Posco Group, the South Korean conglomerate that owns the country’s biggest steelmaker, said it plans to invest 121 trillion won ($92 billion) through 2030 on batteries and hydrogen.
(Bloomberg) — Posco Group, the South Korean conglomerate that owns the country’s biggest steelmaker, said it plans to invest 121 trillion won ($92 billion) through 2030 on batteries and hydrogen.
The group — which has been taking steps to diversify beyond steel — will spend more than 60% of the total locally, creating about 330,000 jobs annually, it said in a statement Monday. Posco said it’s expanding investments in electrical vehicle batteries, as well as in hydrogen, but the company didn’t provide a detailed breakdown.
Posco Future M Co. and Posco International Corp., have previously outlined investment plans in the production of battery components including cathodes, nickel and lithium processing, as well as renewable energy.
Some of that spending is included in the 121 trillion won package, a Posco spokeswoman said, without providing further details. The additional investments will be made by Posco Holdings Inc. and its affiliates, and the units will plan future announcements to offer more information, she said.
Posco Holdings extended gains after the announcement, closing up 3.6%, the biggest gain in four weeks. The benchmark Kospi index rose 1.5%.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.