The development history of POSCO is the epitome of the development of South Korea's steel industry. In order to develop the Korean steel industry, then President Park Chung-hee visited the United States in May 1965 and discussed the construction of integrated steel with The American company Koppers. In July 1967, pohang city was chosen as the site for the complex. Posco was officially established less than a year later on April 1, 1968. However, due to the unsatisfactory results of the negotiations with the United States for financing the construction of the factory, In December 1969, South Korea began to introduce much-needed capital and technology from Japan.