South Korean steelmaker POSCO has stated that it plans to invest KRW 45 trillion ($40.48 billion) over the next five years in order to strengthen its competitiveness, according to Reuters.
Accordingly, the company will invest KRW 26 trillion ($23.39 billion) until 2023 in upgrading and adding steel facilities and another KRW 10 trillion ($8.99 billion) in new business sectors, including lithium batteries, and the rest in its energy business.
The plan will increase total investment spending over the five-year period by KRW 27 trillion to KRW 45 trillion, more than doubling compared to the KRW 18 trillion it spent over the previous five years.