Latest news with #PoscoGroup
Korea Herald
29-07-2025
- Business
- Korea Herald
Posco honors skilled workers in talent push
Posco Group is investing in workforce excellence through its 'Master Artisan' system, which recognizes outstanding technical professionals and passes down field expertise to the next generation, the Korean steel giant said Tuesday. Established in 2015, the system selects employees with world-class technical skills and exemplary character to enhance the prestige of technical positions and promote the development and transmission of steelmaking technologies. Artisans are evaluated not only on technical prowess but also on their contributions to the company and their integrity. Honorees receive a special promotion, financial rewards, paid leave and post-retirement opportunities as technical consultants to mentor junior staff. Shin Jae-seok, head of Rolling Equipment Department 2 at Posco's steel mill in Pohang, North Gyeongsang Province, was named this year's master artisan on July 16. Since joining the company in 1987, Shin has earned recognition for his exceptional capabilities in high-precision cold rolling technology to improve facility reliability, productivity and quality. To date, Posco has named 29 master artisans across the production, equipment, research and safety domains. The master artisans' achievements are permanently inscribed in the group's Hall of Honor alongside founding members and former CEOs. Posco Group plans to foster pride among its workforce and cultivate top-tier technical talent through such initiatives, advancing its vision of becoming a world-class enterprise.
Korea Herald
11-07-2025
- Automotive
- Korea Herald
Posco Future M inks graphite anode deal with major Japanese battery maker
Posco Future M, the battery manufacturer of Korean steel giant Posco Group, signed a supply agreement with a major Japanese battery manufacturer on Friday, accelerating its growth into the global market. Under the agreement, Posco Future M will supply natural graphite anode materials produced at its Sejong plant for use in electric vehicle batteries manufactured in Japan. While the specific contract details — including the buyer, volume and duration — were not disclosed, the company described the deal as a significant step in diversifying its global clientele. The battery giant offers a broad product lineup of natural and synthetic graphite anodes tailored to customer needs, and is also advancing the commercialization of silicon-based anode materials. The company continues to improve manufacturing productivity and cost competitiveness through process innovation. Posco Future M's competitiveness lies in its integrated supply chain, developed alongside its parent company, Posco Group. The company sources graphite raw materials from regions outside China and produces intermediate materials domestically, enhancing supply security. For synthetic graphite, it uses coke byproducts from Posco Group's steelmaking processes to produce graphite raw material in Korea. Posco Future M plans to continue expanding its customer base by leveraging its differentiated technology, advanced manufacturing capabilities and secure supply chain.
Korea Herald
10-07-2025
- Business
- Korea Herald
Posco divests Chinese JV to focus on US, India growth
South Korea's steel giant Posco Group has sold its entire stake in a Chinese steel joint venture as part of a restructuring drive to shed low-profit businesses. According to industry sources on Thursday, the group's holding company, Posco Holdings, signed a deal to transfer its 82.5 percent stake in Zhangjiagang Pohang Stainless Steel to China's steelmaker Tsingshan Holding Group, in a deal valued at around 400 billion won ($291 million). Founded in 1997 to tap into China's stainless steel market, ZPSS is a joint venture owned 58.6 percent by Posco Holdings, 23.8 percent by Posco China and 17.5 percent by China's Jiangsu Shagang Group. The decision comes amid an aggressive overhaul led by Chairman Chang In-hwa, who is redirecting resources to high-growth regions such as the US and India by disposing of underperforming operations. The group secured 662.5 billion won in cash by divesting 45 businesses by the end of last year. ZPSS has an annual capacity of 1.1 million metric tons, more than half of Korea's domestic stainless steel output. In 2006, it grew into the company's first integrated stainless steel production facility outside Korea. However, the business has struggled in recent years amid China's sluggish economic recovery and a persistent supply glut in the steel industry. Last year, its annual sales fell 9 percent on-year to 3.42 trillion won, while it posted a net loss of 129.9 billion won, bringing cumulative losses since 2022 to 377.2 billion won.
Korea Herald
24-06-2025
- Business
- Korea Herald
Posco International leads Korean traders' pivot from brokerage to energy value chains
Marking the 50th anniversary of the General Trading Company Designation System, Korean trading companies are accelerating efforts to upgrade their business models beyond traditional trade brokerage, expanding into full-cycle energy value chains spanning development, transportation, processing and sales. As part of the nation's major export push during the economic growth era of the 1960s and 1970s, a total of 13 companies were designated as 'general trading companies' and granted government tax and financial support. The designation system was abolished in 2009, as their role diminished with large conglomerates building their own overseas sales networks. In response, trading companies began transforming their business models, reducing reliance on traditional trading and expanding into new sectors such as resources and energy. Posco International, the trading and energy arm of steel giant Posco Group, stands at the forefront of this shift. Posco International has restructured its business portfolio around three sectors: energy, agro-resources and secondary battery materials. Rather than focusing on trade brokerage-based revenue, the company has built end-to-end value chains in each sector, aiming for greater operational control and long-term resilience. In 2024, its posted 32.34 trillion won ($23.7 billion) in revenue and 1.12 trillion won in operating profit, nearly 70 percent of which came from its three strategic sectors. The company maintained its momentum into the first quarter of 2025, with operating profit reaching 270.2 billion won, roughly half of which came from the energy sector. The energy business, now vertically integrated following a merger with Posco Energy in 2023, covers the full liquefied natural gas value chain. This includes upstream operations in Myanmar and Australia, stable LNG procurement through long-term supply deals with US-based Cheniere Energy, and the use of dedicated LNG carriers. The company's Gwangyang LNG terminal is undergoing expansion to raise total storage capacity to 1.33 million kiloliters. In agro-resources, the company focuses on both efficiency and sustainability. Its Indonesian palm oil subsidiary, PT. BIA, operates under the Roundtable on Sustainable Palm Oil certification and uses AI-powered smart farming systems. A joint project with GS Caltex, a Korean energy and chemicals company, is expected to complete a 500,000-ton biofuel plant in East Kalimantan this year, enabling the production of next-generation fuels such as sustainable aviation fuel. Posco International has also built a vertically integrated supply network in coordination with other Posco companies in the battery materials business. It holds a stake in the Mahenge mine in Tanzania, providing natural graphite for Posco Future M, its sister firm specializing in producing battery materials, and other affiliates within the group. By securing key upstream assets and consolidating operations, the company aims to buffer against external shocks, including commodity price volatility and geopolitical risks. "Posco International's pivot toward cash flow-oriented businesses marks a structural shift," said Shinhan Investment Analyst Park Kwang-rae. "It reflects a broader trend in Korea's trading sector toward greater value-chain integration and risk management."
Korea Herald
23-06-2025
- Business
- Korea Herald
Posco to sell off non-core overseas units in China, Vietnam
Posco Group is fast-tracking the restructuring of its non-core subsidiaries, divesting low-performing overseas businesses as part of a broader strategy to reallocate resources toward high-potential sectors, particularly battery materials. According to industry sources on Monday, Posco International, the trading and resources arm of Posco Group, has agreed to sell its entire stake in Suzhou Pohang Steel to Guangdong Wcan Magnetic Materials. The transaction, valued in the 40 billion won ($29 million) range, is expected to close by June 30. Founded in 2005, Suzhou Pohang Steel, a China steel processing subsidiary, specializes in processing electrical steel and manufacturing motor components, supplying Posco products throughout eastern China. 'It is true that the sale is part of our ongoing restructuring efforts, but final confirmation from the buyer and specific deal terms are still being finalized,' a Posco Group official said. The decision reflects Posco International's strategic assessment that continued operations in China's oversaturated steel market are no longer necessary. Deteriorating conditions for Korean companies in China, exacerbated by rising geopolitical tensions such as US-China trade friction, also contributed to the move. In a separate deal, Posco Engineering & Construction is negotiating the sale of its Vietnamese subsidiary, Posco E&C Vietnam. Busan-based auto parts maker Seoil Casting has been selected as the preferred bidder, and discussions over detailed terms are underway. The subsidiary has been involved in various local construction projects, including steel structures and plant facilities. The deal is estimated to be worth around 17 billion won. Established in 1995 as a joint venture between Posco Construction and Vietnamese state-owned Lilama, holding 70 percent and 30 percent stakes respectively, Posco E&C Vietnam became wholly owned by Posco after it acquired Lilama's stake in 2010. However, the unit has faced persistent challenges, with reports indicating it had fallen into complete capital erosion by mid-2023. The recent moves are part of a broader restructuring initiative announced last year, under which Posco plans to liquidate or divest more than 120 underperforming or non-essential businesses by 2026. The goal is to raise some 2.6 trillion won to reinvest into its core pillars: steel and battery materials. As of the first quarter, the group had already achieved 40 percent of the target.
