Posco to invest $92bn in batteries and hydrogen by 2030

Posco Group, the South Korean conglomerate that owns the country's largest steelmaker, said it plans to invest $92 billion in batteries and hydrogen through 2030.

The group, which is taking steps to diversify, will create about 330,000 jobs annually.

Posco Future M Co. and Posco International Corp. previously outlined plans to invest in battery component manufacturing, including cathodes, nickel and lithium recycling, and renewable energy.

A spokeswoman for Posco said some of those costs are included in the 121 trillion won package, without giving details. According to her, additional investments will be made by Posco Holdings Inc. and its subsidiaries and divisions will be planning future announcements to provide more information.

Posco Holdings increased earnings after the announcement, closing up 3.6%, its biggest gain in four weeks. The core Kospi index rose by 1.5%.