APEC – Official POSCO Group Newsroom

[Chairman In-hwa Chang’s Keynote Address at the APEC CEO Summit 2025] Bridging the Future: POSCO Group’s Supply Chain Partnership for Shared Prosperity

parky — Fri, 31 Oct 2025 13:36:12 +0000

On October 30, Chairman In-hwa Chang delivered a keynote address entitled “Bridging the Future: POSCO’s Supply Chain Partnership for Shared Prosperity” at the APEC CEO Summit held at the Gyeongju Arts Center.

Chairman Chang emphasized the importance of multilateral cooperation and solidarity in building a sustainable and resilient global supply chain, which has emerged as a key issue for the world economy. He shared strategic economic cooperation cases between POSCO Group and Australia, including strengthening raw material supply chains, jointly developing carbon-reduction products, and advancing the future energy transition during the past half century. He also conveyed a message to jointly create solutions for a sustainable future based on the roles and responsibilities of companies.

[Chairman In-hwa Chang’s Keynote Address at the APEC CEO Summit]

Distinguished APEC Leaders, esteemed business executives, ladies and gentlemen,

Today, I would like to share the values that POSCO Group has built over the past half century and our commitment to a sustainable future.

‘Building a Sustainable Tomorrow’ is the theme of APEC 2025, which is a shared vision that was also supported yesterday by President Lee, Jae-Myung in his opening remarks at APEC Summit 2025.

POSCO Group is putting these priorities into action through the supply chain partnership that we have with Australia.

Advancing POSCO Group-Australia supply chain cooperation in both depth and breadth

Our relationship with Australia began in 1971, when we signed a supply agreement with Hamersley, whose iron ore we used to produce Korea’s first molten iron. Since then, this enduring bond has grown greater and stronger. As our reliable supplier, Australia currently provides 70% of our raw materials. Australia is also our strategic partner in paving the way for future growth industries.

POSCO Group is closely engaged with Australia in 3 key areas.

Steel is the backbone of POSCO Group’s existence. So first, we are working together to transform the steel business into a low-carbon industry. About a 30-minute drive from here in Gyeongju will take you to Pohang Steelworks, Korea’s first integrated steel mill and the crown jewel of POSCO. At Pohang, we are innovating the future steel-making process called Hydrogen Reduction Steelmaking or HyREX. Through HyREX, we aim to dramatically reduce CO2 emissions by using hydrogen instead of coal. With HyREX, we will offer carbon-reduced steel products. And we are considering green hydrogen from renewable energy-rich Australia.

Second, we are building secure supply chains for secondary battery materials. This partnership includes Lithium, which is a core battery material. But our partnership extends beyond lithium, to include nickel, rare earth elements, and other critical resources essential for future industries. Since 2024, POSCO Group has been producing lithium hydroxide in Korea using spodumene sourced from Australian mines. This marks a quality shift in our cooperation, moving from fossil fuel-based projects to sustainable raw materials.

Third, we are fostering a clean energy ecosystem. In 2022, POSCO International and Hancock Energy jointly acquired Senex Energy, which is a natural gas development and production company. Also, POSCO Holdings and POSCO E&C are currently exploring partnerships with Australia’s hydrogen innovators. These joint projects demonstrate the expanding scope of our partnership into clean and sustainable energy for the future.

From bilateral cooperation to multilateral partnership

There is more. Our partnership with Australia has evolved from a bilateral relationship into a broader and more resilient network. Because we now bring together key partners from across the Asia-Pacific, including Japan and China.

In 2010, POSCO made a strategic investment into Roy Hill’s iron ore project, alongside Hancock Prospecting, Japan’s Marubeni Group, and China Steel Corporation.

A joint Port Hedland project is to produce carbon-reduced HBI builds on this foundation to deepen our ties with Marubeni Group. This is a pivotal step to building a decarbonized steel value chain.

This multilateral partnership demonstrates how leading Asia-Pacific economies are working together to promote shared prosperity and a more resilient industrial ecosystem.

The foundation of future-oriented cooperation for society

Our partnership does not end here. Beyond business and investment, we are extending our collaboration to areas of social contribution, such as in safety and disaster response.

POSCO Group is working to implement disaster preparedness in Korea. So, we are benchmarking the advanced disaster response system and accumulated expertise of New South Wales, a region that has overcome massive wildfires. To help communities prepare against disasters and to make quick and safe evacuations, our programs include simulation drills, shelter upgrades and firefighting equipment.

This reflects our belief that a business must do more than achieve economic performance. We must commit to strengthening social resilience, to seek joint solutions for a more safe and sustainable future.

Conclusion and message to APEC

Distinguished APEC leaders and business executives,

Under the theme of ‘Bridge, Business, and Beyond’, this year’s CEO Summit emphasizes that a sustainable tomorrow demands action, not words. Companies must build a ‘bridge’, drive change through ‘business’, and move ‘beyond’ the present into the future.

In this regard, POSCO Group is ‘building a new bridge’ to establish a sustainable and resilient global supply chain through the Australia-Korea partnership. This is a positive step for all of us and a shared promise for a better future with the APEC community.

Let us join hands in shaping a sustainable tomorrow.

Thank you.

▲ On the 30th, POSCO Group Chairman In-hwa Chang delivers a keynote address at the Gyeongju Arts Center, where the APEC CEO Summit is being held.

The Landmarks of Haeundae, Old and New

posconews — Thu, 07 May 2015 14:46:05 +0000

Haeundae Beach, a picturesque stretch of white sand in eastern Busan, is vital to the southern coastal city in that it operates as one of the biggest tourist destinations in Korea. Each summer, millions flock to the beach to soak up the sun, feast on succulent seafood and partake in a number of festivals and watersports.

The district’s landscape has undoubtedly changed over the years, but is more vibrant and dynamic than ever before, boasting a slew of natural, historical and contemporary tourist destinations.

Haeundae’s Most Loved Landmarks

Perhaps one of Haeundae’s most cherished landmarks is Dongbaek Island, which is actually now an extension of the mainland. Shrouded in dongbaek trees and evergreens, the small, lush island is an ideal place to be in the midst of Mother Nature herself.

Nurimaru APEC House (Image source: http://bit.ly/1EWMLWi)

Situated on the tip of Dongbaek Island is the Nurimaru APEC House, which was constructed in preparation for the 17th APEC summit in 2005 and has since become representative of Busan. The building’s roof was designed to complement the curves of the island on which it sits, and it offers impressive views of the district’s coastline.

Yonggungsa Temple (Image source: http://bit.ly/1QlqUM0)

On the opposite end of Haeundae lies Haedong Yonggungsa Temple, which was first built in 1376. This Buddhist temple is not only serene, but is extremely unique in that unlike most Korean temples, which are located in the mountains, it is set on a cliff overlooking the ocean. In addition to Buddha’s Birthday, when the temple is canopied in colorful lanterns, crowds flock here on New Year’s Day to watch the first sunrise of the year.

Another favorite Haeundae hotspot is the Sea Life Busan Aquarium, which is home to about 250 species and 35,000 marine animals. Children and adults of all ages enjoy the regularly scheduled activities and shows, and visitors can even have the chance to scuba dive with sharks in the main tank.

While these are the area’s most recognized destinations, another addition to Haeundae’s sandy shore is in the works and it promises to emerge as a representative landmark, contributing greatly to the area’s tourism industry.

A New Addition to Busan’s Best Beach

On April 17, POSCO E&C (CEO Tae-Hyun Hwang) signed a construction contract for a “Haeundae tourist resort city development project” with LCT PFV, the lead developer of the project, which will include a 101-story tower and two 85-story residential buildings, at an expected total cost of 2.7 trillion won.

The Landmark Tower Residence Hotel will consist of 561 standard units and 260 luxury units, and the two residential towers will accommodate 882 households. The complex will also be a one-stop-shop for all things lifestyle, complete with facilities for leisure, recreation, shopping and business.

POSCO E&C has been selected as the contractor for this project because of its brand value, construction capabilities and straightforward financing. Furthermore, POSCO E&C has a record of completing a number of large urban development projects, such as the Northeast Asia Trade Center in Songdo International City.

CEO Tae-hyun Hwang noted, “Through this project, POSCO E&C will prove its technical skills and construction abilities by perfectly constructing the complex, a future landmark of Busan. Also, we will use this as an opportunity to contribute to the development of the domestic construction business.”

So, the next time you’re in Haeundae enjoying all the wonderful things it has to offer, be sure not to miss any of its iconic destinations and catch a glimpse of the construction project that will most certainly be the city’s next representative landmark.