Latest news with #ChangIn-hwa
Korea Herald
5 days ago
- Business
- Korea Herald
Posco opens minerals lab in Australia
Posco Holdings, the holding company of Korean steel giant Posco Group, said Friday it has opened a key minerals research center in Australia to secure a technological edge in advanced materials, spanning steelmaking, battery materials and rare earths. According to the group, the new launch underscores its commitment to localization strategies, designed to not only secure raw materials cost-effectively, but also advance low-carbon processing technologies. Located in Perth, the center will focus on developing low-carbon steelmaking and cost-reduction technologies for lithium and nickel. It will also pursue rare earths supply chain development and high-efficiency refining technologies. This marks the first time a Korean company has established an on-site resources facility at a site sourcing raw materials, the company explained. 'Since 1971, when Posco first imported Australian iron ore, the company has built strong trust and collaboration with the Australian government and industry, emerging as a global top-tier materials company in steelmaking and battery materials,' said Chair Chang In-hwa at the opening ceremony in Perth on Friday, which was attended by executives from Australian resource companies, as well as representatives from local academic and research institutions. 'This center, combining Australia's rich resources with the group's materials technology expertise, will serve as a hub for advancing mineral processing technologies and securing critical minerals,' Chang added. The new facility brings the group a step closer to the Chang's goal of integrating technology and business strategy across the full spectrum of operations, from research and development to production and sales. The group said it will continue exploring next-generation minerals and pursuing local mining investments through partnerships. Since the early 1980s, Posco has worked closely with Australian partners to build supply chains for key minerals. The company has participated in the development of the Roy Hill iron ore mine and currently operates a joint venture with Australian lithium mining company PLS to produce lithium hydroxide for secondary battery materials.
Korea Herald
7 days ago
- Automotive
- Korea Herald
Posco accelerates digital transformation to tackle global headwinds
Posco Group is accelerating its digital transformation efforts in a bid to overcome challenges posed by global oversupply and sluggish demand. The initiative aligns with Chair Chang In-hwa's designation of 'Rebuilding steelmaking competitiveness' as one of the group's seven key future innovation goals. According to the group on Wednesday, its Pohang Steelworks production facility recently developed an AI-based Coil Car Material Jam Detection System, designed to improve operational efficiency and reduce downtime. The Coil Car is a specialized vehicle used to transport wire rod coils. In the past, improper loading of coils onto these vehicles required time-consuming and labor-intensive recovery processes. With the new system, real-time monitoring and automatic alerts are now possible, significantly reducing such disruptions. The detection system combines object recognition algorithms with CCTV footage. During the early stages of development, Posco collected over 3,000 images to train the model, followed by system tuning and the implementation of a notification mechanism. As a result, the facility can now detect anomalies in real time, achieving a substantial reduction in line stoppages. Meanwhile, at its Gwangyang Steelworks, Posco has installed Lidar-based barriers and AI-powered CCTV systems in the traffic zones of the steelmaking plant's slab finishing facility. This is part of its Smart Fool Proof System, developed to enhance worker safety. The system is an advanced safety solution designed in-house to prevent equipment failures and workplace accidents caused by human error. The Lidar-equipped barriers remain closed under normal conditions. When crane or vehicle movement is detected in the designated zone, the barrier opens to allow safe passage. Conversely, if crane movement is ongoing, the barrier stays shut to ensure safety. The key lies in the system's ability to accurately distinguish between workers, cranes and vehicles. Posco said it plans to continue leveraging its accumulated field experience and know-how, integrating technologies such as AI and big data to create an optimized and intelligent production environment.
Korea Herald
13-05-2025
- Automotive
- Korea Herald
Posco Future M to raise W1.1tr for battery expansion
Posco Future M, a battery materials unit affiliated with steelmaking giant Posco Group, announced Tuesday that its board of directors has approved a rights offering to raise 1.1 trillion won ($771 million), aiming to expand its production base in preparation for anticipated growth in electric vehicle battery demand. According to the company's filing, Posco Future M plans to issue 11,483,000 new shares in July. The funds raised from the new share issuance will be allocated to key areas: 181 billion won for facility investment, 288.3 billion won for operational costs, and 630.7 billion won for acquiring securities of other companies. The capital will be used to enhance and expand production capacity in both Korea and North America, with all funds planned to be utilized by 2026, the company said. Notably, 353.4 billion won, categorized under the securities acquisition budget, will be invested in Ultium CAM, Posco Future M's 85:15 joint venture with General Motors in Quebec City. The joint venture's cathode materials plant is currently under construction, with phased completion starting in May and full-scale operation scheduled to begin in 2026. On April 29, Posco Group Chair Chang In-hwa visited the Ultium CAM plant construction site to check on its progress, the group said. 'In this rapidly changing global environment, I request that you remain focused on managing the construction schedule and creating the optimal conditions for a smooth start to operations,' Chang said, speaking to officials at the construction site. 'We expect this plant will serve as a foothold for our expansion into the North American market once the battery materials sector regains momentum.' The company added that the remaining funds will be used to acquire a domestic facility for spherical graphite production, a key anode material; expand manufacturing facilities for high-nickel nickel-cobalt-aluminum oxide, a cathode material known for its high energy density, at its Gwangyang plant in Gwangyang, South Jeolla Province; maintain and upgrade existing facilities; and procure raw materials for its precursor plant in Gwangyang. Posco Future M's largest shareholder, Posco Holdings, also announced its participation in the rights offering. The company will invest 525.6 billion won to purchase the full allocation of newly issued shares corresponding to its 59.7 percent stake in Posco Future M.
Korea Herald
27-04-2025
- Business
- Korea Herald
Posco teams up with builders to boost cement performance, cut waste
Korea's steelmaking giant Posco Group is partnering with the domestic construction industry to explore the use of its steelmaking byproduct in enhancing cement quality, the company announced Friday. Posco signed a joint agreement with five Korean construction firms, including GS Engineering & Construction, as well as seven cement and ready-mixed concrete producers, on April 11 in Seoul. Academic institutions such as the Korea Concrete Institute and Posco's research unit, the Research Institute of Industrial Science & Technology, also joined the collaboration. The aim is to develop high-performance concrete using slag, a byproduct of steelmaking. Posco said that it seeks to eliminate production waste and lead the transition to a fully circular economy by leveraging the collective strength of the entire group. Slag is the residue left after separating steel from iron ore. It can serve as an eco-friendly alternative to natural limestone in cement production. Cement mixed with slag generates less heat during solidification, which helps reduce the risk of cracking in concrete and improves its overall durability and strength, according to Posco. Although fine slag powder has already been used in cement, a lack of standardized slag materials and the absence of a defined slag ratio in the market have posed challenges. As part of the project, Posco will supply high-quality slag and develop standardized slag cement for use in the project. Partner companies will use this material to manufacture advanced concrete mix and build structures with improved durability. The Korea Concrete Institute will oversee the quality assessment of the new concrete mix. Posco hopes this collaboration will open new business opportunities by effectively utilizing its steelmaking byproducts, while also establishing a reliable supply chain for construction materials. In line with Posco Group CEO Chang In-hwa's recent remarks describing the group's competitiveness as its ultimate technological edge, the company is committed to overcoming unprecedented crises in the steelmaking industry by advancing its technology, according to a Posco official. This will be achieved by securing competitiveness in its core business through its 'super-gap' technology and by utilizing byproducts that are inevitably generated during steelmaking, the official added.
Korea Herald
21-03-2025
- Business
- Korea Herald
Posco chief to oversee new trade unit, navigate global trade
South Korean steel giant Posco Group is launching a high-level trade policy team under the direct oversight of Chairman Chang In-hwa, in a bid to sharpen its response to mounting global trade challenges and consolidate its standing across diverse industries. The decision, made during a board meeting held Thursday by Posco Holdings, the group's holding company, marks a strategic shift as Chang celebrates his first anniversary as chairman. The newly established global trade policy team is intended to enhance Posco's ability to navigate trade dynamics in critical sectors such as rechargeable batteries, energy and its core steel business amid heightened global trade tensions, intensified by Donald Trump's second administration. This dedicated unit replaces the previous framework, which primarily dealt with steel-related trade and was managed by Posco's communication division. 'The new team is expected to reinforce our trade control tower function across the group,' a Posco official explained. Leading the new team is Kim Kyung-han, head of Posco Holdings' communication division, who brings experience in trade and commerce from his previous roles at the Ministry of Foreign Affairs. During the company's general meeting of shareholders held the same day, Chairman Chang reaffirmed his commitment to long-term growth and profitability. 'A challenging business environment is forecast this year, with the global tariff war intensifying, worsening export conditions and the weakening of the Korean won increasing cost burdens,' Chang said. 'We will make all-out efforts to establish a long-term growth structure by strengthening the fundamental competitiveness of our steel, energy and materials businesses.' The group also introduced stricter guidelines for a chairman's reappointment to a third consecutive term. Under the revised rules, a chairman seeking a third term must secure approval from more than two-thirds of all shareholders, a leap from the previous requirement of just half.
