GM and Peak Energy Partner to Advance Sodium-Ion Battery Technology for Grid Storage 
SpaceX IPO Sets Record With $75 Billion Raise, Valuation Hits $1.77 Trillion 
Asian Currencies Mixed as Dollar Slips on Iran Peace Hopes and Fed Rate Outlook 
Coupang Hit With Record $409 Million Fine Over Data Breach Affecting 33 Million Users 
US Dollar Heads for Weekly Loss as Iran Peace Deal Hopes Boost Risk Appetite 
Oil Prices Fall as U.S.-Iran Peace Deal Hopes Ease Supply Concerns 
Kremlin Says New EU Sanctions Won’t Hurt Russian Banks 
Dollar Stabilizes as Markets Weigh Middle East Ceasefire Prospects and Central Bank Policy Outlook 
US Dollar Edges Higher as Inflation Data and Middle East Tensions Shape Market Sentiment 
Trump Administration Defends Anthropic AI Restrictions in Ongoing Federal Lawsuit 
South Korea Signals Possible Interest Rate Hike as Inflation Remains Elevated 
US Stock Futures Rally as U.S.-Iran Peace Talks Boost Market Sentiment Despite Ongoing Strikes 
Exxon Mobil Set to Appoint Alex Volkov as Global Trading Chief 
US Stock Futures Rise on Iran Peace Deal Hopes as SpaceX Debuts After Record IPO 
Asian Stocks Slide as Tech Selloff Deepens and US-Iran Conflict Escalates 
Frasers Group Launches €2 Billion Hugo Boss Takeover Offer Amid Control Speculation 
Oracle Stock Falls Despite Earnings Beat as Company Plans $40 Billion Financing for FY2027 
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
