POSCO group chairman in-hwa Chang: “We will strengthen our core business and conduct restructuring to restore performance and enhance shareholder value.”
Jin-nyeong Yoo, CEO of Angel 6+, and sung-gyu Son, Honorary Professor at Yonsei University, are re-elected as Outside Director … Outside Director tae-kyun Kwon is elected as chairman of the board
Joo-tae Lee, Head of Future Strategy Division, and sung-rae Cheon, Head of Business synergy division, are newly elected as Inside director … ki-soo Kim, head of POSCO N.EX.T Hub, is re-elected as inside director
2024 year-end dividend of 2500 won, annual dividend of 10,000 won per share … 2% of treasury shares to be canceled on March 31
Installing global trade policy team under the direct control of the chairman to effectively respond to the rapidly changing trade environment at the group level
POSCO Holdings held its 57th ordinary general Meeting of Shareholders and board meeting at the POSCO center in Seoul on March 20 and passed major agenda items.
POSCO Holdings livestreamed the general meeting of shareholders online to promote communication with shareholders and their convenience, and for the first time this year, provided simultaneous interpretation in English for overseas investors.
“Despite current crises such as oversupply of steel and the chasm in the electric vehicle market, POSCO Group has focused its strengths on its core business areas, including rebuilding the steel business and securing the competitiveness of the energy materials business, under the new management vision of ‘Materials That Open the Future, Innovation for World-Class Excellence’,” said chairman Chang in his address at the event.
“POSCO Group will strengthen the intrinsic competitiveness of its core business by improving the robustness and efficiency of steel facilities, creating results from overseas growth investments, and proactively securing high-quality lithium resources, thereby building a long-term growth structure, generating solid profits, and improving capital efficiency through continuous restructuring to enhance management performance and shareholder value. we will develop unique ‘super gap’ technology to secure the absolute technological advantage, which is the core of POSCO group’s competitiveness, and stabilize our operation sites with safety as the top priority,” he said.
During the meeting, POSCO Holdings passed the agenda for the appointment of inside and outside directors. Jin-nyeong Yoo, CEO of Angel Six Plus, and sung-gyu Son, honorary professor at Yonsei university, were re-elected as outside directors, and joo-tae Lee, head of future strategy division, and sung-rae Cheon, head of business synergy division, were elected as new Inside directors, and ki-soo Kim, Head of POSCO N.EX.T Hub (Group CTO), was re-elected as inside director.
At the POSCO Holdings board meeting held after the shareholders’ meeting, outside director tae-kyun Kwon was elected as the chairman of the board. Kwon is a financial and investment expert who has served as the director of the trade and investment office of the ministry of knowledge economy, the head of the public procurement service, and the ambassador to the United Arab Emirates. The board also elected joo-tae Lee, head of future strategy division, as the CEO and President.
Joo-tae Lee, head of the future strategy division (CEO and President), is a strategy expert who is expected to contribute to strengthening the group’s future growth engines and enhancing the competitiveness of its core business areas, while sung-rae Cheon, head of the business synergy division, is expected to play a major role in maximizing the Group’s business synergies based on his experience in marketing, overseas business investment, and business management.
In addition, the general meeting of shareholders approved POSCO Holdings’ 2024 financial statements, partial amendments to the articles of incorporation including improvements to the corporate governance structure, and an item on the director remuneration limit. It also approved a 2024 year-end dividend of 2500 won, which confirmed a dividend of 10,000 won per share for the year 2024.
POSCO Holdings will gradually cancel treasury shares, which account for 6% of the total number of shares issued, over the three years from 2024 to 2026 for the purpose of enhancing shareholder value. The company announced a policy to immediately cancel all newly acquired treasury shares other than for employees, and it actually canceled 2% of its treasury shares in July 2024 and immediately canceled newly acquired treasury shares worth approximately 100 billion won after purchasing them from the market. POSCO Holdings is set to cancel an additional 2% of its treasury shares on the 31st of this month.
POSCO Holdings has also installed the Global trade policy team under the direct control of the chairman to effectively respond to the rapidly changing domestic and international trade environment and policy changes, strengthening the group’s trade capabilities. The first head of the global trade policy team is kyung-han Kim, who is currently the head of the communications division at POSCO Holdings.
▲Chairman In-hwa Chang is conducting the 57th POSCO Holdings ordinary general meeting of shareholders.