"Export Solution is Asia" POSCO Inter Holds Growth Strategy Meeting

POSCO International announced on the 25th that it held the 'Asia Growth Strategy Meeting' in Bangkok, Thailand, attended by more than 30 executives and employees from 17 organizations in the Asia region (10 trading corporations and branches, 4 offices, and 3 investment corporations), including Vice Chairman Jeong Tak.

Through this meeting, POSCO International established a strategy to proactively review its major businesses such as steel, energy, and food within Asia and to promote export expansion through close customer management. Specifically, for the steel business, the company set a goal to allocate more than 2.8 million tons, equivalent to about 25% of the total steel export volume of 11 million tons this year, to Asia. It plans to expand sales of high value-added POSCO products that cannot be locally procured. Considering the recent eco-friendly movement in Asia and the increasing demand for alternative energy, POSCO International also plans to strengthen marketing of eco-friendly industrial steel for solar power, wind power, and mobility sectors.

POSCO International foresees many new business opportunities in Asia, which is rich in resources and labor, amid the paradigm shift of the 4th industrial revolution. In particular, it expects an increase in government project demand to stimulate the economy after COVID-19 and has decided to actively discover new businesses. It will accelerate the enhancement of offshore gas field operations in Myanmar, explore new offshore blocks in Malaysia and Indonesia, and aim to start operating a palm oil refinery plant in 2025 through its palm business corporation AGPA in Singapore.

The reason the company held the strategy meeting is that Asia (excluding China and Japan) is a rapidly emerging market due to the recent expansion of China-related risks. It accounts for about 32% of the trading performance in the global business division. Additionally, steel export performance to China last year remained at $1.4 billion (approximately 1.85 trillion KRW), down about 4% compared to 2021. Asia showed an average annual growth rate of 31% over the past three years, recording sales of $3 billion last year.

Jung Tak, Vice Chairman of POSCO International [Photo by POSCO International]

Vice Chairman Jeong Tak of POSCO International emphasized in his review of the growth strategy meeting, "Amid the ongoing trade deficit, POSCO International, as a group of trade experts, must act with responsibility," and added, "Let us actively promote export expansion plans in the field for the Asian market, which has the greatest growth potential."

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