November 27, 2024

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Posco International CEO Lee Kye-in (Posco International)

Lee Kye-in, formerly president of Posco International, took office as CEO of the company, having been appointed to his new position during a board meeting at the company’s headquarters in Incheon on Monday.

In his inaugural speech, Lee said, "As CEO of Posco Group's second-largest company, as well as a leading trading company, I will fulfill my responsibilities" to align with the company's new vision, "materials opening the future, innovation for the top class," which Posco Group Chairman Chang In-hwa proposed Thursday.

In particular, Lee highlighted digital transformation as essential for the trading and energy arm of the Posco Group.

"We have to establish big data based on Posco International's accumulated knowledge from its more than 100 global networks and business experiences," Lee said, "It's imperative that we boldly discard any unnecessary tasks and processes that have traditionally been followed."

"I also urge for business expansion through the integration of the company's products, services and customer experiences with digital technology," Lee added.

Following Lee's inauguration, Posco International announced its ongoing initiative to prioritize balanced growth across key strategic sectors -- including energy, steel and food -- to enhance overall company value.

In the energy sector, the company intends to invest 1 trillion won ($745 million) into developing its LNG Value Chain project. This initiative includes tripling the oil production of Senex Energy, an Australian energy company acquired in 2022, by 2025 and completing the establishment of a new sixth oil tank in Gwangyang, South Jeolla Province, with a capacity to store 200,000 kiloliters of petroleum by June.

In the steel business, the company aims to expand its overseas production bases to produce more than 7 million units of motor core by 2030. This expansion will begin with the construction of motor core production factories in Poland and Mexico this year. Additionally, as the sole trading company within the Posco Group, the company intends to focus on expanding the global market for its products.

Meanwhile, in the food business sector plans involve importing a total of 1.8 million tons of grains into South Korea this year, thereby enhancing the stability of raw grain material procurement. In addition, the company aims to begin construction of a palm oil refinery in Indonesia in the first half of the year, in partnership with GS Caltex.

By Hwang Joo-young (flylikekite@heraldcorp.com)
The Korea Herald