Posco Group invests 92 Billion US Dollars in Steel, Batteries and Hydrogen
13. July 2023South Korean conglomerate Posco Group plans to invest about 92.4 billion US dollars in steel, secondary batteries and hydrogen by 2030. This is to strengthen competitiveness in future environmentally friendly materials, the company said in a statement in early July. More than 60 per cent of the investment sum will be invested in South Korea, mainly at the sites in Pohang, North Gyeonsang Province and Gwangyang, South Jeolla Province. Posco operates steel mills and rolling mills there, which account for the majority of the company’s proprietary steel production. “The investment will make Posco the market leader in future technologies and continue to grow,” Chairman Choi Jeong-woo told The Korea Times at the 50th anniversary of Posco’s first steel plant in Pohang. “In particular, the investment of over 60 per cent of the total planned amount in South Korea plays an important role in the development of the local economy and creation of skilled jobs,” Choi added. For battery related products, KC certification, KCs certification or other Korean product certification is often required to be approved for the Korean market.
In addition to expanding its steel division, which is the company’s core business, Posco will also focus on secondary battery materials and hydrogen. The latter is seen as an important component of Posco Group’s plan to transform itself as CO₂-neutral by 2050. Posco also expects the investments to generate synergy effects such as the establishment of suppliers and the creation of a total of 330,000 jobs. In recent years, Posco has already invested huge sums in secondary battery materials through Posco Holding and its subsidiary Posco FutureM. Posco also plans to convert its steel mills from the current carbon-based process to HyREX, a hydrogen process, by 2026. To run the blast furnaces at the Pohang and Gwangyang steel mills on hydrogen, an estimated 5 million tonnes of hydrogen are needed annually. Therefore, Posco plans to produce its own 7 million tonnes of hydrogen annually by 2050 to meet this demand.
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