l Extraordinary general meeting of stockholders at POSCO Center, Seoul on January 28 passed a bill for converting to a holding company structure
l POSCO Group CEO Jeong-Woo Choi said, “We thank the stockholders at home and abroad … We will make our best efforts for the continuous growth and improvement of stockholder value.”
POSCO held an extraordinary general meeting of stockholders at the POSCO Center in Seoul on January 28 and passed a bill to convert to a holding company structure.
In this meeting, 75.6% of stockholders based on the number of stocks with voting rights exercised their vote and the motion passed with 89.2% of the stockholders present.
In his greetings, CEO Jeong-woo Choi stressed that “it is necessary to convert to the holding company structure for the group’s balanced growth and improvement of corporate value in the rapidly changing management environment such as the paradigm shift to the low-carbon, eco-friendly era, acceleration of technical innovation, and enhancement of ESG management.”
And after passing the bill for conversion to a holding company structure, he said, “We thank the stockholders at home and abroad for their support and confidence for the future vision of the POSCO Group. Based on challenges and success in the past 50 years, all the executive and employees of the POSCO Group will make their best efforts with huge responsibility for the continuous growth of POSCO, a company lasting a century, and improvement of stockholder value.”
POSCO Holdings Inc., the holding company, will be launched as a listed company on March 2 and help the development of the group’s future portfolio, reorganization of the group’s businesses and securing of synergy, and lead the overall ESG management of the group.
The steel business company that will be established after the physical division will operate a steel production and sales business as a non-listed company that is a 100% subsidiary of the holding company, and retain the company name POSCO.
Confirming the conversion to a holding company structure, the POSCO Group plans to break from its existing steel-centered company image, build a balanced growth system by improving the competitiveness of each business with the holding company at the center and creating synergy by selecting steel, secondary battery materials, lithium/nickel, hydrogen, energy, construction/infrastructure, food, etc., as core foundation businesses of the group and enhancing the development and fostering of new future business, thereby advancing as an environmentally friendly future material group that leads the sustainable future of mankind.
▲ POSCO Group CEO Jeong-woo Choi speaks as chairperson during an extraordinary meeting of stockholders on January 28.stockholders on January 28.