'Launch of POSCO Holdings' Choi Jeong-woo: "A Second Founding... Stepping Up as a Global Leader"'

On the 2nd, POSCO Group Launches Holding Company Structure for the First Time in 54 Years
Aiming to Become an Eco-Friendly Future Materials Company

Choi Jung-woo, Chairman of POSCO

[Asia Economy Reporter Donghoon Jeong] "Today marks the beginning of the second founding in POSCO's history."

This was the opening statement by POSCO Chairman Choi Jeong-woo, announcing the launch of the holding company system after 54 years.

At the POSCO Holdings inauguration ceremony held on the 2nd at POSCO Center in Daechi-dong, Gangnam-gu, Seoul, Chairman Choi stated, "This will be the first step in rebirth as POSCO Group, continuously growing into a 100-year company beyond the myth of success we have achieved over the past half-century." He added, "The holding company must pursue flexibility that meets the demands of the times from a group-wide perspective, and the business companies must maintain industry expertise with competitive advantages in their respective fields."

As Chairman Choi emphasized the 'second founding,' the scope of future changes is expected to be rapid and significant. POSCO Group unveiled a blueprint to strengthen the competitiveness of business companies centered on POSCO Holdings and to discover future growth businesses, aiming to become a leading eco-friendly future materials company. He said, "POSCO Holdings must dramatically enhance the value of POSCO Group through 'real value' management." The 'real value' mentioned by Chairman Choi refers to the total value created through corporate activities, encompassing economic, environmental, and social values provided to members of the social community as part of society.

POSCO Holdings is expected to be composed mainly of about 200 personnel who were responsible for group management such as management strategy and portfolio management. Under the holding company, departments such as ▲Management Strategy Team ▲Eco-friendly Infrastructure ▲ESG (Environment, Social, Governance) Team ▲Eco-friendly Future Materials Team ▲Future Technology Research Institute will be placed. In particular, the Future Technology Research Institute plans to focus on new business research and development (R&D) and securing core technologies. The plan is to intensively attract excellent domestic and international researchers to lead technology development in future new technology fields such as artificial intelligence (AI), secondary batteries, and hydrogen.

POSCO Holdings presented steel, secondary battery materials, and hydrogen as the group's seven core businesses. Chairman Choi, who set the growth vision as "a global business leader leading humanity's sustainable future," said he would promote new businesses focusing on ▲completing steel carbon neutrality ▲driving mobility ▲leading green energy. The goal is to increase corporate value more than threefold by 2030, surpassing a group market capitalization of 100 trillion won.

However, POSCO also faces challenges with the launch of the holding company. Amid opposition from the political sphere and civil society in the Pohang region, POSCO promised to relocate the establishment of POSCO Holdings to Pohang by March next year, but this requires amendments to the articles of incorporation. At this month's shareholders' meeting, approval from shareholders must be obtained for "establishing the headquarters of POSCO Holdings in Pohang."

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