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    A005490   KR7005490008

POSCO HOLDINGS INC.

(A005490)
  Report
End-of-day quote Korea Stock Exchange  -  2023-02-05
298000.00 KRW   -1.65%
02/01Posco : Pohang Works fully restored… All factories start operation from the 20th
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01/31Western Australia inks energy transition deal with S Korea
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01/27Posco : Q4 Earnings Snapshot
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Australian battery metal players key to South Korea's EV ambition

11/30/2022 | 01:09am EST
FILE PHOTO: The logo of POSCO is seen at the company's headquarters in Seoul

SYDNEY (Reuters) - Australia will play a big role in South Korea's ambition to lead the electric vehicle batteries market and diversify from China for its battery metals needs, a top South Korean executive said on Wednesday.

Ben Bosung Kim, the managing director for steel giant POSCO in Australia, said the company has already invested around A$5 billion ($3.4 billion) in the country, which covers traditional raw material such as iron ore and coal, and more recently lithium, nickel, graphite and other minerals needed to manufacture electric car batteries.

"Australia and Korea are always complementary and interdependent in terms of Australia's mining and Korea's manufacturing," Ben told Reuters at the sidelines of the Australia-Korea Business Council (AKBC) conference in Sydney.

"It was like that in the past in terms of steelmaking, and it will be for the battery materials in the future," he said.

The Asian country controls a third of the $46 billion market for electric vehicle batteries but it relies heavily on China which is a key supplier to Korea for electric vehicles.

In recent years, U.S. allies have moved to reduce their dependence on China amid heightened concern about Beijing's control over the critical minerals sector.

South Korea needs critical mineral supplies, having pledged to become a battery manufacturing powerhouse by 2030 as part of a plan to be carbon-neutral by 2050.

POSCO last year entered into a joint venture deal with Pilbara Minerals Ltd to build a 43,000 tonne lithium hydroxide chemical facility in Gwangyang, South Korea. It also bought a 30% stake in First Quantum Minerals Ravensthorpe nickel mine in Western Australia.

POSCO executives at the conference said that Australia is going to be a critical target for the company for investment into hydrogen projects.

In a presentation, POSCO Executive Vice President and Head of Hydrogen Business, Juik Choo, said the company wants to become a global hydrogen provider with capacity to produce 7 million tonnes by 2050. Part of this plan is to build large-scale hydrogen production base in Australia that can deliver 1 million tonnes by 2040.

Choo said the global race to be the first and largest provider of hydrogen is gaining speed, with the U.S. this year passing the Inflation Reduction Act (IRA) that offers big incentives for hydrogen production.

The Australian government should offer similar incentives so the country can be a leader in global hydrogen exports, he said.

($1 = 1.4923 Australian dollars)

(Reporting by Melanie Burton; Editing by Stephen Coates)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FIRST QUANTUM MINERALS LTD. -8.06% 25.65 Delayed Quote.-1.38%
GLOBAL HYDROGEN S.A. 0.00% 8 End-of-day quote.0.00%
PILBARA MINERALS LIMITED -1.05% 4.72 Delayed Quote.30.40%
POSCO HOLDINGS INC. -1.65% 298000 End-of-day quote.7.78%
POSCO INTERNATIONAL CORPORATION 0.43% 23300 End-of-day quote.3.10%
All news about POSCO HOLDINGS INC.
02/01Posco : Pohang Works fully restored… All factories start operation from the 20th
PU
01/31Western Australia inks energy transition deal with S Korea
RE
01/27Posco : Q4 Earnings Snapshot
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01/27Posco : Notice of General Meeting of Shareholders - Form 6-K
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01/27Posco : Resolution on Year-end Dividend Payment - Form 6-K
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01/27POSCO Holdings Inc. Resolves to Pay Year-End Cash Dividend for the Fiscal Year 2022, Pa..
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01/27Transcript : POSCO Holdings Inc., Q4 2022 Earnings Call, Jan 27, 2023
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01/27POSCO posts 2022 profit despite steel production halt after flooding
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01/26Indian Morning Briefing: Asian Markets Broadly Higher
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01/24South Korean steelmakers Gain on Chinese Economy Reopening
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Analyst Recommendations on POSCO HOLDINGS INC.
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Financials
Sales 2022 82 714 B 65,6 B 65,6 B
Net income 2022 4 090 B 3,24 B 3,24 B
Net Debt 2022 3 981 B 3,16 B 3,16 B
P/E ratio 2022 5,82x
Yield 2022 4,69%
Capitalization 22 593 B 17 917 M 17 917 M
EV / Sales 2022 0,32x
EV / Sales 2023 0,33x
Nbr of Employees 168
Free-Float 84,6%
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Technical analysis trends POSCO HOLDINGS INC.
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Mean consensus BUY
Number of Analysts 23
Last Close Price 298 000,00 KRW
Average target price 379 869,57 KRW
Spread / Average Target 27,5%
EPS Revisions
Managers and Directors
Jeong-Woo Choi Chairman & Co-Chief Executive Officer
In-Hwa Chang Co-President, Co-CEO & Director
Jung-Son Chon Co-Chief Executive Officer & Director
Seung-Kyu Lim Senior Managing Director & Head-Finance
Seong-Wook Lee Head-Legal & Compliance Support
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