POSCO International to accelerate global expansion in 2024

POSCO International headquarters in Incheon / Courtesy of POSCO International

POSCO International's motto for this year is “global expansion” as it aims to enhance corporate and shareholder value by strengthening its global value chains, the company said Sunday.

The trading firm’s annual operating profit is estimated to have surpassed 1 trillion won ($760 million) for the first time last year, thanks to a merger with POSCO Energy, the group’s power generation unit. During the first three quarters of last year, POSCO International posted 25.2 trillion won in sales and 948.5 billion won in operating profit.

However, the company seeks to grow further this year instead of keeping the status quo.

The POSCO Group affiliate is considering building another traction motor core factory in Mexico during the first half of this year, following the first one built last October, to target the North American electric vehicle market. It also aims to expand its presence in the European eco-friendly mobility market through the construction of a traction motor core factory in Poland, during the first half of the year at the earliest.

Regarding its agricultural business, the company seeks to establish joint ventures in Australia and the U.S. this year for the stable supply of grain from the northern and southern hemispheres.

It will also build a palm oil refinery in Indonesia during the first half in collaboration with GS Caltex.

For its energy exploration and production business, POSCO International is pushing ahead with liquefying and importing natural gas from Australian gas fields. The company will also continue to look for energy sources in Malaysia and Indonesia this year.

“To overcome growing uncertainties in our business environment, we should not stop running toward being eco-friendly, expanding value chains and securing strategic assets in advance,” POSCO International CEO and Vice Chairman Jeong Tak said in his New Year’s address.