POSCO Jang Inhwa: "Battery Investment Will Never Be Passive"

After Appointment as Chairman on the 21st, Press Conference
"Will Listen to On-site Opinions of Business Companies for 100 Days"

Jang In-hwa, the 10th chairman of POSCO Group, is entering the 56th regular shareholders' meeting held on the 21st at POSCO Center in Gangnam-gu, Seoul. Photo by POSCO Holdings

Jang In-hwa, the newly appointed chairman of POSCO Group, emphasized the importance of the two core businesses by stating, "Steel and secondary battery materials are the group's dual engines," as his inaugural message.

On the 21st, Jang In-hwa was appointed as an inside director at the shareholders' meeting held at the POSCO Center in Seoul, and subsequently elected as the 10th CEO and chairman of POSCO Group at the board meeting. Chairman Jang will hold his inauguration ceremony in Pohang later that afternoon.

At the press conference held immediately after his appointment as chairman at the board meeting, Chairman Jang said, "Steel and secondary battery materials must both become world-class," adding, "Since the company's founding, POSCO employees have united to overcome many difficulties. The current crisis in steel and secondary battery materials can also be overcome together with POSCO employees."

Regarding the global recession and the crisis in steel and secondary battery materials, he stated, "We see that the global economic downturn is affecting steel and secondary battery materials, and I believe secondary batteries are in the early stage of a 'chasm' (a temporary pause in a growth industry). For steel, I think the 'deep' (recession) will not last long, but the deep for secondary batteries may continue a bit longer. However, since crisis is also an opportunity, we will prepare thoroughly."

On new investment plans in the secondary battery materials sector, he emphasized, "POSCO Group's secondary battery materials business has been steadily progressing for over 10 years, not just 1-2 years, and it is the best-performing new business. Regarding investments, they should be made timely and at an appropriate scale, but we will never be passive."

Jang In-hwa, the newly appointed chairman of POSCO Group, is answering questions from the press at a press conference held at the POSCO Center in Gangnam-gu, Seoul, on the 21st. Photo by Jeong Dong-hoon

In his inaugural speech, Chairman Jang reaffirmed the group's fundamental role as a leader in material innovation and presented a new vision to become a trusted world-class company: "Materials opening the future, innovation toward world-class." The three strategic directions to achieve this vision are ▲ Leading ultra-differentiated business based on future technologies ▲ Realizing a dynamic corporate culture of shared growth ▲ Establishing a trusted ESG (Environmental, Social, Governance) management system.

He also announced plans to visit major business sites over the next 100 days to listen to employees' voices. His ambition is to create a corporate culture of trust and creativity, enabling employees to boldly challenge themselves and feel pride through achievements. Chairman Jang said, "During these 100 days, I may hear things from employees that lead to conclusions different from my current thoughts," adding, "I believe organizations should be slim and flat, and we must create a culture that allows bold challenges."

Regarding eco-friendly transitions such as hydrogen reduction steelmaking, he said, "This is one of the biggest challenges facing the group," adding, "It is difficult for POSCO alone, and global cooperation is necessary, but we will actively respond, viewing it as a new business area." On labor-management relations and the 'One Team POSCO' concept, he said, "There can be no separate labor and management when it comes to the company's affairs, and building mutual trust is important," adding, "As chairman, I will take the initiative to approach and work to build trust."

Chairman Jang graduated with a bachelor's degree in Naval Architecture from Seoul National University and earned a master's degree. He obtained a Ph.D. in Ocean Engineering from the Massachusetts Institute of Technology (MIT) in the United States. He joined POSCO Group in 1988 as a senior researcher at the Pohang Institute of Industrial Science and Technology and has held key positions such as head of the Technology Investment Division and head of the Steel Production Division, making him an expert in steel and new businesses.

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