Chairman Choi Jung-woo: "Creating Shared Value with Customers through Eco-friendly Future Materials"

POSCO Holds 'Eco-friendly Materials Forum 2022'
Expands Customer Base to Secondary Battery Materials
Launches Carbon Neutral Master Brand 'Greneet'
Group Presents Blueprint for Secondary Battery Materials Business

Choi Jung-woo, Chairman of POSCO Group. Photo by POSCO Group

[Asia Economy Reporter Choi Seoyoon] Choi Jung-woo, Chairman of POSCO Group, stated, "As a corporate citizen aiming to be a 100-year company, POSCO Group seeks to lead a low-carbon society through the evolution and innovation of its business and to leap forward as a representative company of eco-friendly future materials."

On the 1st, at the keynote speech of the 'Eco-friendly Materials Forum 2022' held at Songdo Convensia in Yeonsu-gu, Incheon, Chairman Choi emphasized, "Now, I want to open the future together by creating real value for our customers with eco-friendly future materials."

The Eco-friendly Materials Forum is a customer-tailored event organized by POSCO to strengthen business partnerships with customers and enhance exchanges with potential clients. It has been held biennially since 2010. This year, it was held for the first time in four years due to COVID-19. Previously, it was held under the name 'Global EVI (Early Vendor Involvement) Forum,' focusing on steel, but from this event, the scope of customer participation was expanded to include secondary battery materials, and the name was changed to 'Eco-friendly Materials Forum.'

The event was attended by over 1,100 participants from about 560 customer companies across 28 countries. Due to the national mourning period declared following the Itaewon tragedy, some of the planned side events were canceled or scaled down, and the forum was conducted in a subdued atmosphere. Attendees included Chairman Choi Jung-woo, Yoo Young-sook, Chairperson of the Climate Change Center, Lee Jang-ho, President of the Korean Wind Energy Society, Marinus, Chief Technology Officer of HARDT, which leads the development of the future eco-friendly transportation system Hyperloop, and Tony Keenan, Chairman of the Board of Pilbara Minerals, POSCO's joint venture for ore lithium business, who shared various opinions related to future eco-friendly materials.

In particular, POSCO launched its master brand representing POSCO's 2050 carbon neutrality, 'Greenate,' at this forum. Greenate encompasses all departmental efforts and products for low-carbon eco-friendly steel production in the process of transitioning to hydrogen reduction steelmaking, as well as three major eco-friendly steel brand products represented by e Autopos, INNOVILT, and Greenable, along with eco-friendly secondary battery materials.

Meanwhile, POSCO signed a Memorandum of Understanding (MOU) for the supply and purchase of mass balance-type low-carbon steel products with LG Electronics and Volvo Construction Equipment. Mass balance-type low-carbon steel refers to products whose carbon emission reduction performance has been certified by an external specialized institution. Customers who purchase these products are recognized as having reduced a corresponding amount of carbon emissions. This agreement is the first case POSCO is promoting in line with the global green steel market, where the adoption of mass balance-type low-carbon steel is expanding.

In the afternoon, a total of 123 products and solutions were exhibited across seven sessions, including eco-friendly cars, energy shipbuilding, hot-rolled and wire rod products, and secondary battery materials, centered around the three major eco-friendly brand zones. A metaverse platform experience zone, planned for development starting next year to facilitate easy and convenient communication with customers, was also introduced. Here, scenes supporting customer product development and resolving customer claims were demonstrated through a digital simulator that interacts via AI chatbot. Once the metaverse-based platform is developed, it is expected to respond in real-time to customer inquiries such as product recommendations, order and shipment status, and market outlook.

At this forum, POSCO actively responded to customer demands for solutions and low carbon by signing 71 MOUs, expanding technological development cooperation and the adoption of eco-friendly products.

Kim Hak-dong, Vice Chairman of POSCO, said, "We will take the lead in building a digital steel ecosystem where stakeholders in the steel industry can collaborate," adding, "The metaverse platform can expand into an open collaborative space that creates opportunities for various new businesses beyond the steel business."

Meanwhile, POSCO attracted much attention by installing a promotional banner for the '2030 Busan World Expo' at the event venue, expressing South Korea's determination to host the Busan Expo.

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