South Korean steelmaker POSCO planned to spend 4.4 trillion won (US$3.3 billion) to build an industrial complex close to its Gwangyang over the next 10 years. It will raise new growth sectors such as rechargeable battery materials and hydrogen production.

Currently, only steel-related businesses are permitted by government decree. POSCO's planned investment could create synergies between its existing steel facilities and state-backed cutting-edge industries.

South Korea-Australian joint venture POSCO Pilbara Lithium Solution Co Ltd was expected to bring the first production line of its 43,000 tons/year lithium hydroxide monohydrate chemical plant in Gwangyang by the end of 2023, ahead of formulating future growth plans.