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Steelmaking Remains Its Focus, But It’s Time to Dive Into Production of Other Materials, Says POSCO Chairman
06/18/2025 - Competition in steelmaking, and a desire to better serve its home market, is prompting South Korea’s largest steel producer to invest more than US$670 million in its rechargeable battery materials operations.
Speaking during the 2025 Global Steel Dynamics Forum, POSCO Holdings Chairman Chang In-hwa said that although steelmaking will remain the company’s core focus, as will efforts to improve that business, fragmentation of the global economy and fierce steel competition are driving it to seek additional opportunitities.
“We want to continue to be the main industrial materials supplier to South Korean business and therefore help to catalyze national development,” he said. But, he said, “There are limits to how much we can enhance our competitiveness (in steel) and the speed at which we (can do so).”
In the next five years, the goal will be to grow its non-steel materials business to 20% of revenue. Long term, he said, the goal is to grow that business to 50% of revenue.
“We want to continue to be the main industrial materials supplier to South Korean business and therefore help to catalyze national development,” he said. But, he said, “There are limits to how much we can enhance our competitiveness (in steel) and the speed at which we (can do so).”
In the next five years, the goal will be to grow its non-steel materials business to 20% of revenue. Long term, he said, the goal is to grow that business to 50% of revenue.
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