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Biz News Korea(Eng)

NPS lowers ownership stake in POSCO Holdings

Collected: 2023.09.06

Distributed: 2023.09.07

Source: Go Direct

[Courtesy of POSCO Holdings]

The National Pension Service is in the spotlight after recently shedding a significant portion of its shares in POSCO Holdings about two months ahead of POSCO Group kickstarting the process of appointing its next chairman.

As the largest shareholder of the group’s holding company, the NPS has played an active role in POSCO’s major decision-making processes, including leadership appointments.

The pension fund has sold 1.18 million POSCO Holdings shares in 2023 to date, bringing its ownership stake down from 9.11 percent to 7.72 percent.

Compared to when POSCO Group Chairman Choi Jeong-woo’s reappointment was confirmed in 2021, NPS’ ownership stake is lower by around 4 percentage points. The decision to divest shares is believed to have be driven by the sharp increase in POSCO Holdings’ stock price, allowing the pension fund to realize gains.

“Choi is expected to be recognized for successfully transitioning the holding company and nurturing the second battery materials business as a new growth engine for the group,” an industry insider said.

However, there is also speculation within and outside the group that Choi will focus on completing his second term in office honorably. His term of office runs until March 2024.

Experts in the batteries industry, alongside those from the business and academic sectors, are being mentioned as potential candidates to be the POSCO Group head.

By Oh Soo-hyun and Minu Kim

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