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| POSCO International CEO Jeong Tak poses in his office at the company's headquarters in Seoul, March 20. Courtesy of POSCO International |
By Kim Jae-heun
POSCO International has decided to expand its steel trading and energy businesses in Southeast Asia and Australia to help boost Korea's faltering outbound shipments, company officials said Thursday.
The steelmaker held an Asia Growth Strategy meeting in Bangkok, Thursday, to discuss ways to target the Asian market, which has huge business potential. Asia, excluding China and Japan, is an important region that accounts for about 32 percent of POSCO International's global business despite the recent increase risk posed by China.
About 30 executives and employees from 17 firms, including POSCO International CEO Jeong Tak, were present at the event.
"POSCO International has a huge responsibility to cope with the country's ongoing trade deficit as a group of trade experts. The company has to pursue active measures to expand exports to the Asian market, which has the greatest growth potential," Jeong said during the meeting.
The nation has posted trade deficits for 14 consecutive months through April as its exports declined amid sluggish semiconductor demand globally, while it paid more to import energy and raw materials.
In 2022, POSCO International's sales to China fell about 4 percent year-on-year to $1.4 billion (1.85 trillion won). But its shipments to other parts of Asia showed an average annual growth of 31 percent over the past three years and stood at $3 billion in 2022 alone.
The trading firm plans to preemptively check major businesses in the fields of steel, energy and food in Asia through this growth strategy meeting, and strongly push for export expansion with the close management of its customers.
It aims to export over 2.8 million tons of steel in Asia, which accounts for 25 percent of its total exports in the world, this year.
In addition, the company plans to strengthen the marketing of eco-friendly industrial steel that is needed for solar power, wind power and mobility ― considering the recent increase in demand for alternative energy.
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