POSCO, Pilot Release of Stockpiled Rare Metal 'Ferrochrome' from Gunsan to Pohang Steelworks

On the 13th, 'Strategic Rare Metal Reserve Pilot Release Ceremony' Held
Government-Led Rapid Response to Global Supply Chain Crisis

POSCO, together with the Korea Mine Reclamation Corporation, the government-designated agency responsible for rare metal stockpiling, conducted an initial pilot release to ensure the smooth operation of the government’s rare metal stockpiling system. The Ministry of Trade, Industry and Energy, the Korea Mine Reclamation Corporation, and POSCO decided to conduct a pilot release of ‘ferrochrome’?one of the rare metals stored in the Korea Mine Reclamation Corporation’s warehouse in Gunsan?to the Pohang Steelworks, and have been carrying out the transfer operation since the 10th.

POSCO announced on the 14th that it held an event on the 13th at the Pohang Steelworks to commemorate the successful pilot release. The event was attended by Lee Seung-jun, a senior official from the Ministry of Trade, Industry and Energy; Park Gwang-bok, Director of the Stockpiling Business Division at the Korea Mine Reclamation Corporation; Lim Byung-ho, Head of the STS Raw Materials Group at POSCO’s Raw Materials Division 2; Cho Yong-seok, Manager of the STS Steelmaking Department at POSCO; and Sa Jae-jung, Head of the Pohang Logistics Group at POSCO Flow. The attendees inspected the ferrochrome receiving process at the Pohang Steelworks and held discussions to actively utilize the government’s metal stockpiling system in the future.

This pilot release was conducted as part of the implementation of the ‘Comprehensive Metal Stockpiling Plan’ established by the government in December last year to respond swiftly to the global supply chain crisis. At that time, the government revised the system by shortening the release period from 60 days to 30 days in case of rare metal supply disruptions, and allowing releases within as short as 8 days in the event of severe supply shortages.

POSCO held an event on the 13th at the Pohang Steelworks to celebrate the successful pilot release of ferrochrome. (From left) Sajaejeong, Head of Pohang Logistics Group at POSCO Flow; Park Sohyun, Nickel Chrome Section Leader at POSCO; Heo Seonhee, Head of Strategic Industrial Stockpile Team at Korea Mine Reclamation Corporation; Park Gwangbok, Director of Stockpile Business Department at Korea Mine Reclamation Corporation; Lee Seungjun, Officer at the Ministry of Trade, Industry and Energy; Jo Yongsuk, Head of STS Steelmaking Department at POSCO; Lim Byungho, Head of STS Raw Materials Group at POSCO

In January, the Ministry of Trade, Industry and Energy discussed public-private cooperation measures in the event of supply crises for key minerals essential to the steel, secondary battery, electric vehicle, and semiconductor industries, and signed an agreement to strengthen mutual cooperation on metal stockpiling between the Korea Mine Reclamation Corporation and major demand companies such as POSCO representing each industry.

The Korea Mine Reclamation Corporation, the government’s dedicated agency for rare metal stockpiling, and POSCO, the largest consumer, have continuously consulted on procedures to resolve potential obstacles and improve processes during the release, deciding to conduct a pilot transfer targeting ferrochrome, which is not produced domestically and is entirely dependent on distant suppliers such as South Africa and India.

Park Hyo-wook, Head of POSCO’s Raw Materials Division 2, said, “This pilot release is a good example of public-private cooperation to respond to the global supply chain crisis,” adding, “POSCO will work more closely with the government to revitalize the stockpiling system, considering expanding to other items beyond ferrochrome in the future.”

Based on this pilot release, a foundation for cooperation among the government, the corporation, and the private sector has been established, which is expected to greatly contribute to enhancing the stability of other raw material supplies in the future. POSCO plans to actively participate in the government-operated metal stockpiling system to contribute to preemptive responses to global supply chain crises.

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