Posted on 30 May 2022
POSCO Group announced on May 26 that it will invest a total of 53 trillion won -- 33 trillion won in Korea and 20 trillion won overseas -- by 2026 to strengthen competitiveness in core businesses such as steel and secondary battery materials.
The announcement is the first large-scale domestic and overseas investment plan from POSCO Holdings after the group's adoption of a holding company system in March this year.
The 33 trillion won earmarked for domestic investment will be spent on eco-friendly steel production (20 trillion won), secondary battery materials and hydrogen (5.3 trillion won), eco-friendly infrastructure (5 trillion won) and venture investment and securing new technology (2.7 trillion won).
In the steel business, the group aims to secure the world's best competitiveness by investing 20 trillion won in new electric furnaces for a conversion to an eco-friendly production system, the introduction of eco-friendly facilities, and technology for steel products for electric vehicle motors.
In addition, it plans to invest in securing stable secondary battery materials, expanding hydrogen business facilities, and securing next-generation technology. Five trillion won was allotted to the eco-friendly infrastructure sector such as energy, construction/infrastructure, and food businesses, and 2.7 trillion won will be spent for venture investment and R&D to discover future growth drivers and secure new technologies.
POSCO Group plans to focus on securing materials for secondary batteries such as lithium and nickel through overseas investment of 20 trillion won. It will also be used to build infrastructure such as local production plants.
Source:Business Korea
