Exhibit 8.1

LIST OF CONSOLIDATED SUBSIDIARIES

The
following is a list of our consolidated subsidiaries as of December 31, 2015.



|                                                     |  |                             
|---------------------------------------------------- |  | ----------------------------
|NAME                                                 |  | JURISDICTION OFINCORPORATION
|POSCO ENGINEERING & CONSTRUCTION CO., LTD.           |  | Korea                       
|POSCO Processing&Service                             |  | Korea                       
|POSCO COATED & COLOR STEEL Co., Ltd.                 |  | Korea                       
|POSCO ICT                                            |  | Korea                       
|POSCO Research Institute                             |  | Korea                       
|POSMATE                                              |  | Korea                       
|POSCO A&C                                            |  | Korea                       
|POSCO Capital Co., Ltd.                              |  | Korea                       
|eNtoB Corporation                                    |  | Korea                       
|POSCO CHEMTECH                                       |  | Korea                       
|POSCO-Terminal Co., Ltd.                             |  | Korea                       
|POSCO M-TECH                                         |  | Korea                       
|POSCO ENERGY CO., LTD.                               |  | Korea                       
|POSCO TMC Co., Ltd.                                  |  | Korea                       
|POSCO NIPPON STEEL RHF JOINT VENTURE CO., Ltd.       |  | Korea                       
|MegaAsset Co., Ltd.                                  |  | Korea                       
|POSCO Engineering CO., Ltd.                          |  | Korea                       
|POSCO AST                                            |  | Korea                       
|POSHIMETAL Co., Ltd.                                 |  | Korea                       
|Poscoene                                             |  | Korea                       
|POSCO Humans                                         |  | Korea                       
|Mapo Hibroad Parking co., Ltd.                       |  | Korea                       
|Steel Processing and Fabricating Center Co., LTD     |  | Korea                       
|BLUE O&M Co., Ltd.                                   |  | Korea                       
|Busan E&E Co., Ltd.                                  |  | Korea                       
|POSCO Family Strategy Fund                           |  | Korea                       
|Daewoo International Corporation                     |  | Korea                       
|POSCO LED Co., Ltd.                                  |  | Korea                       
|Pohang Scrap Recycling Distribution Center Co., Ltd. |  | Korea                       
|PSC Energy Global Co., Ltd.                          |  | Korea                       
|Suncheon Eco Trans Co., Ltd.                         |  | Korea                       
|Tamra Offshore Wind Power Co., Ltd.                  |  | Korea                       
|IT Engineering                                       |  | Korea                       
|Future Creation Fund Postech Early Stage account     |  | Korea                       
|POSCO Green Gas Technology Co., Ltd.                 |  | Korea                       
|POSCO WOMANS FUND                                   |  | Korea                       
|POSPOWER CO., Ltd.                                   |  | Korea                       
|Songdo Posco family Housing                          |  | Korea                       
|Posco Group University                               |  | Korea                       
|HOTEL LAONZENA                                       |  | Korea                       
|Growth Ladder POSCO K-Growth Global Fund             |  | Korea                       
|2015 POSCO New technology II Fund                    |  | Korea                       
|POSCO America Corporation                            |  | USA                         
|POSCO AUSTRALIA PTY LTD                              |  | Australia                   



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|                                                          |  |                             
|--------------------------------------------------------- |  | ----------------------------
|NAME                                                      |  | JURISDICTION OFINCORPORATION
|POSCO Canada Ltd.                                         |  | Canada                      
|POSCO Asia Co., Ltd.                                      |  | China                       
|POSCO-CTPC Co., Ltd.                                      |  | China                       
|POSCO-JWPC Co., Ltd.                                      |  | Japan                       
|POSCO E&C Vietnam Co., Ltd.                               |  | Vietnam                     
|Zhangjiagang Pohang Stainless Steel Co., Ltd.             |  | China                       
|POSCO (Guangdong) Steel Co., Ltd.                         |  | China                       
|POSCO (Thailand) Company Limited                          |  | Thailand                    
|Myanmar POSCO Steel Co., Ltd.                             |  | Myanmar                     
|POSCO Investment Co., Ltd.                                |  | Hong Kong                   
|POSCO-MKPC SDN BHD                                        |  | Malaysia                    
|Qingdao Pohang Stainless Steel Co., Ltd.                  |  | China                       
|POSCO (Suzhou) Automotive Processing Center Co., Ltd.     |  | China                       
|POSEC Hawaii, Inc.                                        |  | USA                         
|POSCO-China Qingdao Processing Center Co., Ltd.           |  | China                       
|POS-ORE PTY LTD                                           |  | Australia                   
|POSCO-China Holding Corp.                                 |  | China                       
|POSCO JAPAN Co., Ltd.                                     |  | Japan                       
|POS-CD PTY LTD                                            |  | Australia                   
|POS-GC PTY LTD                                            |  | Australia                   
|POSCO-India Private Limited                               |  | India                       
|POS-India Pune Processing Centre Pvt. Ltd.                |  | India                       
|POSCO-JEPC Co., Ltd.                                      |  | Japan                       
|POSCO-CFPC Co., Ltd.                                      |  | China                       
|POSCO E&C CHINA Co., Ltd.                                 |  | China                       
|POSCO MPPC S.A. de C.V.                                   |  | Mexico                      
|Zhangjiagang Pohang Port Co., Ltd.                        |  | China                       
|Qingdao Pos-metal Co., Ltd.                               |  | China                       
|POSCO-VIETNAM Co., Ltd.                                   |  | Vietnam                     
|POSCO MEXICO S.A. de C.V.                                 |  | Mexico                      
|POSCO India Delhi Steel Processing Centre Private Limited |  | India                       
|POSCAN Elkview                                            |  | Canada                      
|POSCO-Poland Wroclaw Processing Center Sp. z o. o.        |  | Poland                      
|POS-NP PTY LTD                                            |  | Australia                   
|POSCO-Vietnam Processing Center Co., Ltd.                 |  | Vietnam                     
|POSCO(Chongqing) Automotive Processing Center Co, Ltd.    |  | China                       
|SUZHOU POSCO-CORE TECHNOLOGY CO., LTD.                    |  | China                       
|POSCO-Malaysia SDN. BHD.                                  |  | Malaysia                    
|POS-Minerals Corporation                                  |  | USA                         
|POSCO(Wuhu) Automotive Processing Center Co., Ltd.        |  | China                       
|POSCO Engineering and Construction India Private Limited  |  | India                       
|POSCO E&C SMART S DE RL DE CV                             |  | Mexico                      
|POSCO Philippine Manila Processing Center, Inc.           |  | Philippines                 
|POSCO China Suzhou Processing Center Co., Ltd.            |  | China                       
|POSCO Gulf SFC LLC                                        |  | UAE                         
|Dalian POSCO ICT-DONGFANG Engineering Co., Ltd.           |  | China                       
|SANPU TRADING Co., Ltd.                                   |  | China                       
|Zhangjiagang BLZ Pohang International Trading             |  | China                       
|POSCO MEXICO HUMAN TECH S.A. de C.V.                      |  | Mexico                      
|POSCO MESDC S.A. DE C.V.                                  |  | Mexico                      



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|                                                       |  |                             
|------------------------------------------------------ |  | ----------------------------
|NAME                                                   |  | JURISDICTION OFINCORPORATION
|POSCO-ICT China                                        |  | China                       
|Pos-Sea Pte Ltd                                        |  | Singapore                   
|POSCO Europe Steel Distribution Center                 |  | Slovenia                    
|POSCO ENGINEERING (THAILAND) CO., Ltd.                 |  | Thailand                    
|POSCO VST CO., LTD.                                    |  | Vietnam                     
|POSCO Maharashtra Steel Private Limited                |  | India                       
|POSCO India Chennai Steel Processing Centre Pvt. Ltd.  |  | India                       
|POSCO TNPC Otomotiv Celik San. Ve Tic. A.S             |  | Turkey                      
|POSCO Vietnam Ha Noi Processing Center Co., Ltd.       |  | Vietnam                     
|POSCO(Liaoning) Automotive Processing Center Co., Ltd. |  | China                       
|POSCO-Indonesia Jakarta Processing Center              |  | Indonesia                   
|POSCO E&C VENEZUELA C.A.                               |  | Venezuela                   
|Motta Resources Indonesia                              |  | Indonesia                   
|POSCO TMC INDIA PRIVATE LIMITED                        |  | India                       
|POSCO America Alabama Processing Center Co., Ltd.      |  | USA                         
|PT PEN INDONESIA                                       |  | Indonesia                   
|POSCO(Yantai) Automotive Processing Center Co., Ltd.   |  | China                       
|POSCO India Steel Distribution Center Private Ltd.     |  | India                       
|POSCO China Dalian Plate Processing Center Co., Ltd.   |  | China                       
|POSCO-South Asia Company Limited                       |  | Thailand                    
|POSCO SS-VINA                                          |  | Vietnam                     
|POSCO-NCR Coal Ltd.                                    |  | Canada                      
|POSCO WA PTY LTD                                       |  | Australia                   
|POSCO Engineering and Construction  UZ                |  | Uzbekistan                  
|POSCO AUSTRALIA GP PTY LIMITED                         |  | Australia                   
|POSCO YongXin Rare Earth Metal Co., Ltd.               |  | China                       
|Hanjung Power Pty., Ltd                                |  | Papua New Guinea            
|Daewoo International (America) Corp.                   |  | USA                         
|Daewoo International (Deutschland) GmbH.               |  | Germany                     
|Daewoo International Japan Corp.                       |  | Japan                       
|DAEWOO INTERNATIONAL SINGAPORE PTE. LTD.               |  | Singapore                   
|Daewoo Italia S.r.l.                                   |  | Italy                       
|Daewoo (China) Co., Ltd.                               |  | China                       
|DAEWOO TEXTILE FERGANA LLC                             |  | Uzbekistan                  
|DAEWOO TEXTILE BUKHARA LLC                             |  | Uzbekistan                  
|DAEWOO INTERNATIONAL AUSTRALIA HOLDINGS PTY LTD        |  | Australia                   
|Daewoo Paper Manufacturing Co., Ltd.                   |  | China                       
|Tianjin Daewoo Paper Manufacturing Co., Ltd.           |  | China                       
|POSCO MAURITIUS LIMITED                                |  | Mauritius                   
|PT. KRAKATAU POSCO                                     |  | Indonesia                   
|DAEWOO INTERNATIONAL MEXICO S.A. DE C.V.               |  | Mexico                      
|Daewoo International Guangzhou Corp.                   |  | China                       
|POSCO (Zhangjiagang) STS Processing Center Co., Ltd.   |  | China                       
|Daewoo International (M) SDN BHD                       |  | Malaysia                    
|Daewoo International SHANGHAI CO., LTD.                |  | China                       
|PGSF, L.P.                                             |  | USA                         
|Xenesys Inc.                                           |  | Japan                       
|Daewoo International INDIA Private Ltd.                |  | India                       
|PT. POSCO E&C INDONESIA                                |  | Indonesia                   



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|                                                                           |  |                             
|-------------------------------------------------------------------------- |  | ----------------------------
|NAME                                                                       |  | JURISDICTION OFINCORPORATION
|HUME COAL PTY LTD                                                          |  | Australia                   
|POSCO FOUNDATION                                                           |  | India                       
|EPC EQUITIES LLP                                                           |  | England                     
|SANTOS CMI INC CONSTRUCTION TRADING LLP                                    |  | England                     
|SANTOS CMI INC. USA                                                        |  | USA                         
|SANTOS CMI ENGENHARIA E CONSTRUCOES LTDA                                   |  | Brazil                      
|SANTOS CMI PERU S.A.                                                       |  | Peru                        
|SANTOS CMI CONSTRUCCIONES S.A.                                             |  | Uruguay                     
|GENTECH INTERNATIONAL INC.                                                 |  | Panama                      
|SANTOSCMI S.A.                                                             |  | Ecuador                     
|SANTOSCMI CONSTRUCCIONES DE CHILE S.A.                                     |  | Chile                       
|COMPANIADEAUTOMATIZACION&CONTROL, GENESYS S.A.                             |  | Ecuador                     
|POSCO ASSAN TST STEEL INDUSTRY                                             |  | Turkey                      
|HONG KONG POSCO E&C (CHINA) INVESTMENT Co., Ltd.                           |  | Hong Kong                   
|POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA.                           |  | Brazil                      
|POSCO Electrical Steel India Private Limited                               |  | India                       
|PT.POSCO-Indonesia Inti                                                    |  | Indonesia                   
|POSCO(Dalian) IT Center Development Co., Ltd.                              |  | China                       
|Brazil Sao Paulo Steel Processing Center                                   |  | Brazil                      
|DAESAN (CAMBODIA) Co., Ltd.                                                |  | Cambodia                    
|PT. POSCO ICT INDONESIA                                                    |  | Indonesia                   
|PT. POSCO M TECH INDONESIA                                                 |  | Indonesia                   
|PT. KRAKATAU POSCO ENERGY                                                  |  | Indonesia                   
|POSCO RUS LLC                                                              |  | Russia                      
|POSCO Thainox Public Company Limited                                       |  | Thailand                    
|DAEWOO INTERNATIONAL SHANGHAI WAIGAOQIAO CO., LTD.                         |  | China                       
|PT. Bio Inti Agrindo                                                       |  | Indonesia                   
|POSCO ENGINEERING AND CONSTRUCTION AUSTRALIA (POSCO E&C AUSTRALIA) PTY LTD |  | Australia                   
|POSCO-TISCO (JILIN) PROCESSING CENTER Co., Ltd.                            |  | China                       
|Hunchun Posco Hyundai International Logistics Complex Development Co., Ltd |  | China                       
|USA-SRDC                                                                   |  | USA                         
|Daewoo International Vietnam Co., Ltd.                                     |  | Vietnam                     
|PT.Krakatau Posco Chemtech Calcination                                     |  | Indonesia                   
|POSCO AFRICA (PROPRIETARY) LIMITED                                         |  | South Africa                
|EPC INGENIERIA & SERVICIOS DE COSTA RICA SA                                |  | Costa Rica                  
|POSCO ICT BRASIL                                                           |  | Brazil                      
|LA-SRDC                                                                    |  | USA                         
|DONG FANG JIN HONG                                                         |  | China                       
|POSCO AMERICA COMERCIALIZADORA S DE RL DE CV                               |  | Mexico                      
|POSCO(Guangdong) Automotive Steel Co., Ltd.                                |  | China                       
|POSCO MAPC SA DE CV                                                        |  | Mexico                      
|POSCO-Mory-Maruyasu PIPE                                                   |  | Japan                       
|PT KRAKATAU BLUE WATER                                                     |  | Indonesia                   
|KRAKATAU POS-CHEM DONG-SUH CHEMICA                                         |  | Indonesia                   
|Myanmar Daewoo International Corporation                                   |  | Myanmar                     
|POSCO-Italy Processing Center                                              |  | Italy                       
|DAEWOO E&P CANADA CORPORATION                                              |  | Canada                      
|Yingkou Puxiang Trade Co.,Ltd.                                             |  | China                       
|Myanmar POSCO C&C Company, Limited.                                        |  | Myanmar                     



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|                                                         |  |                             
|-------------------------------------------------------- |  | ----------------------------
|NAME                                                     |  | JURISDICTION OFINCORPORATION
|POSCO ICT VIETNAM                                        |  | Vietnam                     
|Daewoo Global Development. Pte., Ltd                     |  | Myanmar                     
|Myanmar POSCO Engineering&Construction Company, Limited. |  | Myanmar                     
|POSCO COATED STEEL (THAILAND) CO., LTD.                  |  | Thailand                    
|Daewoo Power and Infra (PTY) Limited                     |  | South Africa                
|Daewoo Amara Company Limited                             |  | Myanmar                     
|POSMATE-CHINA CO., LTD                                   |  | China                       
|Daewoo Precious Resources Co., Ltd.                      |  | Myanmar                     
|POSCO-Mexico Villagran Wire-rod Processing Center        |  | Mexico                      
|SANTOS CMI Guatemala S.A.                                |  | Guatemala                   
|POSCO-China Dalian Steel Fabricating Center              |  | China                       
|POSCO-CDPC (POSCO ChengDu Processing Center) Co., Ltd    |  | China                       
|POSCO E&C HOLDINGS CO., Ltd.                             |  | Thailand                    
|POSCO E&C (THAILAND) CO., Ltd.                           |  | Thailand                    
|DAEWOO POWER PNG Ltd.                                    |  | Papua New Guinea            
|POSCO India Ahmedabad Steel Processing Center Pvt. Ltd.  |  | India                       
|COINSA INGENIERIA Y PETROQUIMICA S.R.L                   |  | Bolivia                     
|PT. Krakatau Posco Social Enterprise                     |  | Indonesia                   
|POSCO Vietnam Holdings Co., LTD.                         |  | Vietnam                     
|Ventanas Philippines Construction Inc                    |  | Philippines                 
|POSCO E&C Mongolia                                       |  | Mongolia                    



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