[Contribution] Celebrating the 55th Anniversary of POSCO's Founding

Chairman Lee Baek-gu of Gwangyang Chamber of Commerce and Industry

April 1st, POSCO's founding anniversary, is a very meaningful day for both the Republic of Korea and the citizens of Gwangyang. For Korea, it marks the day when the steel industry, which began with the Pohang Steelworks, laid the foundation to leap into the world's number one steel powerhouse through the establishment of the Gwangyang Steelworks. For the citizens of Gwangyang, it is the day that opened a new chapter for Gwangyang as a steel city and an industrial city.

The past 40 years have truly been a time of dramatic transformation for Gwangyang.

Local tax revenue has increased more than 1,000 times, surpassing 400 billion won, and the population has doubled to about 153,000. Per capita income and household income rank first in Jeonnam and 29th nationwide among approximately 230 basic local governments. In surveys of livable cities, Gwangyang has been ranked first in Jeonnam for three consecutive years and within the top 30 nationwide among 155 cities and counties. Additionally, among 59 cities with populations under 500,000, Gwangyang has been ranked within the top 5 for four consecutive years. In this way, Gwangyang has quietly become one of the best cities to live in Korea.

As a citizen of Gwangyang, I take pride in this and am reminded once again of the important role played by the strong companies based in our region.

Of course, there have been times when insufficient explanations led to conflicts and discord with the local community, and there are still challenges to be addressed together in the future. However, we have reached today as [Small but Strong Gwangyang · Gwangyang Shining Brighter in Crisis]. This is why POSCO’s 55th anniversary and the 40th anniversary of the Gwangyang Steelworks hold special significance for us.

The global economy is currently facing new challenges.

Amid the US-China struggle for global supremacy, competition between countries is intensifying, and we must respond to the uncertainties of the international economic environment. We also face the task of meeting the increasing expectations for the social role of corporations.

POSCO is no exception, undergoing a major transformation from a traditional steel industry to new growth industries. In the steel sector, it is focusing on technology development for hydrogen reduction steelmaking, expanding investments in secondary battery materials, the hydrogen industry, and the energy sector, and has declared through its Corporate Citizenship Charter to further strive in fulfilling its social responsibilities.

These changes are clearly reflected in the investment status in our Gwangyang region.

Investments totaling nearly 6 trillion won have been completed or are underway, including 3.45 trillion won in the secondary battery materials industry, 1.08 trillion won for the construction of the 6th to 8th units of the Gwangyang LNG terminal, and 1.45 trillion won for other blast furnace repairs and upgrades.

The 1st to 4th phase factories capable of supplying 900,000 electric vehicles have been completed, and additional construction of cathode material factories is under consideration. It is fortunate that investments for new future growth engines continue in our region.

‘Muhangsan, Muhangsim (無恒産 無恒心)’

Whether an individual, an organization, or a community, Mencius’s words remind us that without stable livelihood, it is difficult to maintain a righteous mind.

Just as companies cannot grow without the support of the local community, communities also need strong companies to thrive in today’s era.

On this special day marking POSCO’s 55th anniversary, I hope it becomes a day for the local community and companies to reflect on mutual respect and gratitude.

“Congratulations on POSCO’s 55th birthday, which has been with the Republic of Korea,

and the 40th anniversary of the Gwangyang Steelworks, which has been with Gwangyang.”