SEOUL, March 12 (Korea Bizwire) — POSCO Chairman Choi Jeong-woo won a second term to lead the South Korean steel giant for another three years, POSCO said Friday. The decision at the company’s annual shareholders meeting came as POSCO has been pushing to boost production capacity of key components for electric vehicle batteries as part [...]
SEOUL, March 9 (Korea Bizwire) — SK Global Chemical Co., a chemical affiliate of South Korea’s energy giant SK Innovation Co., and POSCO, the world’s fifth-largest steelmaker by output, have united forces to develop new lightweight materials for future mobility, including electric vehicles (EVs). The two parties announced on Monday that they had formed a [...]
SEOUL, March 5 (Korea Bizwire) — A salt lake in Argentina previously purchased by South Korea’s top steelmaker POSCO is returning large profits after the lake turned out to contains more lithium reserves than initially calculated, and the price of lithium jumped. The Salar del Hombre Muerto salt lake in northern Argentina which POSCO bought [...]
SEOUL, March 1 (Korea Bizwire) — Vowing for carbon neutrality by 2050, the steel industry is scrambling to develop hydrogen reduction iron and steel production technology. POSCO, the world’s fifth-largest steelmaker by output, recently joined hands with Hyundai Motor Group to develop steel production technology that uses hydrogen instead of coal to produce iron. The [...]
SEOUL, Feb. 24 (Korea Bizwire) — South Korean steelmakers are rushing to ramp up capacity utilization in an effort to meet rising demand at home and abroad, industry sources said Wednesday. The move comes amid stabilizing international steel prices due to a drop in China’s steel exports, and expectations for an increase in domestic demand [...]
SEOUL, Feb. 16 (Korea Bizwire) — Hyundai Motor Group and POSCO will explore overseas hydrogen-related business opportunities as they diversify portfolios to secure a new growth driver, the carmaker said Tuesday. Hyundai Motor and POSCO have formed business ties to explore a partnership in overseas hydrogen production and related technology development projects and seek chances [...]
SEOUL, Feb. 11 (Korea Bizwire) – POSCO plans to begin producing lithium in a salt lake in Argentina in 2023, a company official said Thursday, as the world’s fifth-largest steelmaker has been aggressively moving to secure the key metal for electric vehicle (EV) batteries. Last year, POSCO completed its demo plant near the Salar del [...]
SEOUL, Jan. 28 (Korea Bizwire) – POSCO, South Korea’s top steelmaker, said Thursday its operating profit slipped 37.9 percent last year as the coronavirus pandemic ravaged global demand for steel. POSCO reported an operating profit of 2.4 trillion won (US$2.15 billion) and a net profit of 1.7 trillion won for 2020. Net profit fell 9.8 [...]
SEOUL, Jan. 26 (Korea Bizwire) – South Korean steelmakers are doubling down on hydrogen-related investments, as part of efforts to overcome the ever-toughening environmental regulations as well as to create new growth engines. Industry experts say that in a situation where the steel industry is stigmatized as being devastating to the environment, the core competitiveness [...]
SEOUL, Jan. 24 (Korea Bizwire) – POSCO, the world’s fifth-largest steelmaker by output, is expected to have logged double-digit operating profit growth in the fourth quarter on increased demand despite the coronavirus pandemic. Strong demand for steel products in China and a hike in steel prices likely buoyed the company’s bottom line in the October-December [...]