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POSCO mulls strategic moves amid U.S.-China power struggle

Collected: 2023.06.29

Distributed: 2023.06.30

Source: Go Direct

POSCO Holdings Inc. Chairman Choi Jeong-woo visits the construction site of POSCO Future M’s cathode material plant in Quebec, Canada, and takes a commemorative photo with executives and employees on June 21 (local). [Photo provided by POSCO Holdings]

Korean steelmaker POSCO Group is deliberating strategic moves to avoid losing both U.S. and Chinese markets amid a power struggle between the two countries.

The steelmaker seeks to develop a value chain outside of China in the lithium sector, one of the frontlines in the U.S.-China conflict, while seeking establishments of joint ventures with Chinese companies in the precursors and nickel sectors, which reflects the group’s dilemma in both markets amid the strong anti-China approaches taken by the U.S. The recent business trips of the group’s top executives to the U.S. and China are believed to be part of the steelmaker’s strategy.

According to POSCO on Wednesday, POSCO Holdings Inc. Chairman Choi Jeong-woo flew to the U.S. last week. Choi met with Ford Motor Co. Chief Executive Officer Jim Farley on June 21 to discuss the supply of anode materials produced by POSCO Future M Co. During the trip, Choi also met with General Motors Co. CEO Mary Barra to discuss the expansion of the joint anode material factory between the two companies.

Meanwhile, Vice Chairman Kim Hag-dong flew to China last week and visited the headquarters of China Baowu Steel Group Corp. that same day. Baowu Steel is the world’s largest steelmaker in terms of production volume.

Industry insiders note that POSCO’s top two executives traveling to the U.S. and China, respectively, at the same time indicates the group’s global management strategy.

By Oh Soo-hyun and Chang Iou-chung

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