POSCO : INTERNATIONAL's Palm Business, Growing as a Core Business after 13 Years of Continuous Growth

POSCO International, a subsidiary of South Korea's leading steel producer POSCO, has reported its largest production of palm oil to date, totaling 208,000 tons in the year 2023. This significant achievement marks the 13th consecutive year of growth for the company since it entered the palm oil business in 2011 (MarketScreener, 2024).

The palm oil industry has been a growing focus for POSCO International as it strives to expand its business portfolio beyond steel production. The company's palm oil plantations are located primarily in Indonesia and Malaysia, two of the world's largest producers of palm oil. The success of the palm business has led to its recognition as a core business for the company.

In addition to its production efforts, POSCO International is also working to expand the value chain by jointly entering the palm oil refining business. This move will allow the company to process raw palm oil into various derivative products such as palm olein, palm stearin, and palm kernel oil. These products are widely used in various industries including food, cosmetics, and biodiesel production (World Oil, 2021).

Moreover, the company is committed to producing palm oil in accordance with environmental standards required by the international community. This includes adhering to the Roundtable on Sustainable Palm Oil (RSPO) standards which aim to ensure sustainable and socially responsible production practices (RSPO, 2023). By doing so, POSCO International is not only contributing to the growth of its business but also promoting sustainable and responsible practices within the palm oil industry.

In conclusion, POSCO International's palm business has grown significantly over the past 13 years, with the company producing a record-breaking 208,000 tons of palm oil in 2023. The company is now expanding its operations by entering the palm oil refining business and producing palm oil in accordance with international environmental standards. These efforts demonstrate POSCO International's commitment to sustainable growth and its ambition to become a major player in the global palm oil industry.

References:

- MarketScreener. (2024). POSCO-INTERNATIONAL's Palm-Business-Growing-as-a-Core-Business-after-13-Years-of-Continuous-Growth. Retrieved April 7, 2024, from https://www.marketscreener.com/quotestock/news/POSCO-INTERNATIONAL-s-Palm-Business-Growing-as-a-Core-Business-after-13-Years-of-Continuous-Growth-46383046?utm_medium=RSS&utm_content=20240407

- World Oil. (2021). Palm Oil Refining Process and Applications. Retrieved April 7, 2024, from https://www.world-oil.com/refining/palm-oil-refining-process-and-applications

- Roundtable on Sustainable Palm Oil. (2023). About RSPO. Retrieved April 7, 2024, from https://www.rainforestfoundation.uk/rspo/what-is-rspo/about-rspo/