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[Alpha Biz=(Chicago) Reporter Paul Lee] POSCO Group will invest 121 trillion won in steel, secondary battery materials and hydrogen by 2030. Of the total, 73 trillion won is expected to be invested in Pohang, North Gyeongsang Province, where POSCO is located, and Gwangyang, South Jeolla Province.
At a ceremony marking the "50th Anniversary of the Comprehensive Completion of the 1st Pohang Iron & Steel Plant" held at POSCO's Pohang headquarters on the 3rd, POSCO Group Chairman Choi Jung-woo announced the investment plan to become one of the world's most competitive eco-friendly future materials. The first facility refers to additional lines such as steel mills, steel mills, rolling and back plates, including the first furnace that produces iron water. It is called a consistent steel mill only when all these facilities are equipped.
"The first comprehensive completion of Pohang was a historic turning point in Korean economic history," Chairman Choi said. "We will be reborn as a global business leader leading the sustainable future of mankind through the growth of key businesses such as steel, secondary battery materials and hydrogen."
POSCO Group stressed that 73 trillion won out of the 121 trillion won it said it will invest over the next seven years will be invested in South Korea, including Pohang and Gwangyang, to contribute to balanced national development and the creation of quality jobs. POSCO Management Research Institute estimates that the annual production inducement effect and employment inducement effect will reach 121 trillion won and 330,000 people, respectively.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
