POSCO Group accelerates resource strategy as global competition shifts

POSCO Group Chairman Chang In-hwa is convening the company's top executives to outline the next stage of its three-pronged growth strategy, as geopolitical changes and technological advancements reshape the global competition for resources. The POSCO Group's annual POSCO Forum commenced on Thursday and will continue for two days in Incheon.

The gathering gathers senior executives to deliberate on future growth, innovation, and to listen to insights from external experts. This year, the forum will concentrate on transforming the strategy introduced in July into actionable plans.

Chang's strategy encompasses three key areas: industrial resources, strategic resources, and energy resources. Industrial resources include steel, while strategic resources refer to lithium, cathode and anode materials, and rare earths. Energy resources comprise liquefied natural gas and renewable energy sources. Chang emphasized the importance of swift execution in the face of major shifts in geopolitics and technology.

He stated, "The ability to execute quickly is the key to survival at a time of major change, as geopolitics and technological paradigms are shifting." To effectively implement the strategy and broaden business opportunities in resource-related areas, the company must anticipate the course of change and provide clear answers regarding the next steps.