Korea Herald reported that Posco Group will invest KRW 5 trillion won (USD 4.1 billion) in Gwangyang in South Jeolla Province, one of the steel giant’s two production bases, for the next three years. This year alone, an estimated KRW 1.7 trillion won will be invested to beef up production of eco-friendly high-strength steels like electrical steels for cars, as well as to expand overall production capacity at the steelmaking complex in the region. Korea Herald report quoted sources as saying that the new investment plan comes in an apparent move to soothe possible backlash from the local community over the company’s recent decision to locate its upcoming new holding firm in Pohang in North Gyeongsang Province.Posco had planned to set up the holding unit in Seoul but ditched the decision amid fierce resistance from residents in Pohang where its headquarters is located. Its Seoul office has played a de facto headquarters role as its key executives, including CEO, work there.
Korea Herald reported that Posco Group will invest KRW 5 trillion won (USD 4.1 billion) in Gwangyang in South Jeolla Province, one of the steel giant’s two production bases, for the next three years. This year alone, an estimated KRW 1.7 trillion won will be invested to beef up production of eco-friendly high-strength steels like electrical steels for cars, as well as to expand overall production capacity at the steelmaking complex in the region. Korea Herald report quoted sources as saying that the new investment plan comes in an apparent move to soothe possible backlash from the local community over the company’s recent decision to locate its upcoming new holding firm in Pohang in North Gyeongsang Province.Posco had planned to set up the holding unit in Seoul but ditched the decision amid fierce resistance from residents in Pohang where its headquarters is located. Its Seoul office has played a de facto headquarters role as its key executives, including CEO, work there.
