Yonhap has reported that South Korean steel giant POSCO’s holding unit POSCO Holdings may relocate its headquarters to Pohang in North Gyeongsang Province 375 kilometers southeast of Seoul, as is now up for a shareholders’ vote at the general meeting on 17 March. The board of directors of POSCO Holdings held a meeting on 21 February to decide on the relocation of its headquarters. Many expressed concerns, saying the relocation is not necessary. But the board decided to discuss the agenda following an agreement made between the company’s top brass and Pohang residents. There are around 200 POSCO Holdings employees working at POSCO Center in Gangnam in southern Seoul. They were transferred when the group established the holdings firm in March last year.The location of the POSCO Holdings headquarters was not a big issue in the beginning. However, it gained traction during the country’s local elections last year, when politicians attacked POSCO Group over its decision to establish its holdings firm in Seoul instead of Pohang, home to the group's core business. The group then negotiated with a civic group of Pohang residents to change the address of the headquarters by March 2023, while promising that the company would establish its R&D base in the region. But the civic group later additionally demanded Posco Group redeploy POSCO Holdings employees to Pohang as well, along with the relocation of the headquarters. The civic group also protested the group’s decision to build an R&D branch in the Greater Seoul area, which it argued would take researchers away from Pohang.