Posco chairman Choi Jeong-woo
South Korea’s top steelmaker Posco will foster secondary battery material as its mainstay product along with traditional steel with an eye to generate sales of 100 trillion won ($89 billion) and operating profit of 13 trillion won by 2030, said its chairman Choi Jeong-woo.
As shorter-term goal by 2023, the company will work towards winning the first Fortune rank in metal category and joining the 130th valuable rank. To this end, the company will boost secondary battery business, making it one of the two pillars to support group-wide growth, Choi said on Monday, marking his 100th day in office.
Choi became the first chief to come from non-metal engineering background. He mostly served positions in finance and business planning and headed Posco Chemtech before being nominated as the chair.
He said the merger of POSCO Chemtech and POSCO ESM will take place next year. The two firms are each producing cathode and anode materials for electric vehicle batteries. Posco will nurture the merged entity to achieve a 20 percent global market share and 17 trillion won in sales by 2030.
Posco will also expand the production volume of steel for automobiles to 12 million tons by 2025 from 9.1 million tons last year and consolidate its status in the global automotive materials industry.
To implement its ambitious plans, Posco plans to invest total 45 trillion won by 2023 and hire 20,000 employees.
By Kang Gye-man and Minu Kim
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