POSCO SPS Changes Company Name to 'POSCO Mobility Solution'

[Asia Economy Reporter Hwang Yoon-joo] POSCO SPS is making a fresh start by changing its name to 'POSCO Mobility Solution.' The previous name, SPS (Steel Processing & Service), was perceived solely as a steel processing center, which limited its scope and was somewhat restrictive in expressing the future vision aimed at eco-friendly materials and components business.

POSCO SPS announced on the 3rd that it held an extraordinary general meeting of shareholders and approved the agenda to change its name to POSCO Mobility Solution.

The new name reflects the recent trend of growth and concentrated investment in mobility-related industries, encompassing fields requiring electrification devices such as vehicles, ships, autonomous cars, and drones, as well as providing technical solutions for new materials and components like batteries and fuel cells.

Furthermore, it is expected to contribute to the management policy of the POSCO Group pursuing a hydrogen economy and ESG management, as well as enhancing brand value.

CEO Kim Hak-yong stated, “POSCO Mobility Solution will elevate its status as a differentiated material supplier in various ecosystems of the eco-friendly mobility industry, including drive motor cores, fuel cells for hydrogen vehicles and drones, and batteries. At the same time, through this name change, we will clarify the company’s identity and make it a new starting point for growth and innovation.”