South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced that it plans to increase its annual steel production capacity to 52 million mt by 2030.
With the increase in production, the company aims to achieve an annual sales revenues of KRW 100 trillion ($79.05 billion), and triple its operating profit by 2030 compared to 2022.
Meanwhile, POSCO will focus on its high value-added and environmentally friendly product portfolio. The company’s Gwangyang steel mill will commence an electric arc furnace in 2026, in line with its targets to reduce carbon emissions by 2030 and supply 10 million mt of low-carbon products.