Latest news with #ChangIn-hwa
Korea Herald
10-07-2025
- Business
- Korea Herald
Posco divests Chinese JV to focus on US, India growth
South Korea's steel giant Posco Group has sold its entire stake in a Chinese steel joint venture as part of a restructuring drive to shed low-profit businesses. According to industry sources on Thursday, the group's holding company, Posco Holdings, signed a deal to transfer its 82.5 percent stake in Zhangjiagang Pohang Stainless Steel to China's steelmaker Tsingshan Holding Group, in a deal valued at around 400 billion won ($291 million). Founded in 1997 to tap into China's stainless steel market, ZPSS is a joint venture owned 58.6 percent by Posco Holdings, 23.8 percent by Posco China and 17.5 percent by China's Jiangsu Shagang Group. The decision comes amid an aggressive overhaul led by Chairman Chang In-hwa, who is redirecting resources to high-growth regions such as the US and India by disposing of underperforming operations. The group secured 662.5 billion won in cash by divesting 45 businesses by the end of last year. ZPSS has an annual capacity of 1.1 million metric tons, more than half of Korea's domestic stainless steel output. In 2006, it grew into the company's first integrated stainless steel production facility outside Korea. However, the business has struggled in recent years amid China's sluggish economic recovery and a persistent supply glut in the steel industry. Last year, its annual sales fell 9 percent on-year to 3.42 trillion won, while it posted a net loss of 129.9 billion won, bringing cumulative losses since 2022 to 377.2 billion won.
Korea Herald
30-06-2025
- Business
- Korea Herald
Posco pursues ‘direct lithium extraction' in North America for 1st time
Posco Holdings announced on Monday plans to test the viability of directly extracting lithium — a key material for electric vehicle batteries — highlighting the significance of establishing a supply chain in North America amid the ongoing pressure of decoupling from China. In partnership with Anson Resources, Australia's natural resource developer, Posco will start the construction of a demonstration plant next year in Green River City, Utah. The facility will evaluate whether Posco's Direct Lithium Extraction technology is feasible for large-scale commercial production. Unlike traditional lithium extraction methods that depend on the natural evaporation of brine in large ponds, DLE is a cost-effective, innovative process designed to selectively extract lithium from low-concentration brine lakes. The project marks the first time a South Korean company has taken steps toward directly producing lithium in North America. In contrast, Posco's domestic rivals, including LG Chem, have primarily secured supply agreements with US-based lithium producers rather than pursuing local production. Earlier Monday, the two companies signed a memorandum of understanding under which Anson Resources will provide the raw materials for lithium and the construction site, where it holds mining rights for lithium brine. While the additional details of the project, including its timeline and investment volume, remain undisclosed, Posco stated: 'By successfully operating the demonstration plant in the US, we aim to commercialize the DLE technology we have developed since 2016. The company intends to leverage this technology for investment and commercialization of undeveloped lithium brine lakes across North America.' According to World Population Review, the US ranked third in the world for lithium deposits in 2023, behind Bolivia and Argentina. This initiative is in line with the company's focus to secure additional lithium resources outside China, which dominates the global lithium hydroxide market, under Posco Holdings CEO Chang In-hwa's '2 Core + New Engine' strategy, referring to focusing on its core steel and battery materials businesses, while also developing new growth engines. Meanwhile, Posco Holdings has secured an annual production capacity of 68,000 metric tons of lithium hydroxide, enough to manufacture batteries for approximately 1.6 million EVs. This includes 25,000 tons from its brine lithium plant in Argentina and 43,000 tons from its ore lithium plant in the Yulchon Industrial Complex in South Jeolla Province.
Korea Herald
30-06-2025
- Business
- Korea Herald
Posco pursues ‘direct lithium production' in North America for 1st time
Posco Holdings announced on Monday plans to test the viability of directly producing lithium — a key material for electric vehicle batteries — highlighting the significance of establishing a supply chain in North America amid the ongoing pressure of decoupling from China. In partnership with Anson Resources, Australia's natural resource developer, Posco will start the construction of a demonstration plant next year in Green River City, Utah. The facility will evaluate whether Posco's Direct Lithium Extraction technology is feasible for large-scale commercial production. Unlike traditional lithium extraction methods that depend on the natural evaporation of brine in large ponds, DLE is a cost-effective, innovative process designed to selectively extract lithium from low-concentration brine lakes. The project marks the first time a South Korean company has taken steps toward directly producing lithium in North America. In contrast, Posco's domestic rivals, including LG Chem, have primarily secured supply agreements with US-based lithium producers rather than pursuing local production. Earlier Monday, the two companies signed a memorandum of understanding under which Anson Resources will provide the raw materials for lithium and the construction site, where it holds mining rights for lithium brine. While the additional details of the project, including its timeline and investment volume, remain undisclosed, Posco stated: 'By successfully operating the demonstration plant in the US, we aim to commercialize the DLE technology we have developed since 2016. The company intends to leverage this technology for investment and commercialization of undeveloped lithium brine lakes across North America.' According to World Population Review, the US ranked third in the world for lithium deposits in 2023, behind Bolivia and Argentina. This initiative is in line with the company's focus to secure additional lithium resources outside China, which dominates the global lithium hydroxide market, under Posco Holdings CEO Chang In-hwa's '2 Core + New Engine' strategy, referring to focusing on its core steel and battery materials businesses, while also developing new growth engines. Meanwhile, Posco Holdings has secured an annual production capacity of 68,000 metric tons of lithium hydroxide, enough to manufacture batteries for approximately 1.6 million EVs. This includes 25,000 tons from its brine lithium plant in Argentina and 43,000 tons from its ore lithium plant in the Yulchon Industrial Complex in South Jeolla Province.
Korea Herald
19-06-2025
- Business
- Korea Herald
Posco becomes first steelmaker inducted into World Steel Dynamics Hall of Fame
Korea's steel-to-battery-materials conglomerate, Posco Group, announced Thursday that it has become the first global steelmaker to be permanently inducted into the hall of fame by World Steel Dynamics, a prominent US-based steel industry consultancy. The recognition was awarded to Posco Holdings during the Global Steel Dynamics Forum held Wednesday in New York. The event was attended by key industry leaders, including Posco Group Chair Chang In-hwa, US Steel CEO David Burritt, Cleveland-Cliffs Chair Lourenco Goncalves and Tata Steel CEO T.V. Narendran, along with around 500 industry officials. The hall of fame honor recognizes Posco's achievement of ranking first in WSD's global competitiveness assessment for 15 consecutive years since 2010. The consultancy evaluates 35 steelmakers worldwide based on 23 key performance indicators, including technological innovation, production output, cost efficiency and financial soundness. "Maintaining the No. 1 position in overall competitiveness for 15 years is by no means a short journey. I express my heartfelt gratitude for the dedication and hard work of all Posco members," Chang said. "I believe this hall of fame induction reflects the support and encouragement of the global steel industry." During his visit to New York, Chang shared Posco's vision to enhance its global leadership and promote Korea–US cooperation in manufacturing, focusing on artificial intelligence and the energy sector. At the forum, he presented the group's strategy to evolve into a leading future-oriented materials company, highlighting initiatives such as developing AI-powered smart factories. The previous day, Chang also participated in a roundtable hosted by The Korea Society, a nonprofit organization dedicated to promoting cooperation between Korea and the US. There, he discussed topics including Korea–US collaboration in steelmaking, secondary battery materials and energy, in the context of rising geopolitical uncertainty, the company said.
Korea Herald
30-05-2025
- Business
- Korea Herald
Posco opens minerals lab in Australia
Posco Holdings, the holding company of Korean steel giant Posco Group, said Friday it has opened a key minerals research center in Australia to secure a technological edge in advanced materials, spanning steelmaking, battery materials and rare earths. According to the group, the new launch underscores its commitment to localization strategies, designed to not only secure raw materials cost-effectively, but also advance low-carbon processing technologies. Located in Perth, the center will focus on developing low-carbon steelmaking and cost-reduction technologies for lithium and nickel. It will also pursue rare earths supply chain development and high-efficiency refining technologies. This marks the first time a Korean company has established an on-site resources facility at a site sourcing raw materials, the company explained. 'Since 1971, when Posco first imported Australian iron ore, the company has built strong trust and collaboration with the Australian government and industry, emerging as a global top-tier materials company in steelmaking and battery materials,' said Chair Chang In-hwa at the opening ceremony in Perth on Friday, which was attended by executives from Australian resource companies, as well as representatives from local academic and research institutions. 'This center, combining Australia's rich resources with the group's materials technology expertise, will serve as a hub for advancing mineral processing technologies and securing critical minerals,' Chang added. The new facility brings the group a step closer to the Chang's goal of integrating technology and business strategy across the full spectrum of operations, from research and development to production and sales. The group said it will continue exploring next-generation minerals and pursuing local mining investments through partnerships. Since the early 1980s, Posco has worked closely with Australian partners to build supply chains for key minerals. The company has participated in the development of the Roy Hill iron ore mine and currently operates a joint venture with Australian lithium mining company PLS to produce lithium hydroxide for secondary battery materials.
