POSCO’s chemical, construction units renamed for green initiatives

POSCO Future M logo [Courtesy of POSCO Future M]

POSCO Chemical Co., the battery materials unit of South Korea’s steel giant POSCO, has been renamed to POSCO Future M Co. as it strives to become a leading environmentally-friendly future materials company.

POSCO Chemical held a shareholders meeting at its headquarters in Pohang, North Gyeongsang Province, on Monday, and confirmed the name change. The company also appointed its President Kim Jun-hyung as chief executive officer.

POSCO Future M is a combination of future and the acronym of terms materials, movement, and management.

“POSCO Future M has been leading nationwide economic progress over the half-century through the manufacturing of various materials,” Kim said. “The corporate name represents our vision for the future and the paths we will take as a chemicals and energy business.”

POSCO Future M became the eighth corporate name adopted by the chemicals unit since its inception in 1971. The former name POSCO Chemical was adopted after the merger of POSCO Chemtech and POSCO ESM, a battery cathode business, in 2019.

Posco Engineering & Construction Co., also changed its name to POSCO E&C at a shareholders meeting on Monday.

The acronym E&C is a combination of eco and challenge, the company said. The name is considered a rare choice for a construction company, given that many others choose the terms engineering and construction when combining acronyms for E&C.

“The new name points to our efforts to create a future green society beyond the existing construction industry,” the company said.

POSCO E&C CEO Han Sung-hee also said the company should “play a pivotal role in building an eco-friendly future society.”

The company is expected to expand businesses in hydrogen reduction steel and engineering, procurement, and construction (EPC) sectors.