Posco International to double green steel sales by 2030

Posco International, South Korea’s largest trading company and a subsidiary of steelmaker Posco Holdings Inc, unveiled its various ambitious goals last week due to the vision to transform into a green company by 2030.

“Carbon neutrality will be the name of the game at POSCO Group. We’ll turn into an eco-friendly company by 2030,” Posco Holdings chairman Choi Jeong-woo said at a ceremony marking the merger of POSCO International and POSCO Energy held in Incheon on 13 April.

Posco International aims to increase its market capitalization from the current KRW 3.8 trillion ($2.92 billion) to KRW 23 trillion by 2030.

In the steel sector, the company hopes to sell 3.9 million tonnes of eco-friendly steel products by then, compared with 1.81mt last year, Kallanish notes.

Targets in food, energy and new businesses have also been announced. This includes increasing liquid natural gas (LNG) storage capacity fourfold by 2030. Also, Posco International last month established a new team dedicated to speeding up carbon capture and storage (CCS) business development linked to gas fields.

A new offshore wind power projects by 2027, following onshore wind power generation in Korea’s Shinan, South Jeolla Province, will also help the company to achieve carbon neutrality.

Kallanish Asia