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Posco International, a South Korean trading company, has resumed its operation in Ukraine after partially reopening its grain export terminal in the war-torn country. The move to return to business comes after months of supply disruptions caused by the war.
On Thursday, June 2, Posco International confirmed that it had restarted its grain terminal operations but only in part. The facility is located in the eastern border area of Ukraine.
According to The Korea Herald, the company said that the resumption of its business in the region was decided after receiving supply requests from clients. It was revealed that 2,000 tons of wheat were exported at this terminal in Mykolaiv this week. The grains were transported via roads because the offshore supply route was blocked after the Ukraine authorities closed off the ports in the Black Sea.
“July and August are the most significant months that decide Ukraine’s grain harvest,” Posco International stated. “To minimize the impact to the industry, our plan sticks to offering stock and storage service for wheat and corn harvested in the southern region.”
The Incheon, South Korea-headquartered company, halted its grain export terminal in February when Russia launched a series of attacks to invade Ukraine. At that time, all of the Korean staff at the facility were sent back home to Korea, but they still kept in close communication with the Ukrainian staff to manage the facility.
As its value chain slowly resumes, Posco International said it would also go ahead with its partnership plans with agricultural technology companies to build a stable procurement system. The company is also aiming to change agricultural trends worldwide through these collaborations.
Overall, Posco is looking to expand its food business and become one of the top 10 food trading firms in the world. With these goals, the company is expecting a boost in sales of up to KRW10 trillion by 2030 as it exports around 25 million tons of grain a year.
Finally, Yonhap News Agency reported that as of February, POSCO International shipped around 2.5 million tons of grains from its terminal in Ukraine. The goods were delivered to North Africa, Europe, and the Middle East. The terminal that was built in 2019 handles exports of soybean, corn, wheat, and barley.
