Discussion of strategies to realize real value for each of the seven core businesses and seeking solutions for the Group’s sustainable growth with external experts
Jeong-woo Choi, POSCO Group Chairman: “Let’s publicize the Group’s vision for growth with real value stories”… Spare no effort in supporting the strengthening of employee capabilities
POSCO Group will hold the 2023 POSCO Forum to discuss future growth strategies at the Songdo POSCO Global R&D Center for three days beginning on September 12.
POSCO Forum is an event all group executives participate in to diagnose domestic and international conditions and industrial paradigm shifts and discuss solutions for the Group’s sustainable growth with experts from various fields. This year, they will discuss measures to realize *Real value and the Group’s growth direction for each of the *seven core businesses with the theme “Real Value Management,Creating Value for a Better World.”
* Real value: The sum of all tangible and intangible values a company creates through business, encompassing the economic, environmental and social values it provides to members of society
* Seven core businesses: steel, hydrogen, rechargeable battery materials, lithium/nickel, energy, construction/Infrastructure, and food(Agri-Bio)
The POSCO Forum, now in its fifth year, will be held simultaneously online and offline. About 120 key executives of the Group, including POSCO Group Chairman Jeong-woo Choi, key executives of the Group, non-executive directors, and corporate citizenship advisors attended the forum, and executives and employees who did not attend watched it on a live broadcast to broaden the consensus on the Group’s growth direction and real value.
Chairman Choi said, “We should further develop the real value story shared in the forum to use as an effective tool to promote the Group’s growth vision. Executives should take the lead and spare no support to foster the employees’ capabilities and create an organizational culture where employees can freely demonstrate their creativity.”
The forum will begin with a keynote speech by Raj Ratnakar, VP of strategy at Dupont, who will share insights on business transformation for sustainable growth and increasing corporate value, and subsequent sessions will discuss the inflection points of core businesses and new growth strategies as the industrial structure evolves.
From the afternoon of the first day to the second day, the Group’s management will present real value stories for each of POSCO Group’s seven core businesses and outside panelists will give lectures and in-depth discussions will be held on implementing real value and future strategic directions.
The session on steel will look into the needs and paradigm shift of the steel industry, such as changes in steel making and technology development direction to achieve carbon neutrality and the reality of the transition to eco-friendly steelmaking, and the session on hydrogen will include lectures and discussions on the direction of the hydrogen industry and the economic efficiency of hydrogen production technology.
Moreover, the session on rechargeable battery materials and lithium/nickel will discuss changes in the competitive composition of the global battery market and the main content and implication of the EU‘s Critical Raw Material Act (CRMA), and the session on energy will discuss the future of the LNG industry and offshore power development strategies.
The session on construction will analyze strategies for the future new businesses of construction companies, and the session on food will seek measures for new value creation in the food business.
On the last day of the forum, BASF President of Carbon Neutrality Lars Kissau will give a lecture on cases of systematic business portfolio transition and presentations and discussions will be held on the importance of organizational culture, which is the core of real value.
POSCO Group established the structural foundation for real value management when it transitioned into a holding company in March last year and has dramatically increased the Group’s total market capitalization three times from KRW 35.2 trillion on July 27, 2018, to KRW 105 trillion as of September 11 this year with real value management.
Moreover, it unveiled a new brand slogan, “Creating Value for a Better World, Green Tomorrow, With POSCO” last month, emphasizing the direction for the sustainable future of POSCO Group and the Group’s unique commitment to real value management. POSCO Group plans to further strengthen real value management by reflecting the real value stories presented in this forum in its mid- to long-term strategy.
▲ POSCO Group Chairman Jeong-woo Choi talks with Dupont VP of Strategy Raj Ratnakar at the 2023 POSCO Forum.