POSCO Investing $92B to Bolster Competitiveness in Eco-Friendly Materials

POSCO Group is set to invest KRW121 trillion or about $92.44 billion for its next big business plans. The company will use the funds for steel, hydrogen and secondary batteries by the year 2030.

The goal for the new investment is to boost its competitiveness in future eco-friendly materials. According to The Korea Times, over 60% of the investment, which is equivalent to KRW73 trillion, will be used for its operations in the country, mainly for its plants in Pohang, North Gyeongsang Province and Gwangyang in South Jeolla Province. These are the location where POSCO operates its primary steel mills.

The company will not only focus on its steel production but will start focusing on other business lines, such as secondary battery materials, which are expected to grow due to new mobility technologies. For hydrogen, it wants to achieve its "2050 Carbon Neutral" goal.

Korea Joongang Daily reported that the announcement of POSCO’s newest investment plan was made during an event to mark the 50th anniversary of the company building its very first unit of steel mill in Pohang. The celebration took place at the company’s headquarters in the southeastern port city of Pohang on Monday, July 3.

Key company and local officials were present in the affair, including Posco Group’s chairman, Choi Jeong Woo; Posco’s vice chairman, Kim Hak Dong; Pohang City’s Mayor Lee Kang Deok, and Governor Lee Cheol Woo of North Gyeongsang.

“The establishment of the first unit of Pohang steel mill marked a historical turning point for Korea’s economic growth,” Chairman Choi said during his speech. “With these latest investments, Posco will further consolidate our leadership in our key businesses by securing future technologies and growing markets, and pave the way towards a sustainable future with eco-friendly materials.”

Photo by: Posco Newsroom