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Posco chief reaffirms commitment to EV transition

June 19, 2024 - 17:12 By Shim Woo-hyun
Posco Group Chairman Chang In-hwa speaks at the Global Steel Dynamics Forum held by World Steel Dynamics in New York on Tuesday. (Posco Holdings)

Posco Group Chairman Chang In-hwa stressed that the group will continue to focus on investing in its secondary battery materials business and expand the application of eco-friendly steel-making methods at a forum organized by World Steel Dynamics in New York, US, Posco Holdings said Wednesday.

“The global auto industry will completely shift to electric vehicles in the end despite a recent slowdown. (Posco Group) sees the chasm as an opportunity to strengthen its business and to make new investments in the industry,” Chang said in his speech at the forum.

During his speech, Chang said Posco Group will continue to focus on strengthening its value chain by stabilizing and increasing the supply of lithium and nickel products across the world. The group will also make new investments to secure technologies related to the development of next-generation cathode and anode active materials.

In terms of its steel business, Chang emphasized its HyREX technology, the group's steelmaking method that manufactures molten metal using iron ore fines and hydrogen. With its HyREX technology, Posco Group will achieve net-zero emissions by 2050, Chang said. Posco Group will also accelerate the group’s introduction of artificial intelligence and robots to its steel factories, he added.

Through the HyREX technology and smart factories, Posco Group aims to increase its cost competitiveness and provide workers with safe workplaces, according to Chang.

“Posco Group will expand its business with innovative materials to build a sustainable future,” Chang said. He also urged the attendees to join efforts to overcome the challenges that the world is facing, such as the global climate crisis.

Meanwhile, Posco Group will also increase its marketing efforts to connect with younger generations, Chang said, introducing an animation series “Fantasteel,” made as part of its marketing collaboration with Korean game company Nexon.

The animation series garnered over 33 million views on YouTube, and the group has been making various video content that can promote its brand among younger generations.