POSCO Chairman Choi Jung-woo said that the company should focus on nurturing the secondary battery business in the New Year to become a global top tier.
Chairman Choi Jung-woo said in his New Year's address on Jan. 4, "The steel industry has faced changes in mega trends that accelerate new mobility, urbanization, digitalization, de-carbonation and de-globalization."
He also stressed the importance of fostering next-generation businesses such as battery materials next year. Last year, POSCO has been expanding its battery material business by increasing its production capacity of anode and cathode materials and preparing for commercial production of a lithium salt lake in Argentina.
It also established a roadmap for mid- to long-term hydrogen commercialization, which calls for establishing a production system for 500 tons of hydrogen by 2050.
"The secondary battery material business, which is being fostered as a core business of the group, should be strengthened by creating the value chain from raw materials such as lithium, nickel, and graphite to anode and cathode materials. It also should continue to expand its production capacity to become a global top tier," Chairman Choi said.
As for the steel business, which is expected to slow in growth, he said, "It is urgent to secure a new competitive advantage. We need to lay the foundation for multi-core profits and lead the development of multi-materials that are combined with heterogeneous materials," Chairman Choi said.
"Smart Factory should evolve into a smart factory 2.0 that dramatically improves the cost competitiveness of all valuation chains," he added.
