Officials of POSCO Holdings Inc. pose for a photo during a ceremony to unveil its long-term growth vision at its headquarters in the southeastern port of Pohang on July 13, 2023, in this photo provided by the company.
SEOUL, July 13 (Korea Bizwire) — South Korea’s steelmaking giant POSCO Holdings Inc. said Thursday it is aiming to achieve combined sales of 100 trillion won (US$78.4 billion) by boosting the competitiveness of its core steel business and focusing on future growth sectors.
Unveiling its long-term growth vision at its headquarters in the southeastern port city of Posang, POSCO put forward the sales goal, which is up from its combined top line of 72 trillion won posted last year.
POSCO, the world’s sixth-largest steelmaker, said it will push to raise its global production capacity of crude steel to 52 million tons by 2030 to rank among the world’s top five steelmakers.
The company further said it will seek to register a combined operating profit of 9 trillion won by 2030, three times higher than its 2022 tally.
POSCO’s new strategy of “better world with green steel” focuses on securing innovative steelmaking technologies for carbon neutrality and nurturing next-generation materials businesses.
To that end, POSCO will step up efforts to complete “hydrogen reduction” iron-making technology and expand the portion of low-carbon, high-end steel products made through an electric furnace.
With those efforts, POSCO said it will achieve its carbon reduction target by 2030 and establish a system of supplying 10 million low-carbon products.
POSCO also said it will set up eco-friendly production facilities in such high-growth regions as Indonesia, India and North America, raising its overseas crude steel production capacity to more than double last year’s 5 million tons.
POSCO’s new strategy comes as its growth has been languishing over the past 10 years amid lower profitability stemming from a global economic slowdown and intense industrywide competition.
POSCO has been redoubling efforts to diversify its business portfolio from steelmaking to resource supply, especially resources used for batteries, in a bid to find future sources of revenue.
(Yonhap)
