POSCO CEO enters 2nd term with focus on eco-friendly markets

South Korean steelmaker POSCO Co. will put its efforts into gaining dominance in new growth markets such as eco-friendly vehicles and steel bars used for construction, said its Chief Executive Choi Jeong-Woo on Friday, as he enters his second term.

Choi, an ex-CEO of POSCO Chemical Co., an electric vehicle materials maker, took over as CEO of the steel giant in July 2018 after his predecessor Kwon Oh-joon abruptly stepped down before the end of his term.

"Group-wide, we will invest to expand our presence across the supply chain of core growth businesses, including liquefied natural gas and food," Choi told a general shareholders' meeting held on Mar. 12, where his second term was confirmed.

"For the lithium-ion battery business, we will continue to expand our capacity and try to internalize supplies of raw materials such as lithium and nickel to become a global top-tier player."

Under his leadership, the steel giant has been rapidly making inroads into the EV materials market through a series of alliances with domestic companies, including SK and Hyundai Motor Co. Under the tie-ups, POSCO will co-develop materials for EVs and hydrogen-fueled cars.

To diversify the raw materials' supplier sources, POSCO has acquired lithium mines in Argentina and a stake in a graphite mine in Tanzania. 

POSCO envisions itself as the world’s top player in the EV battery materials market by 2030.

During his first term as POSCO's chief executive, since last year Choi has been under pressure from politicians as well as labor and civic groups to resign -- called on to be held accountable for a series of fatal accidents at the company's steel mills.

Addressing the industrial accidents, Choi said he will prioritize workplace safety and the environment in his next three years as CEO.

Write to Man-Su Choe at bebop@hankyung.com
Yeonhee Kim edited this article.