POSCO Holdings. (Photo=Yonhap News)

 

[Alpha Biz= Reporter Kim Jisun] POSCO Group announced on the 17th that it intends to invest 73 trillion won in three major domestic sectors—steel, secondary battery materials, and renewable energy—by 2030. This announcement was made by Jeong Ki-seob, CEO of POSCO Holdings, during a joint on-site meeting for investment promotion held at the POSCO Human Resources Development Center in Cheongsong.

Despite challenging domestic and international business conditions exacerbated by rising global protectionism and the electric vehicle (EV) market's transformation, Jeong emphasized that POSCO Group is committed to executing the planned investment with the unwavering determination of its employees and close cooperation with government authorities.

Overall, POSCO Group aims to invest a total of 121 trillion won by 2030, comprising 73 trillion won domestically and 48 trillion won internationally. The investment breakdown by sector includes 29 trillion won (40%) for steel, 27 trillion won (37%) for secondary battery materials, 1 trillion won (1.4%) for hydrogen projects, and 16 trillion won (22%) for energy projects, including liquefied natural gas (LNG) and renewable energy, as well as the establishment of the POSCO Global Center. This is the first time the group has publicly disclosed its investment scale by key business sectors.

The steel and secondary battery materials sectors alone will receive 77% (56 trillion won) of the total investment. In the steel sector, investments will focus on three main areas: carbon neutrality, demand response, and facility restoration. POSCO plans to transition to a low-carbon production system through initiatives such as hydrogen-reduced steelmaking (HyREX) and will invest in compliance with environmental regulations, including emissions trading systems. The company also aims to expand its high-efficiency non-oriented electrical steel production capabilities to meet the growing demand for electric vehicles, as well as to restore facility performance through investments in blast furnace upgrades and rationalization of steelmaking and rolling equipment.

In the secondary battery materials sector, POSCO will invest to build a full value chain, expanding lithium resource production facilities such as ore and salt lakes, establishing nickel production systems compliant with the U.S. Inflation Reduction Act (IRA), and gradually increasing production capacity for cathode materials in Pohang and Gwangyang. Additional investments will focus on enhancing facilities for natural graphite anodes based on non-Chinese raw materials and developing low-cost silicon anodes and solid electrolytes from non-Chinese silicon sources.

Furthermore, the company plans to allocate 16 trillion won to renewable energy projects, including replacing aging facilities at the Incheon LNG power plant, expanding the Gwangyang LNG terminal, and investing in offshore wind projects, as well as developing infrastructure for the POSCO Global Center. A further 1 trillion won will be invested in blue hydrogen projects linked to hydrogen-reduced steelmaking, which involves capturing and removing carbon dioxide to produce clean hydrogen.

 

 

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