POSCO "Achieving 100 Trillion KRW Sales and 10 Million Tons of Low-Carbon Steel by 2030"

First Vision Declaration Ceremony Held After Division
Focus on Eco-Friendly High Value-Added Future Products
"First Mover in the New Iron Age"

POSCO has announced a mid- to long-term vision to establish a global crude steel production capacity system of 52 million tons by 2030 and achieve sales of 100 trillion won. The company also set a goal to triple its operating profit compared to 2022 (1.6063 trillion won), positioning itself as the world's 5th largest crude steel producer and the most profitable steel company globally.

On the 13th, POSCO held a vision declaration ceremony at its headquarters in Pohang, Gyeongbuk, attended by about 250 executives and employees including Vice Chairman and CEO Kim Hak-dong, where it unveiled the new vision titled "Better World with Green Steel." This is the first vision declaration since the launch of POSCO Holdings and the establishment of the steel business as a separate entity in March last year.

Vice Chairman Kim said, "The steel industry will transcend its traditional image as a smokestack industry and a high carbon-emission sector. POSCO will lead the evolution of the industry by integrating various advanced technologies," adding, "We will secure the blue ocean of the future steel industry." He continued, "POSCO will lead the new era as the first mover of the new iron age and as a representative company of eco-friendly future materials."

As a long-term strategy, POSCO plans to strengthen its core steel competitiveness domestically based on Green Digital Transformation and focus on advancing a portfolio centered on eco-friendly, high value-added future products.

Kim Hak-dong, Vice Chairman and CEO, is delivering a commemorative speech at the POSCO Vision Declaration Ceremony held at POSCO headquarters in Pohang, Gyeongbuk on the 13th.
[Photo by POSCO]

First, to complete hydrogen reduction steelmaking technology and proactively respond to carbon neutrality, the Pohang Steelworks will focus on developing bridge technologies such as the construction of the HyREX demonstration plant, the top-blown converter, and the expanded use of low-carbon raw material HBI (Hot Briquetted Iron). The Gwangyang Steelworks will establish a low-carbon premium steel production system at the electric furnace scheduled to start full operation in 2026. Through these efforts, POSCO aims to achieve its carbon emission reduction target by 2030 and complete a supply system of 10 million tons of low-carbon products.

Additionally, considering changes in future demand industries such as new mobility, green energy, and smart infrastructure, POSCO plans to focus on developing next-generation eco-friendly growth industry products and build a sales system of 14 million tons of premium plus products, a future-oriented product portfolio. Notably, POSCO is currently constructing the Hyper NO plant, a core material for drive motor cores essential to eco-friendly electric vehicles, at the Gwangyang plant and plans to establish additional plants domestically and in North America to build a 10 million ton electric steel sheet system.

Production lines will be transformed into high-efficiency process systems based on digital twins of steelworks, and in marketing and purchasing, POSCO will develop a metaverse to super-connect the entire supply chain, evolving into a future-oriented advanced industry.

Overseas, POSCO plans to build eco-friendly upstream and downstream production systems centered on high-growth potential regions such as Indonesia, India, and North America. It aims to more than double its overseas crude steel production capacity from 5 million tons in 2022 to over 10 million tons by 2030, pursuing quantitative growth to solidify its position as a global steelmaker.

In Indonesia, POSCO plans to secure leadership in the Southeast Asian market by establishing an integrated automotive steel sheet mill centered on Krakatau POSCO. In India, POSCO will build a low-carbon production base through the construction of eco-friendly upstream and downstream facilities and expand its market share in India by linking with the POSCO Maharashtra cold rolling mill.

On the 13th, POSCO declared its vision, "Better World with Green Steel," which embodies the meaning of "Creating a Better World with Green Steel," at the POSCO headquarters. The event was attended by Vice Chairman and CEO Kim Hak-dong, along with about 250 executives, employees, and employee representatives.
[Photo by POSCO]

POSCO's basic principle is to realize a safe workplace free of accidents, strengthen performance management on ESG issues overall, and communicate transparently with stakeholders. Through this, POSCO plans to leap beyond Korea to become a role model for ESG management in the global steel industry. Furthermore, based on trust and respect, POSCO will foster open communication across generations, establish a flexible work style centered on autonomous and creative execution, and continuously innovate its organizational culture.

POSCO stated, "Going forward, POSCO will lead the transition to eco-friendly production systems such as hydrogen reduction steelmaking and CCUS (carbon capture, utilization, and storage) technologies as the core of the POSCO Group's seven key businesses. We will further strengthen global competitiveness through a phased transition to carbon-neutral production systems and the establishment of eco-friendly infrastructure."

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