POSCO plans to double green steel sales by 2030
South Korean POSCO International Corp., the general trading and energy exploration unit of South Korea’s steel giant POSCO Holdings Inc., planned to transform into a green company by 2030, unveiling a series of targets.
According to the statement, carbon neutrality will be the goal of the POSCO Group to become an environmentally friendly company by 2030. POSCO aims to increase its market capitalization from the current 3.8 trillion won to 23 trillion won by 2030. In the steel industry, it hopes to sell 3.9 million tons of environmentally friendly steel products by then, compared with 1.81 million tons last year.
Food, energy, and new business targets have also been announced, including quadrupling liquefied natural gas (LNG) storage capacity by 2030. In addition, POSCO International established a new team last month to work on accelerating the development of its carbon capture and storage (CCS) business related to gas fields. Following onshore wind power in Shinan, South Jeolla Province, new offshore wind power projects by 2027 will also help the company become carbon neutral.
