POSCO to invest $93 billion in environmentally-friendly business
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Update time : 2023-07-05 17:24:42
POSCO Holdings, a South Korean steelmaking and materials conglomerate, aims to invest US$93 billion by 2030 in order to enhance its core businesses, which encompass steel, battery materials, and hydrogen.
This substantial investment is expected to result in the creation of approximately 330,000 jobs, with over US$55 billion being allocated within South Korea to establish the company as a leading provider of environmentally-friendly materials. The remaining funds will be invested overseas.
As part of its efforts to diversify into new industries, POSCO Group has been venturing into various fields, including minerals utilized in electric vehicle batteries, such as lithium.
To further this expansion, General Motors Co and POSCO Future M, an affiliate of the group, recently announced their plans to expand the production capacity at their chemical battery materials facility in Canada. Their joint investment is projected to surpass US$1 billion.
In line with its commitment to sustainability, POSCO revealed its ambition to achieve net-zero emissions by 2050. To accomplish this goal, the company aims to reduce carbon emissions by 10% by 2030 compared to the average from 2017 to 2019. The pursuit of these targets showcases POSCO's dedication to environmental responsibility and its aspirations to lead in the development of eco-friendly solutions.
