POSCO Group has announced its plans to invest 121 trillion won ($92.44 billion) by 2030 in steel, secondary batteries, and hydrogen sectors.
The investment aims to enhance the company’s competitiveness in future eco-friendly materials.
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The majority of the investment, 73 trillion won, will be allocated domestically, primarily in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province.
These are areas where the company’s main steel mills are located.
POSCO Chairman Choi Jeong-woo emphasized that this investment will enable POSCO to lead in future technologies and growth markets while solidifying its position in core businesses.
The company aims to pave the way for a sustainable future with eco-friendly materials.
Notably, over 60 percent of the total investment will be made in Korea to contribute to balanced national development and the creation of high-quality jobs.
POSCO’s investment strategy focuses not only on steel, which is fundamental to its operations, but also on secondary battery materials, which will drive the future of mobility, and hydrogen, in line with the group’s “2050 Carbon Neutral” goal.
The company estimates that its investment in Korea will generate a production inducement effect of 121 trillion won and create approximately 330,000 jobs over the specified period.
In a speech on Monday, during the 50th anniversary of its first steel plant located in Pohang, POSCO Chairman Choi Jeong-woo said the following:
“With this investment, POSCO will dominate the future technology and growth market and solidify its leading position in core businesses to open a sustainable future with eco-friendly future materials.
“In particular, over 60 percent of our total investment will be spent in Korea to play a role in balanced national development and creating high-quality jobs.”
In recent years, POSCO has made significant investments in secondary battery materials, spearheaded by its holding company POSCO Holdings and affiliate POSCO FutureM.
This strategic move has enabled POSCO to successfully transform from a traditional steel company into a comprehensive materials company.
Furthermore, POSCO plans to convert its current carbon-based steelmaking facility to HyREX, a hydrogen-reduction ironmaking facility, by 2026.
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It aims for commercialization by 2030. To implement its planned transition, POSCO will require 5 million tons of hydrogen per year.
Therefore, the company aims to produce 7 million tons of hydrogen annually by 2050 to meet this demand.
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