POSCO Group to Invest 121 Trillion Won by 2030 for 100-Year Company

50th Anniversary Ceremony of Pohang Steelworks Phase 1 Equipment Completion on the 3rd
Investment Announcement to Become a Leading Eco-Friendly Future Materials Company

On the 3rd, before attending the 50th anniversary ceremony of the comprehensive completion of the first phase facilities at POSCO Pohang Steelworks held at POSCO headquarters in Gwedong-dong, Nam-gu, Pohang-si, Gyeongbuk, Choi Jeong-woo, Chairman of POSCO Holdings (front row, left), and Lee Kang-deok, Mayor of Pohang, were walking while talking.
[Photo by Yonhap News]

POSCO Group held a commemorative event marking the 50th anniversary of the comprehensive completion of the first phase facilities at POSCO Pohang Steelworks. At this event, the group also announced plans to invest a total of 121 trillion KRW domestically and internationally by 2030 to leap forward as a leading eco-friendly future materials company for the next 100 years.

On the 3rd, POSCO Group held the 50th anniversary event for the comprehensive completion of the first phase facilities at Pohang Steelworks at the POSCO Pohang headquarters. Attendees included Choi Jeong-woo, Chairman of POSCO Group; Kim Hak-dong, Vice Chairman of POSCO; Kim Seong-ho, Chairman of the POSCO Labor Union; representatives from POSCO Group companies in the Pohang region; as well as external figures such as Lee Cheol-woo, Governor of Gyeongbuk Province; Lee Kang-deok, Mayor of Pohang; and local members of the National Assembly.

At the event, Chairman Choi Jeong-woo delivered a commemorative speech, stating, "The comprehensive completion of Pohang Phase 1 was a historic turning point in the history of the Korean economy." He added, "Just as POSCO's past 50 years have been a great challenge driving South Korea's economic growth through the steel business, POSCO Group will continue to grow centered on core businesses such as steel, secondary battery materials, and hydrogen, becoming a global business leader that leads humanity's sustainable future."

Fifty years ago, on July 3, 1973, Pohang Integrated Steelworks became the first in the nation's history since its founding to establish an integrated steelmaking system (blast furnace - steelmaking - rolling) producing finished steel products from modern blast furnaces. This milestone laid the foundation for the full-scale growth of South Korea's heavy industries, represented by shipbuilding and automobiles. The Pohang Phase 1 project involved a total investment of 120.4 billion KRW over 39 months from April 1, 1970, to completion, with 3,254,802 person-days of labor. It established a total of 22 factories and facilities for integrated steel production, including blast furnace, steelmaking, rolling, and support equipment.

Starting with the comprehensive completion of Pohang Phase 1, POSCO has gradually expanded the Pohang and Gwangyang steelworks, realizing the nation's long-cherished goal of steel self-sufficiency. Now, 50 years later, POSCO has grown into a world-class steel company, ranked first for 13 consecutive years in the 'most competitive steel companies' list by the global steel analysis firm World Steel Dynamics. Beyond dedicating itself to the nation through steel production, POSCO has played a pivotal role in driving South Korea's industrialization and has become a strong pillar supporting the national economy.

Before attending the 50th anniversary ceremony of the comprehensive completion of the first phase facilities at POSCO Pohang Steelworks held on the 3rd at POSCO headquarters in Gwedong-dong, Nam-gu, Pohang-si, Gyeongbuk, Choi Jeong-woo, Chairman of POSCO Holdings (second from the left), Lee Cheol-woo, Governor of Gyeongbuk Province (third from the left), and Lee Kang-deok, Mayor of Pohang (fourth from the left), are holding hands.
[Photo by Yonhap News]

In particular, Chairman Choi Jeong-woo announced that POSCO Group will invest a total of 121 trillion KRW by 2030 to leap forward as a leading eco-friendly future materials company with world-class competitiveness.

Chairman Choi stated, "With this investment, we will secure future technologies and growth markets, solidify our leading position in core businesses, and open a sustainable future with eco-friendly future materials." He added, "Especially, more than 60% of the total investment, amounting to 73 trillion KRW, will be invested domestically in Pohang, Gwangyang, and other areas, contributing to balanced national development and the creation of quality jobs."

According to the announced investment plan, POSCO Group will focus investments not only on its core steel business, which is the foundation and competitiveness of the group, but also on secondary battery materials business driving future new mobility and hydrogen business aimed at achieving the group's '2050 Carbon Neutrality' goal.

The domestic ripple effects of POSCO Group's investment are significant. The POSCO Research Institute estimates that the 73 trillion KRW domestic investment will generate an annual production inducement effect of 121 trillion KRW and create approximately 330,000 jobs annually.

Through large-scale investments, POSCO Group plans to transform into a leading eco-friendly future materials company with world-class competitiveness at the structural inflection point of related industries centered on eco-friendliness, leading the low-carbon and eco-friendly competitiveness of domestic industries as a sustainable '100-year company.'

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