<p>South Korea's steelmaker Posco has launched a holding company to better nurture non-steelmaking businesses, such as battery materials and hydrogen, to move forward with shareholders’ approval in January of a plan for the steelmaker to transform into a holding company by splitting it into two business entities. After the breakup, the steelmaking group's holding company, Posco Holdings Inc, will focus on charting out future business, research and development, and investment. Posco's affiliates, such as Posco Chemical and Posco Energy, will be under the wing of the holding firm. POSCO Group Chairman & Chief Executive Mr Choi Jeong-woo said “POSCO played a role about 50 years ago when the steel was South Korea’s future growth industry. POSCO Holdings will now continue the role in the future eco-friendly materials sector, a future industry.”</p><p>POSCO Holdings Inc aims to ramp up operating profits from the non-steel business to 50% of the entire group’s profit from the current 20%, tripling the corporate value to some KRW 130 trillion (USD 107.7 billion) from KRW 43 trillion in 2021</p><p>Posco Holing plans to</p><p>1. To increase production capacity of cathode & anode materials used for batteries to 420,000 tonnes & 260,000 tonnes, respectively by 2030, by adding facility in China & through a joint venture with General Motors of the US</p><p>2. To achieve production of lithium & nickel of 220,000 tonnes & 140,000 tonnes, respectively by 2030, through equity stakes in mines in Argentina, Australia and Indonesia</p><p>3. Will also spend KRW 10 trillion (USD 8.3 billion) on hydrogen business to produce 500,000 tonnes of hydrogen per year by 2030. By 2050, it targets a production capacity of 7 million tonnes, becoming one of the world’s top 10 players.</p><p>The steelmaking business will remain named Posco, which will be wholly owned by Posco Holdings and continue to be unlisted. It will spend KRW 2 trillion to reduce carbon emissions from steelmaking activities to meet beyond 10% cut by 2030. It will spend KRW 12 trillion to bolster overseas steel capacity to 23.1 million tonnes and enhance networking with raw materials and energy partners for green steelmaking goal. It is mulling hydrogen-backed facility opening in India and output expansion in Indonesia. It will seek a joint venture in the US amid strong push to green energy.</p>
<p>South Korea's steelmaker Posco has launched a holding company to better nurture non-steelmaking businesses, such as battery materials and hydrogen, to move forward with shareholders’ approval in January of a plan for the steelmaker to transform into a holding company by splitting it into two business entities. After the breakup, the steelmaking group's holding company, Posco Holdings Inc, will focus on charting out future business, research and development, and investment. Posco's affiliates, such as Posco Chemical and Posco Energy, will be under the wing of the holding firm. POSCO Group Chairman & Chief Executive Mr Choi Jeong-woo said “POSCO played a role about 50 years ago when the steel was South Korea’s future growth industry. POSCO Holdings will now continue the role in the future eco-friendly materials sector, a future industry.”</p><p>POSCO Holdings Inc aims to ramp up operating profits from the non-steel business to 50% of the entire group’s profit from the current 20%, tripling the corporate value to some KRW 130 trillion (USD 107.7 billion) from KRW 43 trillion in 2021</p><p>Posco Holing plans to</p><p>1. To increase production capacity of cathode & anode materials used for batteries to 420,000 tonnes & 260,000 tonnes, respectively by 2030, by adding facility in China & through a joint venture with General Motors of the US</p><p>2. To achieve production of lithium & nickel of 220,000 tonnes & 140,000 tonnes, respectively by 2030, through equity stakes in mines in Argentina, Australia and Indonesia</p><p>3. Will also spend KRW 10 trillion (USD 8.3 billion) on hydrogen business to produce 500,000 tonnes of hydrogen per year by 2030. By 2050, it targets a production capacity of 7 million tonnes, becoming one of the world’s top 10 players.</p><p>The steelmaking business will remain named Posco, which will be wholly owned by Posco Holdings and continue to be unlisted. It will spend KRW 2 trillion to reduce carbon emissions from steelmaking activities to meet beyond 10% cut by 2030. It will spend KRW 12 trillion to bolster overseas steel capacity to 23.1 million tonnes and enhance networking with raw materials and energy partners for green steelmaking goal. It is mulling hydrogen-backed facility opening in India and output expansion in Indonesia. It will seek a joint venture in the US amid strong push to green energy.</p>
