POSCO to accelerate hydrogen, rechargeable battery biz

POSCO Group Chairman Choi Jeong-woo, right, presides over a meeting attended by 20 key group executives at POSCO Center in southern Seoul, Thursday. Courtesy of POSCO Holdings

By Lee Kyung-min

POSCO Group will accelerate its investments in hydrogen and rechargeable batteries, coupled with continued efforts to develop new technologies, the firm said Thursday.

The growth vision is part of the steel giant's move to transform itself into a green energy business, a survival strategy pivoting from decades of a carbon-heavy business model to reinvent itself as a leading eco-friendly sustainable market player.

The new growth vision was outlined during a meeting of 20 key executives including POSCO Group Chairman Choi Jeong-woo and head of the firm's research institute at the POSCO Center in southern Seoul. It was the first future strategy meeting attended by the firm's figures with decision-making power. It will be held regularly every six months.

Choi and top executives discussed ways to facilitate technology development for non-steel businesses.

"The future of POSCO will be carried by strengthening the manufacturing of steel that does not emit greenhouse gases, alongside rechargeable battery materials and hydrogen," Choi said during a meeting. "We must continue to strive to become the global top leader in the industry."

The officials had discussions and shared opinions on the status quo of venture investments and ways to improve industry-academic cooperation in the fields of smart technologies and the development of an online platform mediated by artificial intelligence (AI). Also on the topic were green materials and green steel.

Chief among AI platform technologies needed were metrics to estimate the prices of raw input materials for small POSCO partner firms that buy the key materials for steelmaking.

Also in need were ways to bolster productivity in research and development and create a safer working environment for on-site employees.

POSCO will develop the strategic technologies needed for developing and diversifying input materials for rechargeable batteries, as well as sustainable integrated use of hydrogen and ammonia, two other green materials.

"Carbon neutrality will determine not only the success or failure of our firm but the future course of steel businesses around the world. We should continue making investments in human resources and take a technological leap for the future," Choi said.

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