POSCO E&C unveils new growth strategy

SEOUL, Sept. 19 (Yonhap) -- South Korean builder POSCO E&C Co. said Tuesday it will seek to sharply boost its corporate value over the next 12 years by shifting to a new eco-friendly growth strategy.

POSCO E&C, the construction arm of South Korea's top steelmaker POSCO Holdings Inc., said it is targeting to register sales of 25 trillion won ($18.9 billion) and 2 trillion won in operating profit by 2035.

Those figures are estimated to help its corporate value to increase by 10 times from the current level, said the builder, unveiling its new green growth strategy.

The business vision of POSCO E&C, which marks its 30th anniversary next year, came two months after its parent POSCO Group announced a new growth strategy.

In line with the group strategy, POSCO E&C said it will seek to focus its business portfolio on green growth sectors.

POSCO E&C will thus shift from its existing business framework centering on plant and infrastructure construction to a new model focusing on eco-friendly projects.

The company will also push to boost its competitiveness in such future growth areas as materials for rechargeable batteries and green energy businesses, like maritime wind farms, hydrogen and small modular reactors.

"With the announcement of the vision, POSCO E&C will take up the challenge of becoming an eco-friendly company by surpassing the limit of its business area," company CEO Han Sung-hee said in a statement.

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