After 54 Years of Yielding Yeongil Bay, Pohang Can Finally Leave... Pohang City Welcomes POSCO Holding Company Establishment in Pohang

Lee Gang-deok, Mayor of Pohang (center), and POSCO officials are showing the agreement after signing the installation agreement for POSCO Holdings in Pohang.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] "We have done what we rightfully had to do."

The city of Pohang and local political circles are relieved over 'defending' Pohang's pride, POSCO. On the night of the 25th, Pohang City and the Pohang City Council confirmed POSCO Holdings' plan to establish its headquarters in Pohang and held a welcoming event celebrating the announcement.

For the citizens of Pohang, who gave Yeongil Bay to 'Pohang Iron and Steel' launched as a national mission of industrialization in 1968, the 50 years meant more than just time and place.

On the afternoon of the 25th, Pohang City reached a sudden agreement with POSCO to establish the headquarters of the holding company and the main office of the Future Technology Institute in Pohang, and immediately issued a welcoming statement.

Mayor Lee Kang-deok of Pohang, Chairman Jeong Hae-jong of the Pohang City Council, and Kang Chang-ho, chairman of the Pohang Relocation Citizens’ Countermeasure Committee for POSCO Holdings, met with POSCO Vice Chairman Kim Hak-dong and President Jeon Jung-seon, who visited Pohang City Hall that day, to seal the deal and dispel public concerns.

POSCO Holdings' headquarters will be relocated to Pohang by March 2023 after board approval, shareholder persuasion, and opinion gathering. The Future Technology Institute will establish its main office in Pohang, creating a Pohang-centered operational system.

Additionally, Pohang City, POSCO, and POSCO Holdings will form a task force (TF) to mutually discuss regional win-win cooperation and investment projects.

Mayor Lee Kang-deok of Pohang said, "I welcome the decision to establish the holding company in Pohang, the root of POSCO, and express deep gratitude to the citizens of Pohang, the countermeasure committee, Governor Lee Cheol-woo, National Assembly members Kim Jeong-jae and Kim Byung-wook, presidential candidates, local political circles, and cities and counties in the province who have worked together," relieving the long-standing worries.

The mayor added, "We will form a TF to continue dialogue for regional mutual development going forward."

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