03 CEO FORUM2003.1.16

, . . 2002 - - 2003

(: , ) 1: (13) . , : POSVEN : 02.5: Discount , 02.7: 10% , 1

20012002 (%) 27.828.1 1.08 27.127.2 0.37 (%)6.6 (24.2)6.3 (23.3) 4.55 11,08611,729 5.80 1,4291,834 28.34 8191,101 34.43

* Net Debt = -

20012002 Operating MarginEVAROE%%12.94048.315.669710.2EBITDA2,6233,161 Net Debt* / Equity%%72.842.752.326.9 //0.637.830.678.88

`99`00`01`02(%)(%)3550507010.312.524.926.0 1(`01) : 3% (2,901) 2(`02) : 3% (2,817) 904 ( 9.96%) ESOP(06): 2.8% (ESOP) 240 (`02~`06, 5)

/ 33 32 -

PI PI : ~01 3,196, 02 5,485 30 14 ( ) 100 47 73.9 97.0 % 48 87 % D+6 D+1 168 154

San Diego Bio 5 U$ 50 Bio (02.4) A$ 16.3 ( 20%) 25 3.0 POSMAC(02.4) : POSCO 51%, Mitsui 49% 07, 400 , IRR 21%CTS (03.1)

2002 - - 2003

(:) OvercapacityOECD, IISI IMF 170150140180* POSRI (02.10)

/ Arcelor (02.2)Usinor+Arbed+AceraliaCorus (99.10)BSP+HoogovensTKS (97.10)Thyssen+KruppJFE (02.10)NKK+KSCNSCUSSNational / 3 73% (CVRD, Rio Tinto,BHP) 4 34% (BHP-Billiton,Glencore,Rio Tinto,Anglo)ISGBethlehemBig 6 76%: GM, Ford, D-Chrysler Toyota, Volkswagen, Renault/Nissan

201 (02.3.6) SG (3.22) (3.15) EU SG (3.29) CR AD (3.23) SG (11.19) , WTO * SG: Safeguard; AD: Anti-Dumping

3 3 ,

(00 41%) 3 () Working Group , (02. 11)23.1%32.6%31.7%19.7%

85 00 85 00

2002 - - 2003

80% 15% 5%

(03~07) 9.3 7.4 1.4 0.5

10 6 Sigma PI Global POSCO POSCO

`02`07`03`07`03`07`03`072,3803,000 5701,000 233370 643720 APISTS 400`03`02`02`021,868459124589Target , , R&D

, FINEX 2005 FINEX92 R&D (92) 010503 COREX (95) 100 (03.5 ~ ) ( ) 100 (05)

Win-Win , 3 ( 51 90) 15 Processing Center (U$ 20 )

PI 66 1 Wave 82 BB (02.5 ~10) : 664 ( 8.1 ) 2 Wave 167 BB, 186 GB (02.11 ~03.5) 82 BB 6 Sigma (10,600) (~ 2005) BB 1,680 MBB 40, BB 480 : 8,795 ()6 Sigma ,

2002 - - 2003

* (`02.11) , (/ :) CRU (`02.10) Current Asia Import Price (Metal Bulletin: 03.1)

`01.1/42/43/44/4`02.1/42/43/44/403.1/42/43/44/4212223198185195258293298290303308298 (, U$/T)305

20022003(%) 43,62043,4550.4 12,84513,195 2.7 ()13,92513,3753.951,52051,685 0.3

26.112,420 2,095 1,630EBITDA 3,537 25.711,729 1,8342002 1,806 3,161 1.6 5.9 14.2 9.7 11.9 , .

2003 (%)

POSCO

WSD02.6 Forbes02.4 400 Fortune02.3 3Nikkei Business02.1Cash Flow Euromoney02.8Emerging Market 2, 1Asiamoney02.10 ( ) 1 02.2 1P&P02.330 2 (, 1)02.9IR