PKX - Posco plans $93B in spending through 2030 in batteries hydrogen

2023-07-03 11:41:09 ET

• Posco ( NYSE: PKX ) +3.7% in Monday's trading after saying it plans to spend 121T Korean won (~$93B) through 2030 for growth in core businesses such as steel, battery materials and hydrogen.
• The South Korean conglomerate that owns the country's biggest steelmaker said it expects to spend more than 60% of the total amount in South Korea, and will seek to become a leader in environmentally friendly materials.
• Posco ( PKX ) said it will expanding investments in electrical vehicle batteries, as well as in hydrogen, but did not provide a detailed breakdown.
• The company previously announced a plan to become net zero by 2050, including a 10% cut in carbon emissions by 2030 from the 2017-19 average.

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