POSCO to Stay in Pohang... Holding Company to Relocate to Pohang by March Next Year

"Active Coexistence for Community and Future Development"

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] POSCO has decided to relocate its holding company, POSCO Holdings, which is set to launch next month, to Pohang by March next year.

On the 25th, POSCO stated, "Since the establishment of the POSCO holding company was approved, there has been a persistent misunderstanding in the Pohang community that POSCO would leave Pohang," adding, "POSCO and Pohang City have reached this sudden agreement to prevent the situation from escalating to extremes and to amicably resolve the issue while minimizing the impact on the local economy."

First, POSCO will promote relocating the headquarters of POSCO Holdings to Pohang by March 2023 through board meetings, shareholder persuasion, and opinion gathering.

Additionally, the Future Technology Research Institute, which POSCO plans to establish, will set up its main office in Pohang, building an operation system centered on Pohang. POSCO, POSCO Holdings, and Pohang City will form a task force (TF) to mutually discuss and promote regional win-win cooperation and investment projects with Pohang City.

On the same day, it was reported that Jeon Jung-sun, CEO of POSCO, met with National Assembly member Kim Jeong-jae and conveyed a sudden acceptance of relocating the POSCO holding company's address and establishing the Future Technology Research Institute in Pohang.

A POSCO official said, "We will continue to consult with Pohang City and actively cooperate for the future development and mutual growth of the local community."

This content was produced with the assistance of AI translation services.