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POSCO Holdings is moving its headquarters, and this could be good news for the residents of Pohang, where it will be relocated from Seoul. The transfer was approved by the company’s shareholders on Friday, Mach 17.
The decision to move the company’s HQ to Pohang, North Gyeongsang Province, comes after the POSCO Group was heavily condemned by the region’s residents after it decided to build its headquarters in Seoul when it launched Posco Holdings in early 2022.
The Pohang citizens opposed the move because Posco was founded in Pohang. Its first steel mill was also built here in 1971. As per The Korea Times, aside from the residents of the city, civic groups and politicians also voiced their opposition to the decision to make Seoul the company’s HQ. They explained that Pohang would lose competitiveness if Posco maintained its office in Seoul.
With the updated decision to relocate the headquarters from Seoul to Pohang, the territory’s local government expressed support for it, saying they welcome POSCO Holdings.
"This is meaningful as the country, local community and company can grow together," Pohang’s Mayor Lee Kang Deok stated. "We should actively participate in fostering professionals so that companies can secure talented workers in the regions."
Choi Jeong Woo, Posco Group’s chairman, also said they would pursue sustainable growth. He also pledged to boost the company’s eco-friendly business.
"The steel business will pursue the development of a smart steel mill system with the industry's best cost competitiveness and establish low-carbon and eco-friendly production and sales systems as early as possible,” Choi said. “For the secondary battery business, which is our future growth engine, we will promote full-scale production of lithium and nickel and continue to secure new resources and eco-friendly materials without a hitch."
Meanwhile, according to The Korea Herald, while Posco Holdin’s address is set to change, most of its 200 employees will still continue to work in Seoul.
