POSCO International partners with Nonghyup Feed to nurture food business

POSCO International takes a commemorative photo after signing a supply agreement for imported feed ingredients with Nonghyup Feed. (POSCO International)

POSCO International Corp., the trading arm of South Korea’s leading steelmaker POSCO Group, has partnered with Nonghyup Feed Co., the largest feed company in Korea, to strengthen its position as a top 10 global player in the food business.

According to POSCO International on Tuesday, the company signed a business agreement with Nonghyup Feed on Monday to ensure the stable supply of imported feed ingredients.

The signing ceremony was attended by key figures from both companies, including Lee Sang-hoon, head of the Food Ingredients Division at POSCO International, and Kim Kyung-soo, chief executive officer of Nonghyup Feed.

Under the agreement, POSCO International will provide Nonghyup Feed with a stable supply of imported feed ingredients, including palm kernel cake produced at its directly operated farm in Indonesia.

Palm kernel cake is a by-product left after extracting oil from palm fruit and is used as a raw material for livestock feed.

The two companies also plan to explore ways to expand the import of Ukrainian grains once the situation in Ukraine improves.

Building on this agreement, POSCO International aims to continue expanding its food business by entering the South American grain procurement market and streamlining its terminal operations in Ukraine after the end of the conflict there.

In May last year, POSCO International declared its ambition to become one of the world‘s top 10 food companies by 2030, with plans to secure farmland overseas that is 15 times the size of Seoul.