Posted on 03 Jan 2023
The integrated corporation of POSCO International and POSCO Energy has been officially launched. POSCO International announced on Jan. 2 that it merged with POSCO Energy on Jan. 1 and appointed Jeong Tak, former president of POSCO, as its new CEO.
POSCO International will go beyond a trading company to become a global company whose business portfolio encompasses energy, food, and parts and materials.
In particular, POSCO International will invest profits generated from the value chain of liquefied natural gas (LNG) in the eco-friendly energy business. Its LNG value chain encompasses all stages from exploration to production, storage and power generation.
POSCO International will steadily develop new gas fields, expand terminals in connection with the power generation business at home and abroad and expand renewable energy businesses.
The company will also strengthen its role as a procurement player for POSCO Group by establishing stable supply chains for steel and secondary battery materials. In the mobility business, it aims to grow into a motor parts supplier by stabilizing overseas production bases.
The integrated company's annual sales and operating profit will exceed 40 trillion won and one trillion won, respectively. In terms of sales in 2021, it is 11th-largest among Korean companies.
“We will increase our competitiveness by adding trading capabilities to our core businesses such as energy, steel, food, and eco-friendly future businesses and making bold investments,” Jeong said in his inaugural address on Jan. 2.
Source:Business Korea
