SEOUL (Reuters) - South Korean steelmaker POSCO said on Monday that it plans to more than double its investment spending over the next five years to 45 trillion won ($40.4 billion), as it looks to strengthen its competitiveness.
Under the plan, POSCO will invest 26 trillion won to 2023 in upgrading and adding steel facilities, another 10 trillion won in new business sectors, including lithium batteries, and the rest on its energy business, the company said in a statement.
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, according to company data.
In late August, POSCO sealed a deal to buy lithium mining rights in Argentina from Australian miner Galaxy Resources for $280 million.
Reporting By Jane Chung; Editing by Christian Schmollinger and Richard Pullin