Latest news with #PoscoGroup
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
25-05-2025
- Business
- Korea Herald
Posco International launches first LNG carrier to strengthen energy logistics
Posco International, the trading and energy arm of Posco Group, held a naming ceremony on Friday for the group's first proprietary liquefied natural gas carrier, the HL Fortuna, at HD Hyundai Samho in Mokpo, South Jeolla Province. Named after the Roman goddess of fortune, the vessel marks a major milestone in Posco's strategy to reinforce its energy logistics infrastructure. As global energy supply chains grow increasingly volatile, the introduction of a dedicated LNG carrier is expected to provide a more stable and efficient transport solution. The project is a joint effort across the energy, shipbuilding and shipping industries: Posco International oversees LNG procurement and operations, HD Hyundai Samho constructed the vessel and H-Line Shipping will handle its operations. HL Fortuna is a 174,000-cubic-meter class LNG carrier capable of transporting approximately 78,000 tons of natural gas per voyage — enough to supply South Korea for 12 hours. The vessel is equipped with a dual-fuel propulsion system powered by LNG and a high-efficiency re-liquefaction system that recaptures evaporated gas during transit to minimize fuel loss. Scheduled to enter service in the second half of 2025, the HL Fortuna will make more than five round trips annually between Korea and the United States. In 2026, it will begin loading LNG at the Cheniere Terminal in Louisiana under Posco International's long-term procurement contracts. The company has also secured a major supply agreement with Mexico Pacific for an additional 700,000 tons of LNG annually. To support these contracts, Posco International plans to expand its fleet of dedicated carriers, further strengthening its integrated LNG value chain — from production and import to storage and power generation. 'The new LNG carrier strengthens our full LNG value chain and enhances our ability to respond to global protectionism. We plan to secure more carriers to improve supply stability and trading efficiency,' a Posco International spokesperson said.
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
13-05-2025
- Politics
- Korea Herald
Posco plant, state not responsible for Pohang earthquake: Daegu court
An appellate court on Tuesday overturned a lower court ruling that two strong Pohang earthquakes were triggered by an experimental geothermal power plant. The appellate trial at the Daegu High Court dismissed the earlier ruling that ordered the state and South Korean steel giant Posco Group to compensate up to 1.5 trillion won to almost 500,000 Pohang residents affected by the earthquakes in 2017 and 2018. The court agreed to the lower court's decision, which found two earthquakes — a 5.4 magnitude earthquake in 2017 and a 4.6 magnitude quake in 2018 — were brought on by geothermal energy generation. But the Daegu High Court reportedly argued that there must be intent or negligence on the part of public officials or agencies for the state to be held liable for damages under the State Compensation Act. Since the first trial ruling was completely overturned by the higher court, the government will not be required to pay any compensation. A district court had previously ruled in favor of the plaintiffs, ordering the defendants to pay either 2 million or 3 million won in compensation per affected Pohang resident based on the number of earthquakes experienced. Pohang Mayor Lee Kang-deok was quoted by local media outlet Kyunghyang Shinmun as saying that he would like to express deep regret over the court's ruling. "The court's decision failed to fully reflect Pohang residents' severe distress and fell short of the just ruling that the people hoped for,' said Lee. The civic group, which filed the damage claim suit against the state, reportedly announced that it would appeal the case to the Supreme Court.
