South Korean steelmaking and materials conglomerate POSCO Group, headed by POSCO Holdings, said on recently it plans to invest 121 trillion won (USD 93bn) by 2030 for growth in core businesses such as steel, battery materials, and hydrogen.
POSCO said in a statement it plans to invest 72 trillion won, or more than 60% of the total amount in South Korea, creating an estimated 330,000 jobs, as it seeks to become a leader in environmentally-friendly materials. The rest will be invested overseas.
POSCO Group has been expanding into new businesses for diversification, including minerals used in electric vehicle batteries such as lithium.
Last month, General Motors Co and group affiliate POSCO Future M said they will expand the production capacity at their chemical battery materials facility in Canada, taking their estimated total investment to over USD 1bn.