POSCO discusses growth strategy for key businesses

The Korea Times

The Korea Times

Business

Wed, November 29, 2023 | 05:01

Companies

POSCO discusses growth strategy for key businesses

Posted : 2023-09-12 15:01

Updated : 2023-09-13 16:53

POSCO Group Chairman Choi Jeong-woo, left on the screen, speaks with Raj Ratnakar, senior vice president at DuPont, during the 2023 POSCO Forum at the steelmaker's Global R&D Center in Songdo, Incheon, Tuesday. Courtesy of POSCO Group

By Lee Min-hyung

POSCO Group has discussed sustainable growth strategies for its seven core businesses, as part of efforts to catch up with a major industrial paradigm shift, the company said Tuesday.

The company brought up the agenda of "real value" ― all the tangible and intangible value that a company generates by doing business ― and underscored the importance of maximizing real value. POSCO said the real value is a notion encompassing not just economic, but environmental and social values that a company creates for society.

Ranking executives and experts shared stories on it during the 2023 POSCO Forum, which runs for four days from Tuesday.

"We need to develop real value stories shared during the forum and utilize them as an effective tool to drive the group's growth," POSCO Group Chairman Choi Jeong-woo said.

Top management from POSCO's seven key affiliates ― including steel, secondary battery materials and construction ― talked about exemplary real value stories during the forum and exchanged ideas with guests for the event.

On the first day of the forum, Raj Ratnakar, senior vice president at DuPont, delivered a keynote speech and shared ways for companies to maximize their value through swift business transformation.

POSCO Center building in Seoul / Courtesy of POSCO

Lars Kissau, president of Net Zero Accelerator at BASF, plans to deliver a speech on structural shifts in corporate business portfolios on the last day of the event.

POSCO also prepared a special session to discuss measures to enhance employees' creativity by constantly enhancing corporate culture, the company said.

"We need to keep improving our organizational culture for employees to demonstrate their creativity," Choi said.

POSCO Forum is an annual event that the group has held for the past five years. The POSCO chief and a group of 120 executives and outside directors of the company took part in this year's event at POSCO Global R&D Center in Songdo, Incheon.

mhlee@koreatimes.co.kr