South Korean Steelmaker POSCO to expand Core Business by Investing KRW 121 Trillion

The POSCO Group, a South Korean company that manufactures steel and other materials and is led by POSCO Holdings, announced on Monday that it will invest 121 trillion won ($93 billion) by 2030 to expand its core industries, which include steel, battery materials, and hydrogen.

In order to become a global leader in environmentally friendly materials, POSCO stated in a statement that it wants to invest 72 trillion won, or more than 60% of the entire sum, in South Korea. This will generate an estimated 330,000 employment. The remaining sum will be invested abroad.

In order to diversify, POSCO Group has been entering new markets, such as lithium minerals, which are utilized in electric vehicle batteries.

Last month, General Motors Co and group affiliate POSCO Future M said they will expand the production capacity at their chemical battery materials facility in Canada, taking their estimated total investment to over $1 billion.

In 2020, POSCO announced a plan to become net-zero by 2050, including a 10 per cent reduction in carbon emissions by 2030 versus the 2017-2019 average.