View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
November 6, 2018

New Posco chairman sets out auto steel, battery targets

South Korean steelmaker Posco said it aimed to maintain its position as a leading global automotive steel producer by increasing annual auto steel output to 120m tons by 2025, a 30% increase from last year's 91m.

By bcusack

South Korean steelmaker Posco said it aimed to maintain its position as a leading global automotive steel producer by increasing annual auto steel output to 120m tons by 2025, a 30% increase from last year's 91m.

The company wants to generate annual revenues in excess of KRW100trn (US$89bn) by 2030, along with annual operating profits of KRW13 trillion.

Choi Jeong-woo, speaking at a meeting with employees after his first 100 days as group chairman, said Posco would be open to new steel making technology developed outside the company, instead of relying on in house tech.

Jeong-woo also said the company's battery components division, Posco Chemtech, was aiming for a 20% share of the global market for anode materials used in electric vehicle batteries, generating revenues of KRW17bn by 2030.

He said the company planned to build a manufacturing plant for needle coke, which is used in the manufacturing of graphite electrodes for batteries.

Posco also plans some internal restructuring, including the transfer of its liquefied natural gas trading operations to Posco Daewoo and its facility management and building design units to Posco Engineering and Construction.

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Auto