POSCO Chairman Choi Jeong-woo speaks at a regular shareholder meeting on March 12 in which his reelection was formalized.

POSCO said it was honored to be selected as the world’s most competitive steelmaker last year by the World Steel Dynamics, marking the 11th consecutive year it won the achievement.

World Steel Dynamics is a global research institute for the steel industry. Under the stewardship of Chairman Choi Jeong-woo, which was recently reelected, POSCO plans to bolster its reputation through innovation and growth initiatives.

Chairman Choi’s reelection was formalized at a regular shareholder meeting on March 12. POSCO will accelerate efforts to boost production through innovation and growth, a POSCO official said.

Of late, environment, social, governance (ESG) management have emerged as the buzzwords of the business industry around the world. POSCO inaugurated an ESG committee under the control of the top governing body, the Board of Directors.

The committee is spearheading efforts to promote worksite safety and eco-friendly management, particularly concentrating on eliminating dangerous factors.

To this end, POSCO will plunk down on 1.315 trillion won to replace aging facilities and do others. POSCO will pour an additional 1 trillion won next three year to speed up the improving of working conditions.

POSCO will prioritize the stability of the mainstay steelmaking business. POSCO fell into the loss threshold for the first time in its history in the second quarter of last year in the wake of the effects of COVID-19.

The steelmaker aims to log 1 trillion won in operating profit at each quarter this year.

POSCO strives to expand its business portfolio to new businesses such as green tech and mobility.

Figures, released by the Financial Supervisory Service (FSS), showed that POSCO spent 614.5 billion won, the biggest-ever investment in the R&D sector to secure future growth engines.

POSCO developed PosMAC steel plates for photovoltaic power batteries last year. The company also developed steel plates for off-shore power generation structures.

This year, the steelmaker plans to focus investments on the development of eco-friendly cars. POSCO is at the forefront of masking inroads into the eco-friendly car market under the eco-friendly production/solution brand “e Autopos.”

POSCO launched eco-friendly production/solution brand “e Autopos.”

POSCO aims to realize a carbon neutral society in accordance with the government’s efforts to secure net zero carbon in production and energy consumption by 2050.

POSCO joins Hyundai Motor Group, SK Group, Hanwha Group and Hyosung Group in building a hydrogen ecosystem.

POSCO will invest 10 trillion won in the development of hydrogen-based decarbonization steelmaking.

POSCO Accelerates Development of Hydrogen Business

POSCO is stepping on the gas to secure capabilities in the hydrogen business through the development of technologies and ties-up related to overseas green hydrogen production.

POSCO struck a tripartite MOU with KIST and RIST to promote research cooperation in the hydrogen sector at POSCO Center in Seoul on March 18.

Under the teal, they will work on the development of a technology to extract large amounts of hydrogen out of ammonia.

Cho Joo-ik, head of POSCO’s hydrogen business office, Han Jong-hee, chief of KIST’s Clean New Technology Research Center, and Hwang Gye-soon, head of RIST’s Environment Energy Research Center attend a ceremony to sign a tripartite MOU to promote research cooperation in the hydrogen sector at POSCO Center in Seoul on March 18. (Photos: POSCO)