POSCO Group, a South Korean steelmaking and materials giant led by POSCO Holdings (005490. KS), announced Monday that it would invest 121 trillion won ($93 billion) by 2030 to strengthen its core steel, battery materials, and hydrogen industries.
To become a pioneer in ecologically friendly materials, POSCO wants to invest 72 trillion won, or more than 60% of the entire sum, in South Korea, creating 330,000 employees. The rest will be invested offshore.
POSCO Group has been diversifying into lithium-based electric vehicle battery minerals.
General Motors Co (GM.N) and group subsidiary POSCO Future M announced last month that they would expand the manufacturing capacity at their chemical battery materials facility in Canada, investing over $1 billion.
In 2020, POSCO announced a strategy to reach net zero by 2050, including a 10% reduction in carbon emissions by 2030 compared to the 2017-2019 average.
Comment Template