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Posco will invest 45 trillion won over the next five years to strengthen its competitiveness

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Posco will invest 45 trillion won over the next five years to strengthen its competitiveness

Categories:Company news
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Time of issue:2020-07-10 10:15
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(Summary description)POSCO,the South Korean steelmaker,said on Monday it planned to more than double investment spending to Won45tn over the next five years to strengthen its competitiveness.

Posco will invest 45 trillion won over the next five years to strengthen its competitiveness

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Posco will invest 45 trillion won over the next five years to strengthen its competitiveness

(Summary description)POSCO,the South Korean steelmaker,said on Monday it planned to more than double investment spending to Won45tn over the next five years to strengthen its competitiveness.

Categories:Company news
Author:
Origin:
Time of issue:2020-07-10 10:15
Views:0

Information

POSCO,the South Korean steelmaker,said on Monday it planned to more than double investment spending to Won45tn over the next five years to strengthen its competitiveness.

Under the plan,POSCO will invest 26 trillion won in upgrading and adding steel facilities by 2023,another 10 trillion won in new business areas including lithium batteries and the rest in energy,the company said in a statement.

The plan will increase total five-year investment by Won27tn to Won45tn,according to the company,doubling and a half from Won18tn spent in the previous five years.

Posco sealed a$280m deal in late August to buy an interest in a lithium mine in Argentina from Australia's Galaxy Resources.

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Previous: Baosteel said the devaluation of the yuan has increased financial costs and reduced exports to the United States in the second half of the year

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