After integrating with South Korea’s largest private energy producer POSCO Energy, POSCO International has announced its new vision of endorsing green energy and global business pioneering. The company’s new vision encompasses environment-friendly strategizing along with the raising of the market capitalization that has been stalling for a while.
POSCO International, a prominent trading company in South Korea and a subsidiary of the POSCO group, came up with the decisive vision statement during the Songdo Convensia in Incheon. As per the company, their goal for the next eight years is to give a push to their existing market value from 3.8 trillion won to 23 trillion won.
The company will meander on a range of emerging sectors across Korea and core industries like steel, energy, food, biomass and more. Venturing into the energy business, POSCO International pursues developing its Shinan, South Jeolla Province-based new offshore and onshore wind power project that is estimated to be finished by 2027.
According to POSCO International, the ongoing wind power project will further ensure carbon capture and storage and complementarity back gas field undertakings at the same time.
Steel is one of the major industries in South Korea because of its correlation and interdependence with other industries like automotive, shipbuilding, and construction. POSCO International has laid out a notion through which the company will be selling green steel products, and steel build goods that won’t harm the ecosystem.
A target of 3.9 million tons of sales has already been put up by the POSCO group for 2030. The target seems viable since last year the company sold around 1.8 million tons of eco-friendly steel products in the global market. Apart from this, POSCO International seeks the acquisition of additional carbon emission-less steel materials along with secondary battery materials to strengthen its manufacturing capacity.
Under the new green energy and growth vision, POSCO International is set to expand its production and operation system outside the geographical boundaries of Korea. With the assistance of production factories in North America, Europe, and China the company intends to boost its participation in environment-friendly mobility trade. It aims to secure a 10 percent share in the global drive motor core market in the next 8 years.
Natural resources essential for farming are not abundant in most parts of South Korea. Farming or the agriculture sector requires the involvement of ‘smart’ farming techniques for good yearly produce. Through the fresh green vision plan, POSCO International is going to overhaul its investment in the field of agriculture. It’s looking to support smart farms active in Korwa and also agricultural biotechnology.
The schemes for funding Korea’s future growth engine industries are on the way. In totality, the company is bolstering its supply chain across Australia, South America, and North America to rise to the 10th largest food business company’s title.
By the end of this decade, POSCO International will scale within domestic industries as well as outside South Korea. In South Eastern countries such as Malaysia, Indonesia, Myanmar and also Australia, the company plans to establish more mines to inflate its liquid gas reserves which are currently at 1.6 trillion cubic feet.
