South Korean steelmaking and materials conglomerate POSCO Group, headed by POSCO Holdings , said on Monday it plans to invest 121 trillion won (USD 93 billion) by 2030 for growth in core businesses such as steel, battery materials and hydrogen.
This statement came after the Prime Minister of South Korea, Han-Duck soo said the state will lift some regulations to promote private investments on the state-owned industries.
POSCO said in a statement it plans to invest 72 trillion won, or more than 60% of the total amount in South Korea, creating an estimated 330,000 jobs, as it seeks to become a leader in environmentally-friendly materials. The rest will be invested overseas.
POSCO Group has been expanding into new businesses for diversification, including minerals used in electric vehicle batteries such as lithium. It is also planning to produce rechargeable battery components, and hydrogen.
Last month, General Motors Co and group affiliate POSCO Future M said they will expand the production capacity at their chemical battery materials facility in Canada, taking their estimated total investment to over USD 1 billion.
In 2020, POSCO announced a plan to become net-zero by 2050, including a 10% reduction in carbon emissions by 2030 versus the 2017-2019 average.
(USD 1 = 1,307.1200 won)
