SEOUL: Posco International, the trading arm of Posco Group, has announced that bolstering its global presence in its main business areas, from renewable energy to electric vehicle parts, will be the key to the company’s business strategy for this year.

       The company will aggressively expand global production facilities and establish a value chain through partnerships with foreign firms to spur growth in 2024, it said.

       To grow its e-mobility business, Posco International will start construction of its second drive core plant in Mexico this year. When the second factory is completed, the two facilities, including the first plant completed in October last year, will have a combined annual capacity of 2.5 million drive motor cores, according to the company.

       While increasing its access to the North American market for electric vehicle components, the company plans to start the construction of another plant in Poland as early as the first half of this year.

       The goal is to have an annual capacity of seven million drive motor cores by 2030 and to secure some 10% of the global market.

       In terms of its food business, Posco International is reviewing options to establish more joint ventures in Australia and the United States to expand its food value chain that handles grain products.

       In September last year, Posco International signed a preliminary agreement with Bartlett and Co to establish a joint venture for grain supply and soybean processing. — The Korea Herald/ANN

       StarPicks

       Financial lifeline for underbanked micro-businesses