Posco International, the trading and energy arm of steel giant Posco Group, said Tuesday it signed a framework agreement with US-based grain company Bartlett and Company to boost its global grain business.
The signing ceremony, held Monday in Kansas City, was attended by Posco International CEO Lee Kye-in and Bartlett President Joe Griffith. Under the agreement, the two firms will expand their annual grain trade volume to 4 million tons by 2027.
The partnership also outlines plans to diversify grain types and sourcing regions beyond North America to Latin America and the Black Sea, while exploring joint market entry into key regions such as the Middle East, Africa and Asia.
Posco International aims to strengthen its competitiveness in grain sourcing and trading, especially in the Korean market, where over 16 million tons of grain are imported annually and the grain self-sufficiency rate remains below 20 percent.
This agreement with Bartlett, an established grain supplier in the US and Mexico, is expected to reinforce Posco International’s role in global food supply networks and support the company’s goal of becoming a leading player in the international grain market.
Beyond grains, Posco International also operates a 30,000-hectare palm plantation in Indonesia, and is set to complete a 500,000-ton per year palm oil refinery this year.
The company plans to develop a fully integrated supply chain for palm oil, which is gaining attention as a key feedstock for biofuels. It is also actively monitoring its grain terminal project in Ukraine to ensure early normalization post-conflict.
“This agreement helps expand our sourcing network and strengthens our foundation in global food markets,” a company spokesperson said. “We will continue to build on our food business through synergy with existing investments such as our palm oil business in Indonesia and the Ukrainian grain terminal.”
hyelimchung@heraldcorp.com
