An engineer savvy in technological development took office Friday as chairman of the world’s fifth-largest steelmaker, POSCO, with a four-point reform plan to enhance competitiveness and weather an industry slump.

POSCO’s shareholders and board of directors formally approved Kwon Oh-joon, 64, as the company’s eighth chairman. He will serve through March 2017, leading the country’s sixth-largest conglomerate by assets.

“POSCO’s boastful competitive advantage is on the brink of extinction as the global steel market faces a severe glut,” the new chairman said at the shareholders’ meeting.

“I will turn POSCO into a steelmaker with the world’s highest competitiveness by revamping the financial structure and company operations, and increasing the competitiveness of steel products based on differentiated technologies.” (Yonhap)