South Korean steelmaker POSCO has announced that by 2026 it will invest KRW 53 trillion ($42.86 billion) in total, including KRW 33 trillion ($26.68 billion)in South Korea and KRW 20 trillion ($16.17 billion) in overseas markets, in order to strengthen competitiveness in core business fields. With the investments, about 25.000 people will be employed directly.
According to the announcement, within the scope of domestic investment, KRW 20 trillion ($16.17 billion)will be invested in laying the foundation for eco-friendly steel production. POSCO aims to secure its competitiveness by investing in new electric furnaces for conversion to an eco-friendly production system, the introduction of eco-friendly facilities, and technology for steel products for electric vehicle motors. In the business area, it plans to invest about KRW 5.3 trillion ($4.28 billion) in securing stable raw materials, expanding facilities, and securing next-generation technologies. Also, KRW 5 trillion ($4 billion) will be invested in eco-friendly infrastructure and KRW 2.7 trillion ($2.18 billion) in ventures and securing new technologies.