POSCO to invest $93 billion by 2030 for environmentally friendly steel and battery materials

South Korea's POSCO Group said on 3 July that it aims to increase its competitiveness with environmentally friendly materials by spending KRW 121 trillion ($92.6 billion) both locally and globally by 2030, of which KRW 73 trillion is allocated to its local businesses.

04.07.2023 - 09:00

POSCO to invest $93 billion by 2030 for environmentally friendly steel and battery materials

"In addition to the steel business, which is the foundation and competitiveness of the company, it will invest heavily in the secondary battery material business to lead the new mobility of the future and the hydrogen business for the company's "2050 carbon neutrality" target," the company said.

The company's steelmaking unit POSCO aims to build a new electric arc furnace at its Gwangyang steel mill with a crude steel production capacity of 2.5 million mt/year between 2025 and 2026.

Subsidiary POSCO International aims to have a scrap procurement capacity of 500,000 mt/year by 2025 to supply the new and future EAFs.

Overseas, POSCO and India's Adani Group are considering building a "green" integrated steel mill in Mundra, Gujarat.

In April, POSCO announced plans to spend KRW 4.4 trillion over the next 10 years to build an industrial complex involving battery materials and hydrogen in Gwangyang.

Also in April, POSCO Holdings and Japan's Honda Motor joined forces to develop battery materials supply, including the supply of cathode and anode materials for electric vehicles and technical exchanges on future battery materials.