[THE INVESTOR] POSCO, the world’s fifth-biggest steelmaker by output, said on Sept. 3 it will invest 45 trillion won (US$40.4 billion) up till 2023 to fuel new growth.
For the next five years starting in 2019, POSCO will spend 26 trillion won on upgrading its steelmaking facilities, 10 trillion won on exploring new growth drivers, such as its rechargeable battery business, and 9 trillion won on the energy business sector, the company said in a statement.
The steelmaker said it plans to hire 20,000 employees to support its expansion.
POSCO has two integrated steel mills in Korea and one in Indonesia, whose combined capacity stands at 41 million tons.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)