POSCO (ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory)

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 ￦5,000 per share.

(*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 Global Fund	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 building rental		—		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 and others		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 Processing Center Co., Ltd.	Steel manufacturing and sales		90.00		10.00		100.00		90.00		10.00		100.00	China
POSCO-China Qingdao Processing Center Co., Ltd.	Steel manufacturing and sales		—		100.00		100.00		—		100.00		100.00	China
POS-ORE PTY LTD	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 PTY LTD	Coal sales		—		100.00		100.00		—		100.00		100.00	Australia
POS-GC PTY LTD	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 manufacturing and sales		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 Processing Center Sp. z o. o.	Steel manufacturing and sales		60.00		—		60.00		60.00		—		60.00	Poland
POS-NP PTY LTD	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 SHANGHAI CO., LTD	Intermediary trade & bonded warehouse operation		—		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 AND CONSTRUCTION AUSTRALIA PTY LTD	Iron ore development and sales		—		100.00		100.00		—		100.00		100.00	Australia
POSCO-TISCO (JILIN) PROCESSING CENTER Co., Ltd.	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 Processing Center Co., Ltd.	Steel manufacturing and sales		90.00		10.00		100.00		90.00		10.00		100.00	China
SUZHOU POSCO-CORE TECHNOLOGY CO., LTD.	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 Africa
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 and management		—		100.00		100.00		—		100.00		100.00	China
POSCO AMERICA COMERCIALIZADORA S DE RL DE CV	Human resource service		—		100.00		100.00		—		100.00		100.00	Mexico
POSCO(Guangdong) Automotive Steel Co., Ltd.	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 operation and maintenance		—		67.00		67.00		—		67.00		67.00	Indonesia
POSCO DAEWOO MYANMAR CORPORATION LIMITED	Trading business		—		100.00		100.00		—		100.00		100.00	Myanmar
POSCO-Italy Processing Center	Stainless steel sheet manufacturing and sales		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 Company, Limited.	Construction and engineering service		—		100.00		100.00		—		100.00		100.00	Myanmar
POS-Minerals Corporation	Mine development management and sales		—		100.00		100.00		—		100.00		100.00	USA
POSCO(Wuhu) Automotive Processing Center Co., Ltd.	Steel manufacturing and sales		68.57		31.43		100.00		68.57		31.43		100.00	China
POSCO Engineering and Construction India Private Limited	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 Africa
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 Processing Center	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 Ltd.	Electricity production		—		100.00		100.00		—		100.00		100.00	Papua New Guinea
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 Arab Emirates
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 Pte Ltd	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 Co., Ltd	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 New Guinea
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 DO BRAZIL LTDA.	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) INVESTMENT Co., Ltd.	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 Processing Center Private Limited	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 manufacturing and sales		80.00		20.00		100.00		—		—		—	Mexico
Yingkou Puxiang Trade Co.,Ltd.	Refractory quality test & import and export		—		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 PETROQUIMICA S.R.L	Construction		—		50.00		50.00		—		—		—	Bolivia
POSCO VIETNAM HOLDINGS CO., LTD	Holding company		79.28		20.72		100.00		—		—		—	Vietnam
Kwanika Copper Corporation (formerly, Daewoo Minerals Canada Corporation) ^(*2)	Resources development		—		100.00		100.00		—		—		—	Canada
Chongqing POSCO CISL Automotive Steel Co., Ltd.	Automotive steel sheet manufacturing and sales		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 CONSTRUCOES LTDA	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 DE CHILE S.A.	Engineering, procurement and construction		—		99.00		99.00		—		—		—	Chile
COMPANIA DE AUTOMATIZACION &CONTROL, GENESYS S.A.	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 ￦8,650 million (POSCO Processing & Service and others) and ￦16,288 million (POSCO DAEWOO Corporation, POSMATE and others) in 2016 and 2017, respectively, as a result of changes in the Company’s ownership interests in subsidiaries that did not result in a loss of control.

Cash dividends paid to POSCO by subsidiaries in 2015, 2016 and 2017 amounted to ￦437,194 million, ￦75,830 million and ￦70,087 million, respectively.

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.

1) December 31, 2015


	POSCO DAEWOO Corporation			PT. KRAKATAU POSCO			POSCO CHEMTECH			POSCO ENGINEERING & CONSTRUCTION CO., LTD.			POSCO ENERGY CO., LTD.			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 assets		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 liabilities		(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 interests		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 interests		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 interest)		(340,532	)		18,886			66			69,615			11,572			289,715			49,322
Dividend to non-controlling interest		(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 DAEWOO Corporation			PT. KRAKATAU POSCO			POSCO CHEMTECH			POSCO ENGINEERING & CONSTRUCTION CO., LTD.			POSCO ENERGY CO., LTD.			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 assets		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 liabilities		(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 interests		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 interests		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 interest)		(295,226	)		(36,286	)		(1,250	)		(20,953	)		(2,875	)		204,797			(151,793	)
Dividend to non-controlling interest		(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 DAEWOO Corporation			PT. KRAKATAU POSCO			POSCO CHEMTECH			POSCO ENGINEERING & CONSTRUCTION CO., LTD.			POSCO ENERGY CO., LTD.			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 assets		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 liabilities		(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 interests		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 interests		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 interest)		(19,295	)		31,782			8			150,801			220,317			(38,090	)		345,523
Dividend to non-controlling interest		(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

Ulsan

SNNC

Raw material manufacturing and sales

49.00

Gwangyang

QSONE Co.,Ltd.

Real estate rental and facility management

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

Seoul

UITrans LRT Co., Ltd.

Transporting

38.19

Seoul

Keystone NO. 1. Private Equity Fund

Private equity financial

40.45

Seoul

CHUNGJU ENTERPRISE CITY
DEVELOPMENT Co.,Ltd

Real estate development

29.53

Chungju

Daesung Steel ^(*1)

Steel sales

17.54

Busan

KoFC POSCO HANWHA KB Shared Growth
NO. 2. Private Equity Fund ^(*1)

Investment in new technologies

12.50

Seoul

KONES, Corp.

Technical service

41.67

Gyeongju

Gale International Korea, LLC

Real estate rental

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

Hwaseong

Pohang Special Welding Co.,Ltd.

Welding material and tools manufacturing and sales

50.00

Pohang

KC Chemicals CORP ^(*1)

Machinery manufacturing

19.00

Hwaseong

Posco-IDV Growth Ladder IP Fund ^(*1)

Investment in new technologies

17.86

Seoul

DAEHO GLOBAL MANAGEMENT CO., LTD.

Investment advisory service

35.82

Pohang

Clean Gimpo Co., Ltd.

Construction

29.58

Gimpo

Postech Early Stage Fund ^(*1)

Investment in new technologies

10.00

Pohang

POSCO Energy Valley Fund

Investment in new technologies

20.00

Pohang

Pureun Tongyeong Enviro Co., Ltd.

Sewerage treatment

20.40

Tongyeong

Posgreen Co., Ltd. ^(*1)

Lime and plaster manufacturing

19.00

Gwangyang

Pohang E&E Co,. Ltd.

Investment in waste energy

30.00

Pohang

POSTECH Social Enterprise Fund ^(*1)

Investment in new technologies

9.17

Seoul

Applied Science Corp.

Machinery manufacturing

24.88

23.87

Paju

Noeul Green Energy ^(*1)

Electricity generation

10.00

Seoul

Pohang Techno Valley AMC

Construction

29.50

Pohang

New Songdo International City Development, LLC

Real estate rental

29.90

Seoul

Mokpo Deayang Industrial Corporation

Real estate development and rental

27.40

Mokpo

Clean Iksan Co., Ltd.

Construction

23.50

Iksan

Innovalley Co., Ltd.

Real estate development

28.77

Yongin

Pure Gimpo Co., Ltd.

Construction

28.79

Seoul

Garolim Tidal Power Plant Co.,Ltd

Tidal power plant construction and management

32.13

Seosan

2016 PoscoPlutus New Technology Investment Fund

Investment in new technologies

25.17

Seoul

Hyundai Invest Guggenheim CLO Private Special Asset Investment Trust II

Investment in new technologies

38.47

Seoul

PoscoPlutus Bio Fund ^(*1)

Investment in new technologies

11.97

Seoul

PoscoPlutus Project Fund ^(*1)

Investment in new technologies

11.91

Seoul

Posco Agrifood Export Investment Fund

Investment in new technologies

30.00

Seoul

PoscoPlutus Project II Investment Fund ^(*1)

Investment in new technologies

0.61

Seoul

Posco Culture Contents Fund

Investment in new technologies

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

Myanmar

AES-VCM Mong Duong Power Company Limited

Electricity generation

30.00

Vietnam

7623704 Canada Inc. ^(*1)

Investments management

10.40

Canada

Eureka Moly LLC

Raw material manufacturing and sales

20.00

USA

AMCI (WA) PTY LTD

Iron ore sales & mine development

49.00

Australia

Nickel Mining Company SAS

Raw material manufacturing and sales

49.00

New
Caledonia

NCR LLC

Coal sales

29.41

Canada

KOREA LNG LTD.

Gas production and sales

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

China

PT. Wampu Electric Power

Construction and civil engineering

20.00

Indonesia

POSCO SeAH Steel Wire(Nantong) Co., Ltd.

Steel processing and sales

25.00

China

VSC POSCO Steel Corporation

Steel processing and sales

50.00

Vietnam

IMFA ALLOYS FINLEASE LTD

Raw material manufacturing and sales

24.00

India

General Medicines Company Ltd.

Medicine manufacturing and sales

33.00

Sudan

PT.INDONESIA POS CHEMTECH CHOSUN Ref

Refractory manufacturing and sales

30.19

Indonesia

POSK(Pinghu) Steel Processing Center Co., Ltd.

Steel processing and sales

20.00

China

SHANGHAI LANSHENG DAEWOO CORP.

Trading

49.00

China

POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd

Steel processing and sales

25.00

China

SHANGHAI WAIGAOQIAO FREE TRADE ZONE LANSHENG DAEWOO IN’L TRADING CO., LTD.

Trading

49.00

China

PT. Tanggamus Electric Power ^(*1)

Construction and civil engineering

17.50

Indonesia

NS-Thainox Auto Co., Ltd.

Steel manufacturing and sales

49.00

Vietnam

Hamparan Mulya

Resource development

45.00

Indonesia

Sebang Steel

Scrap sales

49.00

Japan

GLOBAL KOMSCO Daewoo LLC

Cotton celluloid manufacturing and sales

35.00

Uzbekistan

POSCO-Poggenamp Electrical Steel Pvt. Ltd.

Steel manufacturing and sales

26.00

India

KIRIN VIETNAM CO., LTD ^(*1)

Panel manufacturing

19.00

Vietnam

POSCHROME (PROPRIETARY) LIMITED

Raw material manufacturing and sales

50.00

South
Africa

CAML RESOURCES PTY LTD

Raw material manufacturing and sales

33.34

Australia

KG Power(M) SDN. BHD

Energy & resource development

20.00

Malaysia

LI3 ENERGY INC

Energy & resource development

26.06

Peru

LLP POSUK Titanium

Titanium manufacturing and sales

36.83

Kazakhstan

POS-SeAH Steel Wire (Thailand) Co., Ltd.

Steel manufacturing and sales

25.00

Thailand

Jupiter Mines Limited ^(*1)

Energy & resource development

17.08

17.06

Australia

KRAKATAU POS-CHEM DONG-SUH
CHEMICAL ^(*1)

Chemical by-product manufacturing and sales

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
Arabia

AN KHANH NEW CITY DEVELOPMENT
J.V CO., LTD. ^(*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
Steel Co., Ltd. ^(*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.

2) 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

Gwangyang

POSCO-SGI Falcon Pharmaceutic Bio Secondary Fund 1 ^(*1)

Investment in new technologies

—

24.55

Seoul

POSCO-KB Shipbuilding Restructuring Fund ^(*1)

Investment in new technologies

—

18.75

Seoul

POSCO-NSC Venture Fund ^(*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

Australia

POSCO-NPS Niobium LLC

Mine development

50.00

USA

CSP — Compania Siderurgica do Pecem

Steel manufacturing and sales

20.00

Brazil

BX STEEL POSCO Cold Rolled Sheet Co., Ltd.

Steel processing and sales

25.00

China

KOBRASCO

Steel materials manufacturing and sales

50.00

Brazil

DMSA/AMSA

Energy & resource development

4.00

Madagascar

PT. POSMI Steel Indonesia

Steel processing and sales

36.69

Indonesia

VNS-DAEWOO Co., Ltd.

Steel scrap processing and sale

40.00

Vietnam

YULCHON MEXICO S.A. DE C.V.

Tube for automobile manufacturing

19.00

Mexico

POSCO-SAMSUNG-Slovakia Processing Center

Steel processing and sales

30.00

Slovakia

United Spiral Pipe, LLC

Material manufacturing and sales

35.00

USA

Korea Siberia Wood CJSC

Forest resource development

50.00

Russia

Hyunson Engineering & Construction HYENCO

Construction

4.90

Algeria

USS-POSCO Industries

Cold-rolled steel manufacturing and sales

50.00

USA

POSCO E&C Saudi Arabia

Civil engineering and construction

40.00

Saudi
Arabia

Pos-Austem Suzhou Automotive Co., Ltd ^(*1)

Automotive parts manufacturing

—

19.90

China

POS-AUSTEM YANTAI AUTOMOTIVE
CO., LTD ^(*1)

Automotive parts manufacturing

—

11.06

China

POS-AUSTEM WUHAN AUTOMOTIVE
CO., LTD ^(*1)

Automotive parts manufacturing

—

13.00

China

POS-InfraAuto (Suzhou) Co., Ltd ^(*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.

(e) Newly included subsidiaries

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

(f) 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

POSCO | CIK:0000889132 |

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