,718 | |
Other payables | 5,595 | 8,521 | |
Total payables | 9,037 | 11,239 | |
Company, excluding the controlling company [member] | New Songdo International City Development, LLC [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 484,038 | 255,822 | |
Loan | 282,775 | ||
Other receivables | 1,696 | 5,725 | |
Total receivables | 768,509 | 261,547 | |
Other payables | 7,146 | ||
Total payables | 7,146 | ||
Company, excluding the controlling company [member] | Chuncheon Energy Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 12,142 | ||
Other receivables | 21 | ||
Total receivables | 21 | 12,142 | |
Other payables | 9,617 | 3,171 | |
Total payables | 9,617 | 3,171 | |
Company, excluding the controlling company [member] | VSC POSCO Steel Corporation [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 16 | 5,265 | |
Total receivables | 16 | 5,265 | |
Trade accounts and notes payable | 17 | ||
Total payables | 17 | ||
Company, excluding the controlling company [member] | USS-POSCO Industries [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 583 | ||
Other receivables | 4 | ||
Total receivables | 4 | 583 | |
Trade accounts and notes payable | 75 | ||
Total payables | 75 | ||
Company, excluding the controlling company [member] | Nickel mining company SAS [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 133 | ||
Loan | 59,668 | 60,425 | ₩ 17,580 |
Other receivables | 118 | 116 | |
Total receivables | 59,786 | 60,674 | |
Company, excluding the controlling company [member] | CSP - Compania Siderurgica do Pecem [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 380,180 | 224,760 | |
Other receivables | 13,443 | 149,700 | |
Total receivables | 393,623 | 374,460 | |
Other payables | 29,700 | 109,272 | |
Total payables | 29,700 | 109,272 | |
Company, excluding the controlling company [member] | Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 2,108 | ||
Loan | 5,357 | 6,647 | 10,782 |
Other receivables | 6 | ||
Total receivables | 7,471 | ||
Trade accounts and notes payable | 2,449 | ||
Total payables | 2,449 | ||
Company, excluding the controlling company [member] | PT. batutua tembaga raya [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 24 | ||
Loan | 29,048 | 38,120 | 36,830 |
Total receivables | 29,072 | 38,120 | |
Trade accounts and notes payable | 2,293 | ||
Total payables | 2,293 | ||
Company, excluding the controlling company [member] | POSCO SeAH Steel Wire(Nantong) Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 8,067 | 9,292 | |
Loan | 5,357 | 8,460 | 11,720 |
Other receivables | 32 | 43 | |
Total receivables | 13,456 | 17,795 | |
Trade accounts and notes payable | 107 | 40 | |
Total payables | 107 | 40 | |
Company, excluding the controlling company [member] | SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN'L TRADING CO., LTD. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 715 | 100,367 | |
Total receivables | 715 | 100,367 | |
Other payables | 526 | ||
Total payables | 526 | ||
Company, excluding the controlling company [member] | DMSA/AMSA [member] | |||
Disclosure of transactions between related parties [line items] | |||
Loan | 69,713 | 90,638 | 99,854 |
Other receivables | 4,443 | ||
Total receivables | 74,156 | 90,638 | |
Company, excluding the controlling company [member] | South-East Asia Gas Pipeline Company Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Loan | 229,880 | 276,605 | 283,954 |
Other receivables | 48 | ||
Total receivables | 229,880 | 276,653 | |
Company, excluding the controlling company [member] | Other associates and joint ventures [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 134,397 | 184,402 | |
Loan | 134,506 | 142,812 | |
Other receivables | 6,885 | 6,593 | |
Total receivables | 275,788 | 333,807 | |
Trade accounts and notes payable | 1,856 | 4,615 | |
Other payables | 2,005 | 750 | |
Total payables | 3,861 | 5,365 | |
Company, excluding the controlling company [member] | Associates and joint ventures [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 1,011,832 | 863,568 | |
Loan | 816,304 | 684,132 | 656,522 |
Other receivables | 26,653 | 163,880 | |
Total receivables | 1,854,789 | 1,711,580 | |
Trade accounts and notes payable | 7,871 | 11,106 | |
Other payables | 54,589 | 122,589 | |
Total payables | ₩ 62,460 | 133,695 | |
Company, excluding the controlling company [member] | AN KHANH NEW CITY DEVELOPMENT J.V. CO., LTD. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 62,814 | ||
Loan | 60,425 | ₩ 58,600 | |
Other receivables | 1,643 | ||
Total receivables | 124,882 | ||
Other payables | 875 | ||
Total payables | 875 | ||
Company, excluding the controlling company [member] | Tinplate Industrial Company Limited [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Trade accounts and notes receivable | 3,279 | ||
Loan | 6,647 | ||
Other receivables | 6 | ||
Total receivables | 9,932 | ||
Trade accounts and notes payable | 1,365 | ||
Total payables | ₩ 1,365 |
Related Party Transactions -211
Related Party Transactions - Related Account Balances of Significant Transactions Between the Company, Excluding the Controlling Company, and Related Parties (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Company, excluding the controlling company [member] | ||
Disclosure of transactions between related parties [line items] | ||
Bad-debt allowance for receivables | ₩ 4,217 | ₩ 48,891 |
Related Party Transactions -212
Related Party Transactions - Significant Financial Transactions Between the Company, Excluding the Controlling Company, and Related Parties (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of transactions between related parties [line items] | |||
Lend | ₩ (1,055,895) | ₩ (603,332) | ₩ (295,689) |
Collect | (667,045) | (557,064) | (308,906) |
Company, excluding the controlling company [member] | METAPOLIS Co.,Ltd [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 13,270 | 26,000 | |
Collect | (12,730) | ||
Others | (13,270) | ||
Ending | 13,270 | 26,000 | |
Company, excluding the controlling company [member] | New Songdo International City Development, LLC [member] | |||
Disclosure of transactions between related parties [line items] | |||
Lend | 484,644 | ||
Collect | (201,869) | ||
Ending | 282,775 | ||
Company, excluding the controlling company [member] | DMSA/AMSA [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 90,638 | 99,854 | |
Lend | 2,956 | 11,774 | |
Others | (23,881) | (20,990) | |
Ending | 69,713 | 90,638 | 99,854 |
Company, excluding the controlling company [member] | South-East Asia Gas Pipeline Company Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 276,605 | 283,954 | |
Lend | 28,967 | 27,087 | |
Collect | (46,252) | (43,080) | |
Others | (29,440) | 8,644 | |
Ending | 229,880 | 276,605 | 283,954 |
Company, excluding the controlling company [member] | PT. batutua tembaga raya [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 38,120 | 36,830 | |
Others | (9,072) | 1,290 | |
Ending | 29,048 | 38,120 | 36,830 |
Company, excluding the controlling company [member] | PT. Tanggamus Electric Power [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 3,606 | 2,359 | |
Lend | 1,174 | ||
Others | (409) | 73 | |
Ending | 3,197 | 3,606 | 2,359 |
Company, excluding the controlling company [member] | PT. wampu electric power [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 5,761 | 4,454 | |
Lend | 1,169 | ||
Others | (654) | 138 | |
Ending | 5,107 | 5,761 | 4,454 |
Company, excluding the controlling company [member] | PT. POSMI Steel Indonesia [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 4,834 | 4,688 | |
Others | (548) | 146 | |
Ending | 4,286 | 4,834 | 4,688 |
Company, excluding the controlling company [member] | Nickel mining company SAS [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 60,425 | 17,580 | |
Lend | 40,594 | ||
Others | (757) | 2,251 | |
Ending | 59,668 | 60,425 | 17,580 |
Company, excluding the controlling company [member] | AN KHANH NEW CITY DEVELOPMENT J.V. CO., LTD. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 60,425 | 58,600 | |
Others | (60,425) | 1,825 | |
Ending | 60,425 | 58,600 | |
Company, excluding the controlling company [member] | Zhongyue POSCO (Qinhuangdao) Tinplate Industrial Co., Ltd [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 6,647 | 10,782 | |
Collect | (577) | (4,471) | |
Others | (713) | 336 | |
Ending | 5,357 | 6,647 | 10,782 |
Company, excluding the controlling company [member] | KRAKATAU POS-CHEM DONG-SUH CHEMICAL [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 7,251 | ||
Lend | 6,959 | ||
Others | (823) | 292 | |
Ending | 6,428 | 7,251 | |
Company, excluding the controlling company [member] | Hamparan Mulya [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 3,626 | 3,516 | |
Collect | (3,626) | ||
Others | 110 | ||
Ending | 3,626 | 3,516 | |
Company, excluding the controlling company [member] | POS-SEAHSTEELWIRE(TIANJIN)CO., Ltd [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 5,438 | 5,274 | |
Collect | (5,438) | ||
Others | 164 | ||
Ending | 5,438 | 5,274 | |
Company, excluding the controlling company [member] | POSCO SeAH Steel Wire(Nantong) Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 8,460 | 11,720 | |
Collect | (2,262) | (3,480) | |
Others | (841) | 220 | |
Ending | 5,357 | 8,460 | 11,720 |
Company, excluding the controlling company [member] | POS-SeAH Steel Wire (Thailand) Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 7,251 | ||
Lend | 6,959 | ||
Collect | (1,142) | ||
Others | 319 | 292 | |
Ending | 6,428 | 7,251 | |
Company, excluding the controlling company [member] | AMCI (WA) PTY LTD [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 91,775 | 85,168 | |
Lend | 4,327 | 4,665 | |
Others | (4,041) | 1,942 | |
Ending | 92,061 | 91,775 | 85,168 |
Company, excluding the controlling company [member] | POSCO(Yantai)Automotive Processing Center Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Others | 5,357 | ||
Ending | 5,357 | ||
Company, excluding the controlling company [member] | POS-AUSTEM WUHAN AUTOMOTIVE CO.,LTD [member] | |||
Disclosure of transactions between related parties [line items] | |||
Others | 8,571 | ||
Ending | 8,571 | ||
Company, excluding the controlling company [member] | SAMHWAN VINA CO., LTD [member] | |||
Disclosure of transactions between related parties [line items] | |||
Others | 1,071 | ||
Ending | 1,071 | ||
Company, excluding the controlling company [member] | Associates and joint ventures [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 684,132 | 656,522 | |
Lend | 522,894 | 404,929 | |
Collect | (261,166) | (75,127) | |
Others | (129,556) | (302,192) | |
Ending | 816,304 | 684,132 | 656,522 |
Company, excluding the controlling company [member] | Posco e&c Songdo International Building [member] | |||
Disclosure of transactions between related parties [line items] | |||
Lend | 298,865 | ||
Others | (298,865) | ||
Company, excluding the controlling company [member] | POSK(Pinghu) Steel Processing Center Co., Ltd. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Beginning | 5,743 | ||
Lend | 5,683 | ||
Collect | (11,366) | ||
Others | ₩ (60) | ||
Ending | ₩ 5,743 | ||
Company, excluding the controlling company [member] | Gale International Korea, LLC [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Lend | 2,000 | ||
Ending | ₩ 2,000 |
Related Party Transactions -213
Related Party Transactions - Significant Financial Transactions Between the Company, Excluding the Controlling Company, and Related Parties (Parenthetical) (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Company, excluding the controlling company [member] | DMSA/AMSA [member] | ||
Disclosure of transactions between related parties [line items] | ||
Loans converted to shares of DMSA/AMSA | ₩ 13,712 | ₩ 24,624 |
Related Party Transactions - De
Related Party Transactions - Details of Compensation to Key Management Officers (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related party transactions [abstract] | |||
Short-term benefits | ₩ 112,688 | ₩ 90,916 | ₩ 111,278 |
Long-term benefits | 8,632 | 17,905 | 19,513 |
Retirement benefits | 20,422 | 17,870 | 21,850 |
Compensation to key management | ₩ 141,742 | ₩ 126,691 | ₩ 152,641 |
Commitments and Contingencies -
Commitments and Contingencies - Contingent Liabilities on Outstanding Guarantees (Detail) - Dec. 31, 2017 - Contingent liabilities on outstanding guarantees [member] ₩ in Millions | KRW (₩) | BRL (R$) | EUR (€) | AUD ($) | IDR (Rp) | INR (₨) | THB (฿) | CNY (¥) | USD ($) |
USD [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | ₩ 4,108,186 | $ 3,834,409,355 | |||||||
KRW [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 2,358,270 | ||||||||
CNY [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 112,011 | ¥ 684,450,000 | |||||||
India, Rupees | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 34,063 | ₨ 2,037,278,075 | |||||||
Indonesia, Rupiahs | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 6,241 | Rp 79,000,000,000 | |||||||
THB [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 180,268 | ฿ 5,501,000,000 | |||||||
EUR [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 47,332 | € 37,000,000 | |||||||
AUD [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 21,097 | $ 25,260,721 | |||||||
BRL [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 150,100 | R$ 464060000 | |||||||
Top of range [member] | USD [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 5,018,081 | 4,683,667,474 | |||||||
Top of range [member] | KRW [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 2,985,528 | ||||||||
Top of range [member] | CNY [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 124,456 | 760,500,000 | |||||||
Top of range [member] | India, Rupees | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 122,892 | 7,350,000,000 | |||||||
Top of range [member] | Indonesia, Rupiahs | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 6,241 | 79,000,000,000 | |||||||
Top of range [member] | THB [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 180,268 | 5,501,000,000 | |||||||
Top of range [member] | EUR [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 58,846 | 46,000,000 | |||||||
Top of range [member] | AUD [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 21,097 | 25,260,721 | |||||||
Top of range [member] | BRL [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 150,100 | 464,060,000 | |||||||
Posco [member] | POSCO Asia Co., Ltd. [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 53,570 | 50,000,000 | |||||||
Posco [member] | POSCO ASSAN TST STEEL INDUSTRY [member] | SMBC and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 141,291 | 131,874,750 | |||||||
Posco [member] | POSCO COATED STEEL (THAILAND) CO., LTD. [Member] | The Great&CO Co., Ltd(SPC) [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 180,268 | 5,501,000,000 | |||||||
Posco [member] | POSCO Maharashtra Steel Private Limited [member] | Export-Import Bank of Korea and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 347,045 | 323,918,500 | |||||||
Posco [member] | POSCO MEXICO S.A. DE C.V. [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 171,424 | 160,000,000 | |||||||
Posco [member] | POSCO SS-VINA Co., Ltd [Member] | Export-Import Bank of Korea and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 337,062 | 314,599,225 | |||||||
Posco [member] | POSCO VST Co., Ltd. [member] | ANZ and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 8,706 | 8,125,000 | |||||||
Posco [member] | POSCO-VIETNAM Co., Ltd. [Member] | Export-Import Bank of Korea [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 209,994 | 196,000,000 | |||||||
Posco [member] | PT. KRAKATAU POSCO [member] | Korean Development Bank and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 1,272,174 | 1,187,394,785 | |||||||
Posco [member] | Zhangjiagang Pohang Stainless Steel Co., Ltd. [member] | Export-Import Bank of Korea and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 112,011 | 684,450,000 | |||||||
Posco [member] | CSP - Compania Siderurgica do Pecem [member] | Export-Import Bank of Korea and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 449,990 | 420,000,000 | |||||||
Posco [member] | CSP - Compania Siderurgica do Pecem [member] | BNDES [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 150,100 | 464,060,000 | |||||||
Posco [member] | LLP POSUK Titanium [Member] | SMBC [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 16,071 | 15,000,000 | |||||||
Posco [member] | Nickel mining company SAS [member] | SMBC [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 47,332 | ||||||||
Posco [member] | Top of range [member] | POSCO Asia Co., Ltd. [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 53,570 | 50,000,000 | |||||||
Posco [member] | Top of range [member] | POSCO ASSAN TST STEEL INDUSTRY [member] | SMBC and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 156,990 | 146,527,500 | |||||||
Posco [member] | Top of range [member] | POSCO COATED STEEL (THAILAND) CO., LTD. [Member] | The Great&CO Co., Ltd(SPC) [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 180,268 | ฿ 5,501,000,000 | |||||||
Posco [member] | Top of range [member] | POSCO Maharashtra Steel Private Limited [member] | Export-Import Bank of Korea and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 696,252 | 649,853,000 | |||||||
Posco [member] | Top of range [member] | POSCO MEXICO S.A. DE C.V. [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 171,424 | 160,000,000 | |||||||
Posco [member] | Top of range [member] | POSCO SS-VINA Co., Ltd [Member] | Export-Import Bank of Korea and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 379,652 | 354,351,050 | |||||||
Posco [member] | Top of range [member] | POSCO VST Co., Ltd. [member] | ANZ and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 69,641 | 65,000,000 | |||||||
Posco [member] | Top of range [member] | POSCO-VIETNAM Co., Ltd. [Member] | Export-Import Bank of Korea [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 209,994 | 196,000,000 | |||||||
Posco [member] | Top of range [member] | PT. KRAKATAU POSCO [member] | Korean Development Bank and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 1,446,711 | 1,350,300,000 | |||||||
Posco [member] | Top of range [member] | Zhangjiagang Pohang Stainless Steel Co., Ltd. [member] | Export-Import Bank of Korea and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 124,456 | ¥ 760,500,000 | |||||||
Posco [member] | Top of range [member] | CSP - Compania Siderurgica do Pecem [member] | Export-Import Bank of Korea and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 449,990 | 420,000,000 | |||||||
Posco [member] | Top of range [member] | CSP - Compania Siderurgica do Pecem [member] | BNDES [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 150,100 | R$ 464060000 | |||||||
Posco [member] | Top of range [member] | LLP POSUK Titanium [Member] | SMBC [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 16,071 | 15,000,000 | |||||||
Posco [member] | Top of range [member] | Nickel mining company SAS [member] | SMBC [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 58,846 | 46,000,000 | |||||||
POSCO DAEWOO Corporation [member] | POSCO ASSAN TST STEEL INDUSTRY [member] | ING and others [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 15,699 | 14,652,750 | |||||||
POSCO DAEWOO Corporation [member] | Daewoo Global Development. Pte., Ltd [member] | Export-Import Bank of Korea [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 23,178 | 21,633,300 | |||||||
POSCO DAEWOO Corporation [member] | Daewoo Global Development. Pte., Ltd [member] | MIRAE ASSET DAEWOO CO.,LTD. [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 10,703 | ||||||||
POSCO DAEWOO Corporation [member] | DAEWOO POWER PNG Ltd. [Member] | Export-Import Bank of Korea [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 58,284 | 54,400,000 | |||||||
POSCO DAEWOO Corporation [member] | Daewoo Textile LLC [Member] | Export-Import Bank of Korea [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 4,286 | 4,000,000 | |||||||
POSCO DAEWOO Corporation [member] | POSCO DAEWOO INDIA PVT., LTD. [Member] | Shinhan Bank and others [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 54,896 | 51,237,684 | |||||||
POSCO DAEWOO Corporation [member] | POSCO DAEWOO INDIA PVT., LTD. [Member] | SC bank and other [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 34,063 | 2,037,278,075 | |||||||
POSCO DAEWOO Corporation [member] | PT. Bio Inti Agrindo [member] | Export-Import Bank of Korea and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 129,505 | 120,875,000 | |||||||
POSCO DAEWOO Corporation [member] | Songdo Posco Family housing [member] | SAMSUNG SECURITIES CO.,LTD and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 49,500 | ||||||||
POSCO DAEWOO Corporation [member] | GLOBAL KOMSCO Daewoo LLC [Member] | Industrial & Commercial Bank of China [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 8,812 | € 37,000,000 | 8,225,000 | ||||||
POSCO DAEWOO Corporation [member] | Ambatovy Project Investments Limited and others [member] | Export-Import Bank of Korea [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 30,348 | 28,325,258 | |||||||
POSCO DAEWOO Corporation [member] | Top of range [member] | POSCO ASSAN TST STEEL INDUSTRY [member] | ING and others [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 15,699 | 14,652,750 | |||||||
POSCO DAEWOO Corporation [member] | Top of range [member] | Daewoo Global Development. Pte., Ltd [member] | Export-Import Bank of Korea [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 23,178 | 21,633,300 | |||||||
POSCO DAEWOO Corporation [member] | Top of range [member] | Daewoo Global Development. Pte., Ltd [member] | MIRAE ASSET DAEWOO CO.,LTD. [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 29,137 | ||||||||
POSCO DAEWOO Corporation [member] | Top of range [member] | DAEWOO POWER PNG Ltd. [Member] | Export-Import Bank of Korea [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 58,284 | 54,400,000 | |||||||
POSCO DAEWOO Corporation [member] | Top of range [member] | Daewoo Textile LLC [Member] | Export-Import Bank of Korea [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 4,286 | 4,000,000 | |||||||
POSCO DAEWOO Corporation [member] | Top of range [member] | POSCO DAEWOO INDIA PVT., LTD. [Member] | Shinhan Bank and others [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 173,995 | 162,400,000 | |||||||
POSCO DAEWOO Corporation [member] | Top of range [member] | POSCO DAEWOO INDIA PVT., LTD. [Member] | SC bank and other [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 122,892 | 7,350,000,000 | |||||||
POSCO DAEWOO Corporation [member] | Top of range [member] | PT. Bio Inti Agrindo [member] | Export-Import Bank of Korea and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 129,505 | 120,875,000 | |||||||
POSCO DAEWOO Corporation [member] | Top of range [member] | Songdo Posco Family housing [member] | SAMSUNG SECURITIES CO.,LTD and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 70,000 | ₨ 70,000 | |||||||
POSCO DAEWOO Corporation [member] | Top of range [member] | GLOBAL KOMSCO Daewoo LLC [Member] | Industrial & Commercial Bank of China [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 8,812 | 8,225,000 | |||||||
POSCO DAEWOO Corporation [member] | Top of range [member] | Ambatovy Project Investments Limited and others [member] | Export-Import Bank of Korea [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 93,504 | 87,272,727 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Daewoo Global Development. Pte., Ltd [member] | POSCO Asia Co., Ltd. And others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 63,307 | 59,088,100 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Songdo Posco Family housing [member] | SAMSUNG SECURITIES CO.,LTD and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 49,500 | ||||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | POSCO E&C Vietnam Co., Ltd. [member] | Export-Import Bank of Korea [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 32,142 | 30,000,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd [Member] | Woori Bank and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 147,853 | 138,000,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. [member] | HSBC [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 107,140 | 100,000,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | POSCO ENGINEERING (THAILAND) CO., LTD. [member] | POSCO Asia Co., Ltd. [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 42,268 | 39,451,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | POSCO Engineering and Construction India Private Limited [member] | Woori Bank [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 2,250 | 2,100,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | PT PEN INDONESIA [Member] | POSCO Asia Co., Ltd. [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 5,357 | 5,000,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | PT. POSCO E&C INDONESIA [member] | BNP Indonesia [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 6,241 | 79,000,000,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | New Songdo International City Development, LLC [member] | Others [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 317,900 | ||||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | UITrans LRT Co., Ltd. [member] | Kookmin Bank and Other [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 20,740 | ||||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Chuncheon Energy Co., Ltd. [member] | Kookmin Bank and Other [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 10,993 | ||||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Ecocity Company Limited and Others [Member] | Others [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 446,098 | ||||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | AN KHANH NEW CITY DEVELOPMENT J.V. CO., LTD. [member] | POSCO Asia Co., Ltd. And others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 160,710 | 150,000,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | Daewoo Global Development. Pte., Ltd [member] | POSCO Asia Co., Ltd. And others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 73,626 | 68,719,200 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | Songdo Posco Family housing [member] | SAMSUNG SECURITIES CO.,LTD and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 70,000 | ||||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | POSCO E&C Vietnam Co., Ltd. [member] | Export-Import Bank of Korea [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 32,142 | 30,000,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd [Member] | Woori Bank and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 147,853 | 138,000,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. [member] | HSBC [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 107,140 | 100,000,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | POSCO ENGINEERING (THAILAND) CO., LTD. [member] | POSCO Asia Co., Ltd. [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 42,268 | 39,451,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | POSCO Engineering and Construction India Private Limited [member] | Woori Bank [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 2,250 | 2,100,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | PT PEN INDONESIA [Member] | POSCO Asia Co., Ltd. [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 5,357 | 5,000,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | PT. POSCO E&C INDONESIA [member] | BNP Indonesia [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 6,241 | Rp 79,000,000,000 | |||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | New Songdo International City Development, LLC [member] | Others [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 340,000 | ||||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | UITrans LRT Co., Ltd. [member] | Kookmin Bank and Other [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 20,740 | ||||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | Chuncheon Energy Co., Ltd. [member] | Kookmin Bank and Other [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 11,600 | ||||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | Ecocity Company Limited and Others [Member] | Others [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 960,011 | ||||||||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | AN KHANH NEW CITY DEVELOPMENT J.V. CO., LTD. [member] | POSCO Asia Co., Ltd. And others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 160,710 | 150,000,000 | |||||||
POSCO ICT [member] | PT.POSCO ICT INDONESIA [Member] | POSCO Asia Co., Ltd. [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 1,607 | 1,500,000 | |||||||
POSCO ICT [member] | Incheon-Gimpo Expressway Co., Ltd. [member] | Korean Development Bank [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 100,000 | ||||||||
POSCO ICT [member] | UITrans LRT Co., Ltd. [member] | Kookmin Bank [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 76,000 | ||||||||
POSCO ICT [member] | SMS Energy and others [member] | Hana Bank and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 73,676 | ||||||||
POSCO ICT [member] | Hyochun CO., LTD [member] | Daegu Bank and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 39,575 | ||||||||
POSCO ICT [member] | BLT Enterprise and others [Member] | Kyobo Life Insurance Co., Ltd and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 1,163,585 | ||||||||
POSCO ICT [member] | Top of range [member] | PT.POSCO ICT INDONESIA [Member] | POSCO Asia Co., Ltd. [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 1,607 | 1,500,000 | |||||||
POSCO ICT [member] | Top of range [member] | Incheon-Gimpo Expressway Co., Ltd. [member] | Korean Development Bank [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 100,000 | ||||||||
POSCO ICT [member] | Top of range [member] | UITrans LRT Co., Ltd. [member] | Kookmin Bank [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 76,000 | ||||||||
POSCO ICT [member] | Top of range [member] | SMS Energy and others [member] | Hana Bank and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 104,880 | ||||||||
POSCO ICT [member] | Top of range [member] | Hyochun CO., LTD [member] | Daegu Bank and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 39,575 | ||||||||
POSCO ICT [member] | Top of range [member] | BLT Enterprise and others [Member] | Kyobo Life Insurance Co., Ltd and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 1,163,585 | ||||||||
POSCO M-TECH [Member] | PT.Krakatau Posco Chemtech Calcination [Member] | Hana Bank [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 22,184 | 20,705,882 | |||||||
POSCO M-TECH [Member] | KRAKATAU POS-CHEM DONG-SUH CHEMICAL [member] | Hana Bank [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 1,221 | 1,140,000 | |||||||
POSCO M-TECH [Member] | POS INFRA AUTO [member] | Korean Development Bank [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 836 | 780,000 | |||||||
POSCO M-TECH [Member] | Top of range [member] | PT.Krakatau Posco Chemtech Calcination [Member] | Hana Bank [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 35,999 | 33,600,000 | |||||||
POSCO M-TECH [Member] | Top of range [member] | KRAKATAU POS-CHEM DONG-SUH CHEMICAL [member] | Hana Bank [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 1,221 | 1,140,000 | |||||||
POSCO M-TECH [Member] | Top of range [member] | POS INFRA AUTO [member] | Korean Development Bank [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 836 | 780,000 | |||||||
POSCO COATED & COLOR STEEL Co., Ltd. [member] | Myanmar POSCO C&C Company, Limited [Member] | POSCO Asia Co., Ltd. And others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 14,985 | 13,986,947 | |||||||
POSCO COATED & COLOR STEEL Co., Ltd. [member] | Top of range [member] | Myanmar POSCO C&C Company, Limited [Member] | POSCO Asia Co., Ltd. And others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 14,985 | 13,986,947 | |||||||
POSCO ENERGY CO., LTD. [member] | POSCO ASSAN TST STEEL INDUSTRY [member] | SMBC [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 26,785 | 25,000,000 | |||||||
POSCO ENERGY CO., LTD. [member] | PT. Krakatau Posco Energy [Member] | Export-Import Bank of Korea and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 147,206 | 137,396,174 | |||||||
POSCO ENERGY CO., LTD. [member] | Top of range [member] | POSCO ASSAN TST STEEL INDUSTRY [member] | SMBC [Member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 26,785 | 25,000,000 | |||||||
POSCO ENERGY CO., LTD. [member] | Top of range [member] | PT. Krakatau Posco Energy [Member] | Export-Import Bank of Korea and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 207,744 | $ 193,900,000 | |||||||
POSCO AUSTRALIA PTY LTD [member] | Department of Trade and Investment (NSW Government) [member] | Woori Bank and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | 21,097 | 25,260,721 | |||||||
POSCO AUSTRALIA PTY LTD [member] | Top of range [member] | Department of Trade and Investment (NSW Government) [member] | Woori Bank and others [member] | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Guarantee amount | ₩ 21,097 | $ 25,260,721 |
Commitments and Contingencie216
Commitments and Contingencies - Additional Information (Detail) T in Thousands, ₩ in Millions | 12 Months Ended | |||
Dec. 31, 2017KRW (₩)T | Dec. 31, 2017USD ($)T | Dec. 31, 2017USD ($) | Dec. 31, 2016KRW (₩) | |
Disclosure of contingent liabilities [line items] | ||||
Borrowings | ₩ 21,063,657 | ₩ 22,704,998 | ||
Posco [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Remaining iron ore to be purchased | T | 116,000 | 116,000 | ||
Remaining coal to be purchased | T | 18,000 | 18,000 | ||
Liquefied natural gas to be purchased | T | 550 | 550 | ||
Liquefied natural gas terms | 20 years | 20 years | ||
Posco [member] | Korea National Oil Corporation [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Borrowings | $ | $ 1,020,000 | |||
Posco [member] | Top of range [member] | Korea National Oil Corporation [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Borrowings | $ | $ 6,490,000 | |||
Posco [member] | Bottom of range [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Iron ore and coal contracts terms | 3 years | 3 years | ||
Nickel contracts terms | 1 year | 1 year | ||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Completions guarantees provided | ₩ 395,792 | |||
Construction guarantees received | 269,455 | |||
POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Top of range [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Foreign currency guarantee | $ | $ 2,311,000,000 | |||
POSCO ICT [member] | Korea Software Financial Cooperative [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities guarantee amount | 143,582 | |||
POSCO ICT [member] | Seoul Guarantee Insurance [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities guarantee amount | 22,432 | |||
Woori Bank and others [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Foreign currency guarantee | $ | $ 1,306,000,000 | |||
Busan E&E Co. [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Supplementary fund | ₩ 9,800 |
Commitments and Contingencie217
Commitments and Contingencies - Litigations in Progress (Detail) - 12 months ended Dec. 31, 2017 ₺ in Thousands, € in Thousands, ₨ in Thousands, ₨ in Thousands, ฿ in Thousands, ¥ in Thousands, Rp in Thousands, R$ in Thousands, $ in Thousands, $ in Thousands, ₩ in Millions | KRW (₩)LegalMatter | BRL (R$) | EUR (€) | IDR (Rp) | INR (₨) | THB (฿) | CNY (¥) | USD ($) | CAD ($) | PKR (₨) | TRY (₺) |
Lawsuits provision [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Estimated lawsuits | 163 | ||||||||||
Provision for legal contingencies and claims | ₩ | ₩ 27,963 | ||||||||||
Litigations in progress [Member] | Posco [member] | Korea [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 15 | ||||||||||
Claim amount | ₩ | ₩ 23,037 | ||||||||||
Description | Lawsuit on claim for employee right and others(*1) | ||||||||||
Litigations in progress [Member] | Posco [member] | US [Member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 1 | ||||||||||
Claim amount | ₩ 1,696 | $ 1,583 | |||||||||
Description | Arbitration on trading and others | ||||||||||
Litigations in progress [Member] | POSCO DAEWOO Corporation [member] | Korea [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 10 | ||||||||||
Claim amount | ₩ 9,903 | € 9,903 | |||||||||
Description | Lawsuit on claim for payment and others | ||||||||||
Litigations in progress [Member] | POSCO DAEWOO Corporation [member] | US [Member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 3 | ||||||||||
Claim amount | ₩ 23,815 | 22,228 | |||||||||
Description | Lawsuit on claim for damages and others(*1) | ||||||||||
Litigations in progress [Member] | POSCO DAEWOO Corporation [member] | European Union [Member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 2 | ||||||||||
Claim amount | ₩ 3,514 | € 2,747 | |||||||||
Description | Lawsuit on claim for damages and others | ||||||||||
Litigations in progress [Member] | POSCO DAEWOO Corporation [member] | India [Member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 3 | ||||||||||
Claim amount | ₩ 75,553 | ₨ 4,518,694 | |||||||||
Description | Lawsuit on claim for payment on guarantees and others(*1) | ||||||||||
Litigations in progress [Member] | POSCO DAEWOO Corporation [member] | Pakistan [Member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 1 | ||||||||||
Claim amount | ₩ 1,208 | ₨ 124,775 | |||||||||
Description | Lawsuit on claim for damages | ||||||||||
Litigations in progress [Member] | POSCO DAEWOO Corporation [member] | Canada [Member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 1 | ||||||||||
Claim amount | ₩ 67,363 | $ 79,000 | |||||||||
Description | Lawsuit on claim for damages | ||||||||||
Litigations in progress [Member] | POSCO ENGINEERING & CONSTRUCTION CO., LTD. [member] | Korea [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 104 | ||||||||||
Claim amount | ₩ | ₩ 461,134 | ||||||||||
Description | Arbitration on construction costs allocation and others | ||||||||||
Litigations in progress [Member] | POSCO ICT [member] | Korea [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 13 | ||||||||||
Claim amount | ₩ | ₩ 9,894 | ||||||||||
Description | Lawsuit on claim for payment and others | ||||||||||
Litigations in progress [Member] | POSCO A&C [Member] | Korea [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 3 | ||||||||||
Claim amount | ₩ | ₩ 3,985 | ||||||||||
Description | Lawsuit on claim for payment on construction | ||||||||||
Litigations in progress [Member] | POSCO ENERGY CO., LTD. [member] | Korea [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 4 | ||||||||||
Claim amount | ₩ | ₩ 7,017 | ||||||||||
Description | Lawsuit on claim for damages and revocation of electricity supply contract and others | ||||||||||
Litigations in progress [Member] | POSCO E&C CHINA Co., Ltd. [Member] | Korea [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 1 | ||||||||||
Claim amount | ₩ | ₩ 3,305 | ||||||||||
Description | Lawsuit on claim for payment on construction | ||||||||||
Litigations in progress [Member] | POSCO E&C CHINA Co., Ltd. [Member] | China [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 11 | ||||||||||
Claim amount | ₩ 2,239 | ¥ 13,679 | |||||||||
Description | Lawsuit on claim for payment of reserve for construction warranty and others | ||||||||||
Litigations in progress [Member] | Posco e&c Songdo International Building [member] | Korea [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 3 | ||||||||||
Claim amount | ₩ | ₩ 892 | ||||||||||
Description | Lawsuit on affirmation of the non-existence of general meeting of stockholders and others | ||||||||||
Litigations in progress [Member] | Pospower Co Ltd [Member] | Korea [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 1 | ||||||||||
Claim amount | ₩ | ₩ 1,000 | ||||||||||
Description | Lawsuit on claim for damages | ||||||||||
Litigations in progress [Member] | POSCO ENGINEERING (THAILAND) CO., LTD. [member] | Thailand [Member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 7 | ||||||||||
Claim amount | ₩ 23,739 | ฿ 724,400 | |||||||||
Description | Lawsuit on claim for payment on construction | ||||||||||
Litigations in progress [Member] | POSCO TNPC Otomotiv Celik San. Ve Tic. A.S [Member] | Turkey [Member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 6 | ||||||||||
Claim amount | ₩ 9 | ₺ 31 | |||||||||
Description | Lawsuit on claim for unfair dismissal and others | ||||||||||
Litigations in progress [Member] | PT. KRAKATAU POSCO [member] | Indonesia [Member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 1 | ||||||||||
Claim amount | ₩ 25,664 | Rp 324,858,033 | |||||||||
Description | Lawsuit on claim for payment on construction | ||||||||||
Litigations in progress [Member] | POSCO(Dalian) IT Center Development Co., Ltd. [Member] | China [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 2 | ||||||||||
Claim amount | ₩ 69 | ¥ 423 | |||||||||
Description | Lawsuit over contract dispute dealing apartment | ||||||||||
Litigations in progress [Member] | Brazil Sao Paulo Steel Processing Center [Member] | Brazil [Member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 3 | ||||||||||
Claim amount | ₩ 3,935 | R$ 12167 | |||||||||
Description | Lawsuit on claim for payment on construction and others | ||||||||||
Litigations in progress [Member] | POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA. [member] | Brazil [Member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 184 | ||||||||||
Claim amount | ₩ 39,156 | R$ 121058 | |||||||||
Description | Lawsuit on claim for damages and others(*1) | ||||||||||
Litigations in progress [Member] | HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd [Member] | Korea [member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 1 | ||||||||||
Claim amount | ₩ | ₩ 3,305 | ||||||||||
Description | Lawsuit on claim for payment on construction | ||||||||||
Litigations in progress [Member] | POSCO India Chennai Steel Processing Center Pvt.Ltd. [member] | US [Member] | |||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||
Legal actions | 6 | ||||||||||
Claim amount | ₩ 9,009 | $ 8,409 | |||||||||
Description | Lawsuit on custom duty and others |
Additional Information of Ca218
Additional Information of Cash Flow Statements - Changes in Operating Assets and Liabilities (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from (used in) operating activities [abstract] | |||
Trade accounts and notes receivable | ₩ 63,075 | ₩ 273,419 | ₩ 1,586,113 |
Other receivables | 113,740 | 191,591 | 259,741 |
Inventories | (1,435,170) | (889,998) | 2,456,068 |
Other current assets | 110,688 | (287,377) | 42,131 |
Other non-currentassets | 12,455 | 33,584 | 72,826 |
Trade accounts and notes payable | (607,999) | 769,337 | (894,129) |
Other payables | (26,922) | (179,174) | 39,811 |
Other current liabilities | 338,273 | 2,490 | (457,947) |
Provisions | (145,763) | (124,884) | (119,172) |
Payments of severance benefits | (185,220) | (278,278) | (157,983) |
Plan assets | 3,815 | (138,854) | (115,274) |
Other non-currentliabilities | (82,605) | 223,574 | 72,267 |
Changes in operating cash flows | ₩ (1,841,633) | ₩ (404,570) | ₩ 2,784,452 |
Additional Information of Ca219
Additional Information of Cash Flow Statements - Changes in Liabilities Arising from Financial Activities (Detail) ₩ in Millions | 12 Months Ended |
Dec. 31, 2017KRW (₩) | |
Short-term borrowings [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning | ₩ 7,979,727 |
Changes from financing cash flows | 558,083 |
Changes arising from obtaining or losing control of subsidiaries or other business | (12,469) |
The effect of changes in foreign exchange rates | (350,523) |
Other changes: | 0 |
Ending | 8,174,818 |
Long-term borrowings [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning | 14,725,271 |
Changes from financing cash flows | (1,410,033) |
Changes arising from obtaining or losing control of subsidiaries or other business | 3,299 |
The effect of changes in foreign exchange rates | (435,170) |
Other changes: | 0 |
Amortization of discount on debentures issued | 5,472 |
Ending | 12,888,839 |
Dividend payable [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning | 7,770 |
Changes from financing cash flows | (931,232) |
Other changes: | 0 |
Decrease in retained earnings | 863,579 |
Decrease in non-controlling interests | 67,096 |
Ending | 7,213 |
Finance lease liabilities [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning | 114,409 |
Changes from financing cash flows | (10,536) |
The effect of changes in foreign exchange rates | (10,855) |
Other changes: | 0 |
Ending | 93,018 |
Derivatives that hedge long-term borrowings [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning | (52,373) |
Changes in fair values | 171,693 |
Other changes: | 0 |
Ending | ₩ 119,320 |
Operating Segments - Informatio
Operating Segments - Information about Reportable Segments (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating segments [line items] | |||
Revenues | ₩ 60,186,867 | ₩ 52,939,771 | ₩ 58,522,268 |
Interest income | 212,451 | 182,475 | 210,193 |
Interest expenses | (653,115) | (658,726) | (788,772) |
Depreciation and amortization | (3,297,420) | (3,213,847) | (3,218,246) |
Impairment loss on property, plant and equipment and others | (302,967) | (368,939) | (454,667) |
Impairment loss on available-for-sale financial assets | (123,214) | (248,404) | (142,781) |
Share of profit or loss of investment in associates and JVs | 10,540 | (88,677) | (506,054) |
Income tax expense | (1,185,740) | (379,544) | (266,560) |
Profit (loss) | 2,909,311 | 1,032,065 | (116,215) |
Assets | 79,785,629 | 80,137,614 | |
Investment in associates | 1,520,441 | 1,595,441 | |
Liabilities | 32,458,904 | 34,372,345 | |
Reportable segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 95,059,704 | 81,885,203 | 87,471,744 |
Interest income | 280,488 | 245,454 | 238,758 |
Interest expenses | (757,963) | (759,001) | (870,276) |
Depreciation and amortization | (3,360,366) | (3,276,416) | (3,282,916) |
Impairment loss on property, plant and equipment and others | (336,719) | (243,282) | (312,433) |
Impairment loss on available-for-sale financial assets | (127,319) | (314,446) | (240,790) |
Share of profit or loss of investment in associates and JVs | (1,721) | (554,872) | (822,509) |
Income tax expense | (1,274,696) | (463,009) | (444,105) |
Profit (loss) | 3,160,761 | 135,026 | (120,883) |
Assets | 101,542,757 | 101,525,764 | 103,223,655 |
Investment in associates | 19,113,739 | 19,206,073 | 20,817,693 |
Acquisition of non-currentassets | 2,670,224 | 2,801,687 | 3,029,261 |
Liabilities | 39,809,138 | 41,917,003 | 42,221,498 |
Reportable segments [member] | External customers [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 60,655,100 | 53,083,513 | 58,192,345 |
Reportable segments [member] | Internal customers [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 34,404,604 | 28,801,690 | 29,279,399 |
Reportable segments [member] | Intersegment [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 22,823,501 | 17,132,284 | 17,288,964 |
Reportable segments [member] | Steel [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 47,611,378 | 42,906,170 | 44,836,775 |
Interest income | 128,827 | 126,210 | 139,821 |
Interest expenses | (422,357) | (459,345) | (560,767) |
Depreciation and amortization | (2,856,133) | (2,788,535) | (2,782,680) |
Impairment loss on property, plant and equipment and others | (149,840) | (99,165) | (243,828) |
Impairment loss on available-for-sale financial assets | (95,261) | (225,225) | (151,503) |
Share of profit or loss of investment in associates and JVs | 8,352 | (211,084) | (562,133) |
Income tax expense | (977,853) | (495,874) | (390,000) |
Profit (loss) | 2,790,855 | 1,511,383 | 181,495 |
Assets | 70,017,816 | 69,914,939 | 70,102,972 |
Investment in associates | 16,116,654 | 16,109,360 | 17,457,391 |
Acquisition of non-currentassets | 2,033,184 | 2,334,842 | 2,102,674 |
Liabilities | 19,057,249 | 20,292,764 | 21,078,613 |
Reportable segments [member] | Steel [member] | External customers [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 30,230,368 | 26,844,154 | 28,292,824 |
Reportable segments [member] | Steel [member] | Internal customers [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 17,381,010 | 16,062,016 | 16,543,951 |
Reportable segments [member] | Steel [member] | Intersegment [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 12,004,614 | 8,992,783 | 9,146,808 |
Reportable segments [member] | Trading [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 34,878,203 | 26,420,104 | 27,007,507 |
Interest income | 32,799 | 40,424 | 55,630 |
Interest expenses | (121,967) | (70,841) | (76,672) |
Depreciation and amortization | (206,490) | (165,863) | (166,814) |
Impairment loss on property, plant and equipment and others | (140,839) | (45,995) | (17,281) |
Impairment loss on available-for-sale financial assets | (28,988) | (1,410) | |
Share of profit or loss of investment in associates and JVs | (53,586) | (212,535) | |
Income tax expense | (109,710) | (18,629) | (4,772) |
Profit (loss) | 112,661 | 53,244 | 38,843 |
Assets | 14,139,098 | 13,580,179 | 12,160,406 |
Investment in associates | 1,134,798 | 1,100,973 | 1,097,971 |
Acquisition of non-currentassets | 286,185 | 249,597 | 303,753 |
Liabilities | 10,386,294 | 10,134,170 | 8,953,410 |
Reportable segments [member] | Trading [member] | External customers [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 20,802,207 | 16,774,078 | 18,315,487 |
Reportable segments [member] | Trading [member] | Internal customers [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 14,075,996 | 9,646,026 | 8,692,020 |
Reportable segments [member] | Trading [member] | Intersegment [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 8,043,643 | 5,296,847 | 4,480,744 |
Reportable segments [member] | Construction [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 7,285,530 | 7,482,051 | 9,867,847 |
Interest income | 100,922 | 65,256 | 27,134 |
Interest expenses | (112,983) | (102,292) | (91,742) |
Depreciation and amortization | (42,123) | (57,719) | (50,605) |
Impairment loss on property, plant and equipment and others | (37,476) | (9,426) | (28,345) |
Impairment loss on available-for-sale financial assets | (18,637) | (35,331) | (47,616) |
Share of profit or loss of investment in associates and JVs | (8,555) | (283,833) | (25,223) |
Income tax expense | (109,961) | 107,520 | (30,615) |
Profit (loss) | 24,545 | (1,403,712) | (275,651) |
Assets | 8,609,753 | 9,501,046 | 9,997,683 |
Investment in associates | 668,392 | 795,445 | 1,076,024 |
Acquisition of non-currentassets | 99,190 | 25,533 | 276,863 |
Liabilities | 5,744,693 | 6,780,380 | 5,716,550 |
Reportable segments [member] | Construction [member] | External customers [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 6,886,606 | 6,768,348 | 8,515,780 |
Reportable segments [member] | Construction [member] | Internal customers [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 398,924 | 713,703 | 1,352,067 |
Reportable segments [member] | Construction [member] | Intersegment [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 329,215 | 557,526 | 1,090,193 |
Reportable segments [member] | Other reportable segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 5,284,593 | 5,076,878 | 5,759,615 |
Interest income | 17,940 | 13,564 | 16,173 |
Interest expenses | (100,656) | (126,523) | (141,095) |
Depreciation and amortization | (255,620) | (264,299) | (282,817) |
Impairment loss on property, plant and equipment and others | (8,564) | (88,696) | (22,979) |
Impairment loss on available-for-sale financial assets | (13,421) | (24,902) | (40,261) |
Share of profit or loss of investment in associates and JVs | (1,518) | (6,369) | (22,618) |
Income tax expense | (77,172) | (56,026) | (18,718) |
Profit (loss) | 232,700 | (25,889) | (65,570) |
Assets | 8,776,090 | 8,529,600 | 10,962,594 |
Investment in associates | 1,193,895 | 1,200,295 | 1,186,307 |
Acquisition of non-currentassets | 251,665 | 191,715 | 345,971 |
Liabilities | 4,620,902 | 4,709,689 | 6,472,925 |
Reportable segments [member] | Other reportable segment [member] | External customers [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 2,735,919 | 2,696,933 | 3,068,254 |
Reportable segments [member] | Other reportable segment [member] | Internal customers [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 2,548,674 | 2,379,945 | 2,691,361 |
Reportable segments [member] | Other reportable segment [member] | Intersegment [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | ₩ 2,446,029 | ₩ 2,285,128 | ₩ 2,571,219 |
Operating Segments - Reconcilia
Operating Segments - Reconciliation of Segment Revenues, Profit or Loss, Assets and Liabilities and Other Significant Items (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating segments [line items] | |||
Revenue | ₩ 60,186,867 | ₩ 52,939,771 | ₩ 58,522,268 |
Profit before income tax expense | 4,095,051 | 1,411,609 | 150,345 |
Assets | 79,785,629 | 80,137,614 | |
Liabilities | 32,458,904 | 34,372,345 | |
Interest income | 212,451 | 182,475 | 210,193 |
Interest expenses | (653,115) | (658,726) | (788,772) |
Depreciation and amortization | (3,297,420) | (3,213,847) | (3,218,246) |
Share of profit or loss of investment in associates | 10,540 | (88,677) | (506,054) |
Share of profit or loss of investment in associates | (88,677) | (506,054) | |
Income tax expense | (1,185,740) | (379,544) | (266,560) |
Impairment loss on property, plant and equipment and others | (302,967) | (368,939) | (454,667) |
Impairment loss on available-for-sale financial assets | (123,214) | (248,404) | (142,781) |
Other significant items | (5,339,465) | (4,775,662) | (5,166,887) |
Reportable segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 95,059,704 | 81,885,203 | 87,471,744 |
Profit before income tax expense | 3,160,761 | 135,026 | (120,883) |
Assets | 101,542,757 | 101,525,764 | 103,223,655 |
Liabilities | 39,809,138 | 41,917,003 | 42,221,498 |
Interest income | 280,488 | 245,454 | 238,758 |
Interest expenses | (757,963) | (759,001) | (870,276) |
Depreciation and amortization | (3,360,366) | (3,276,416) | (3,282,916) |
Share of profit or loss of investment in associates | (1,721) | (554,872) | (822,509) |
Share of profit or loss of investment in associates | (554,872) | (822,509) | |
Income tax expense | (1,274,696) | (463,009) | (444,105) |
Impairment loss on property, plant and equipment and others | (336,719) | (243,282) | (312,433) |
Impairment loss on available-for-sale financial assets | (127,319) | (314,446) | (240,790) |
Other significant items | (5,578,296) | (5,365,572) | (5,734,271) |
Investments in subsidiaries, associates and joint ventures [Member] | |||
Disclosure of operating segments [line items] | |||
Assets | (15,555,972) | (15,322,271) | |
Goodwill and corporate FV adjustments [member] | |||
Disclosure of operating segments [line items] | |||
Profit before income tax expense | (84,370) | (123,110) | (95,150) |
Assets | 3,368,333 | 3,750,915 | |
Liabilities | 483,693 | 442,178 | |
Interest expenses | 1,304 | (807) | 1,282 |
Depreciation and amortization | (106,195) | (104,949) | (117,595) |
Share of profit or loss of investment in associates | (38,732) | ||
Income tax expense | 21,270 | 21,945 | 24,294 |
Impairment loss on property, plant and equipment and others | (867) | ||
Other significant items | (84,488) | (122,543) | (92,019) |
Elimination of inter-segment amounts [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | (34,404,604) | (28,801,690) | (29,279,399) |
Profit before income tax expense | (102,922) | 1,036,253 | 119,852 |
Assets | (10,330,159) | (10,191,413) | |
Liabilities | (8,731,880) | (8,434,580) | |
Interest income | (68,037) | (62,979) | (28,565) |
Interest expenses | 103,544 | 101,082 | 80,222 |
Depreciation and amortization | 169,141 | 167,518 | 182,265 |
Share of profit or loss of investment in associates | 12,261 | ||
Share of profit or loss of investment in associates | 504,927 | 316,455 | |
Income tax expense | 47,203 | 56,379 | 142,872 |
Impairment loss on property, plant and equipment and others | 34,619 | (125,657) | (142,234) |
Impairment loss on available-for-sale financial assets | 4,105 | 66,042 | 98,009 |
Other significant items | 302,836 | 707,312 | 649,024 |
Income tax expense [Member] | |||
Disclosure of operating segments [line items] | |||
Profit before income tax expense | 1,206,223 | 384,685 | 276,939 |
Basis difference [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | (468,233) | (143,742) | 329,923 |
Profit before income tax expense | (84,641) | (21,245) | (30,413) |
Assets | 760,670 | 374,619 | |
Liabilities | 897,953 | 447,744 | |
Income tax expense | 20,483 | 5,141 | 10,379 |
Other significant items | ₩ 20,483 | ₩ 5,141 | ₩ 10,379 |
Operating Segments - Revenue an
Operating Segments - Revenue and Non-current Assets by Geographic Area (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of geographical areas [line items] | |||
Revenue | ₩ 60,186,867 | ₩ 52,939,771 | ₩ 58,522,268 |
Non-current assets | 38,900,718 | 40,976,788 | |
Domestic [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 30,790,462 | 31,772,641 | |
Japan [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 162,328 | 187,266 | |
China [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 1,284,561 | 1,451,405 | |
Asia-other [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 5,266,799 | 6,163,388 | |
North America [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 277,249 | 168,800 | |
Other countries [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 1,119,319 | 1,233,288 | |
Basis difference [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | (468,233) | (143,742) | 329,923 |
Reportable segments [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 95,059,704 | 81,885,203 | 87,471,744 |
Reportable segments [member] | External customers [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 60,655,100 | 53,083,513 | 58,192,345 |
Reportable segments [member] | External customers [member] | Domestic [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 38,882,220 | 34,883,941 | 39,268,907 |
Reportable segments [member] | External customers [member] | Japan [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,200,405 | 1,892,022 | 1,934,808 |
Reportable segments [member] | External customers [member] | China [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 6,731,214 | 5,908,046 | 5,756,867 |
Reportable segments [member] | External customers [member] | Asia-other [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 7,750,553 | 5,649,843 | 5,888,045 |
Reportable segments [member] | External customers [member] | North America [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,725,120 | 1,899,291 | 1,921,039 |
Reportable segments [member] | External customers [member] | Other countries [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | ₩ 3,365,588 | ₩ 2,850,370 | ₩ 3,422,679 |