POSCO Holdings Recommends Lee Joo-tae and Cheon Seong-rae as New Inside Director Candidates

Kim Kisoo Renominated as Director of the Future Technology Research Institute

POSCO Holdings held a regular board meeting at POSCO Center on the 19th and resolved to submit the nomination of internal and external director candidates as agenda items for the regular shareholders' meeting. At the meeting, the board recommended Lee Joo-tae, Head of the Future Strategy Division, and Cheon Seong-rae, Head of the Business Synergy Division, as new internal director candidates, and re-nominated Kim Ki-soo, Director of the Future Technology Research Institute (Group Chief Technology Officer (CTO)).

Cheon Seong-rae, Head of Business Synergy Division (left), Lee Joo-tae, Head of Future Strategy Division (right). Provided by POSCO Holdings

Director Lee joined POSCO in 1988 and has served as Head of POSCO America, Head of POSCO Management Strategy Office and Purchasing & Investment Division, and Head of POSCO Holdings Management Strategy Team. He is recognized as an expert in strategy and is expected to contribute to strengthening the group’s future growth engines and enhancing competitiveness in key businesses.

Director Cheon has been with POSCO since 1988 and has held positions such as Head of POSCO Hot Rolled Wire Marketing Office, Head of POSCO Maharashtra Corporation, and Head of the Steel Team at POSCO Holdings. With extensive experience in marketing, overseas business investment, and business management, he is expected to play a significant role in maximizing group business synergies.

Director Kim, who was re-nominated as an internal director candidate, is expected to lead the advancement of the group’s technology development system based on his expertise in steel research and broad experience in new technology research, including process automation using artificial intelligence (AI).

To respond swiftly to the rapidly changing domestic and international business environment, POSCO Holdings introduced a 'division system' in its organizational restructuring at the end of last year to simplify decision-making processes and strengthen core functions. The internal directors to be appointed this time are top experts in their respective fields within the group and will focus on strengthening the core competitiveness of the steel business, overcoming the chasm (temporary demand stagnation) in the secondary battery materials business, strategically advancing overseas business, and restructuring the group’s business portfolio to overcome uncertain management conditions and strive to become a global top-tier company in the materials sector.

Additionally, the Board’s Director Candidate Recommendation Committee re-nominated Professor Son Seong-gyu of Yonsei University Business School and Yoo Jin-nyeong, CEO of Angel Six Plus, as external director candidates whose terms are expiring.

Professor Son and CEO Yoo are actively engaged in the fields of finance and accounting and new technology development, respectively, and are expected to contribute to company management and the operation and development of the board.

The nominated internal and external director candidates will be officially appointed after the regular shareholders' meeting scheduled for the 20th of next month.

Furthermore, POSCO Holdings declared the 'Group Human Rights Management Declaration' to practice human rights management in line with global standards, striving to build a trusted ESG (Environmental, Social, and Governance) management system while continuously promoting shareholder-friendly policies.

Following the policy announced in July last year to cancel 6% of the total issued shares over three years (2024?2026), POSCO Holdings decided to cancel 2% of treasury shares this year as well, continuing from last year. Despite the challenging market conditions in the steel and secondary battery businesses, the company has committed to maintaining its dividend policy of a basic dividend of KRW 10,000 per share. Additionally, regarding quarterly dividends, the company plans to confirm the dividend amount in advance and set the dividend date accordingly to facilitate shareholders’ investment decisions, thereby strengthening shareholder-friendly policies.

Meanwhile, the board also decided to submit agenda items such as 'Approval of the 2024 Financial Statements,' 'Partial Amendment of the Articles of Incorporation,' and 'Approval of the Director Remuneration Limit' to the shareholders' meeting.

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