(LEAD) New POSCO chairman sets sights on battery materials expansion

Chang In-hwa, the newly appointed chairman of South Korea's leading steelmaking POSCO Group, on Thursday expressed his commitment to leading the company's constant expansion into the secondary battery materials business as a new growth driver with a constant focus on its core steel business. "Steelmaking is POSCO's backbone business, and battery material is another one," Chang said in a press conference at the company's Seoul headquarters held after his appointment as the new head of the country's fifth-largest conglomerate at a shareholders' meeting. "I think we have to become a super leader both in steel and battery industries," he said. With the endorsement by shareholders and the board of director of POSCO Holdings, the group's holding company, Chang officially took office for a three-year term. He won a competitive selection process involving six contenders for the top post in the conglomerate last month and became the sole candidate. Chang said the secondary battery material business is POSCO's new weapon of choice for a future business amid its decadeslong effort to seek new growth drivers other than steelmaking. "I'm fully determined to make it successful," he said. "I'll make proper investment in a timely manner. I'll not be reluctant to make a decision." Acknowledging the challenges posed by the recent downturn in the secondary battery materials market due to a decline in demand for electric vehicles, Chang remained resolute in his determination to navigate through the crisis "The sluggish secondary battery material market will bring both crisis and opportunity to the industry," Chang said, emphasizing POSCO's commitment to continued investment to maintain a competitive edge. "We will be fully prepared for that future." Chang is a seasoned veteran in the steel industry with a wealth of experience. He earned a bachelor's and master's degree in naval architecture and ocean engineering at Seoul National University, and earned a Ph.D. in ocean engineering from the Massachusetts Institute of Technol ogy. He joined POSCO Group as a researcher for the Pohang Research Institute of Industrial Science and Technology in 1988. Over his 33-year tenure with the company, he has held pivotal roles, including heading the steel production division and serving as the president of POSCO. Source: Yonhap News Agency