POSCO to boost sales to W100 tril. by 2030
POSCO Group Chairman Choi Jeong-woo announced Monday a 100-task initiative to revamp the group's productivity, profitability and social responsibility, saying it is an action plan to reach the group's sales goal of 100 trillion won ($89 billion) by 2030.
Following the new chairman's initiative, the steelmaker's business structure and practice will see a sea change all across its units, POSCO said.
"With all stakeholders, we should make a corporate ecosystem which has a virtuous cycle of economic and social values," Choi said in a meeting with executives to mark his 100th day as group chairman. "With strong responsibility, we should complete this innovation and get the best results out of it."
The initiative is highlighted by expanding the production volume of steel for automobiles to 12 million tons by 2025, so that it can consolidate its status in the global automotive materials industry. In doing so, POSCO said it will not stick to its original technology but expand partnerships with other players to develop technologies for advanced product and save costs.
In its energy business, the group decided to give trading unit POSCO Daewoo control of the group's importing of liquefied natural gas (LNG), to streamline the group's LNG import channel.
In the initiative, the group stated that the scheduled merger of POSCO Chemtech and POSCO ESM will take place next year.
Those two firms are each producing cathode and anode materials for electric vehicle (EV) batteries, and Choi has been underscoring the necessity to merger them to create synergy since his appointment.
The group said it will nurture the merged firm to have a 20 percent global market share and 17 trillion won in sales by 2030.
