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Biz News Korea(Eng)
Posco ready to expand investments from next year, says CEO
- Collected
- 2016.09.02
- Distributed
- 2016.09.05
- Source
- Go Direct
이미지 확대“We are readying expansion in business in non-ferrous areas like lithium and nickel,” Gwon told reporters in Bangkok after a ceremony celebrating completion of an automotive steel sheet production facility in Thailand.
“Simply being slim is not the true nature of a company. It must move and grow,” he said.
He said investment would be upped from next year “to set the grounds for Posco’s future growth.”
The steelmaker will continue with investment to become the world’s top supplier of automotive steel sheets. The new continuous galvanizing line Posco opened in Thailand would boost its overseas capacity output of automotive steel sheet and place it closer behind the world’s largest ArcelorMittal.
He expected the auto industry has room to grow about 20 percent over the next decade, and the steel market for cars would help compensate for the slump in global steel demand.
“I am confident that Posco is unrivaled in automotive steel manufacturing technology,” he added.
Posco is the first company in the world to produce 2GPa steel, the highest strength in the industry.
The company completed 64 percent of the plan to raise 7 trillion won ($6.3 billion) in cash liquidity through restructuring of non-core assets and cost-saving efforts. He predicted the company to achieve more than 80 percent of the target before he completes his term in March 2017.
By Park Yong-beom
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]