A report by the news agency Reuters claims that POSCO, a leading South Korean steelmaker, is planning to more than double investment spending over the next five years to 45 trillion won ($40.4 billion), in a bid to strengthen its competitiveness.

The company plans to invest 26 trillion won to 2023 on upgrading and expanding its steel facilities, 10 trillion won in new business sectors (including lithium batteries) and the rest on its energy business.

According to the Reuters report, 'the plan will lift total spending over the five-year period by 27 trillion won to 45 trillion won, some two-and-a-half times the 18 trillion won it spent over the previous five years'.

Reuters also claims that In late August, POSCO sealed a deal to buy lithium mining rights in Argentina from Australian miner Galaxy Resources for $280 million.

Source: Reuters