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POSCO will invest 45 trillion won over the next five years to enhance its competitiveness.
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Published Time:
2020-07-10
South Korean steelmaker POSCO said on Monday it plans to more than double its capital expenditure over the next five years to 45 trillion won to boost the company's competitiveness.
South Korean steelmaker POSCO said on Monday it plans to more than double its investment spending over the next five years to 45 trillion won to boost the company's competitiveness.
The company said in a statement that under the plan, POSCO will invest 26 trillion won in upgrading and expanding steel facilities by 2023, another 10 trillion won in new business areas including lithium batteries, and the rest in energy businesses.
According to company data, the plan will increase total investment over five years by 27 trillion won to 45 trillion won, a significant increase of 150% compared to the 18 trillion won spent in the previous five years.
POSCO finalized a $280 million deal in late August to acquire a stake in an Argentine lithium mine from Australia's Galaxy Resources.
Keywords:
Steel,Investment
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