POSCO to increase steel production to 52 million tons by 2030

The South Korean steel company POSCO plans to increase its global steel smelting capacity to 52 million tons per year by 2030. SteelMint informs about it.

POSCO also aims to achieve combined sales of 100 trillion won ($78.7 billion) by 2030 and triple its consolidated operating profit compared to 2022. The company will also strengthen its profitability by expanding production of sheet electrical steel.

The company considers strengthening the competitiveness of its steel business as a long-term strategy. It will focus on quantitative expansion and improvement of product quality. In particular, POSCO plans to increase steel production capacity at foreign assets in the period 2022-2030 from 5 million tons/year to 10 million tons/year. This growth will be driven by new investments in India, Indonesia and North America.

The company will also focus on selling low-emission products. By 2030, it is planned to produce 10 million t/year of such steel, including with the help of an electric arc furnace at the Kwanyan plant, which should be put into operation in 2026.

As GMK Center reported earlier, POSCO until 2030 plans to invest $92 billion in environmental projects. More than 60% of the budget, or 73 trillion won ($56 billion), will be invested in local enterprises, mainly in production complexes in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province. The remaining funds will be directed to foreign projects.

Also, in May 2023, POSCO Group announced that it completed construction of a new integrated plant for the processing of high-strength steel (Giga Steel), which is used in the automotive industry, in the Chinese province of Jiangsu.