POSCO Holdings Inc. (PKX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la innovación industrial global, Posco Holdings Inc. surge como una potencia transformadora, combinando la fabricación de acero de vanguardia con destreza tecnológica estratégica. Este lienzo de modelo comercial integral revela cómo el gigante de Corea del Sur trasciende la fabricación tradicional, tejido de sostenibilidad, investigación de materiales avanzados y asociaciones estratégicas en un ecosistema corporativo robusto que impulsa el valor en los sectores de energía automotriz, construcción y renovable. Al aprovechar su amplia experiencia tecnológica y su red global, POSCO no solo produce acero, los ingenieros son soluciones integrales que remodelan los paisajes industriales y impulsan el desarrollo sostenible a escala global.

Posco Holdings Inc. (PKX) - Modelo de negocio: asociaciones clave

Alianza estratégica con fabricantes de acero global

POSCO ha establecido asociaciones estratégicas con múltiples fabricantes de acero mundial:

Pareja	País	Tipo de asociación	Año establecido
ArcelorMittal	Luxemburgo	Compartir tecnología	2015
Tata acero	India	Colaboración de producción	2012
Thyssenkrupp	Alemania	Asociación de investigación	2018

Empresas conjuntas en energía renovable y tecnología verde

Posco ha invertido en asociaciones de tecnología verde:

• Empresa conjunta de producción de hidrógeno con POSCO Future M (inversión: $ 1.2 mil millones)
• Colaboración de energía solar con Corea Electric Power Corporation
• Asociación del proyecto de energía eólica en Vietnam (inversión total: $ 450 millones)

Colaboración con socios de la industria automotriz y de la construcción

Las asociaciones clave de automoción y construcción incluyen:

Pareja	Enfoque de colaboración	Valor anual del contrato
Hyundai Motor Company	Materiales de acero avanzado	$ 320 millones
Samsung C&T	Materiales de construcción	$ 210 millones
Kia Corporation	Soluciones de acero automotriz	$ 280 millones

Acuerdos de intercambio de tecnología con instituciones de investigación

POSCO colabora con instituciones de investigación a nivel mundial:

• Universidad Nacional de Seúl (investigación avanzada de materiales)
• KAIST (Instituto Coreano Avanzado de Ciencia y Tecnología)
• Centro de investigación de materiales MIT (colaboración internacional)

Asociaciones de la cadena de suministro con proveedores de materias primas

Asociaciones críticas de materia prima:

Material	Proveedor país	Volumen anual	Valor de contrato
Mineral de hierro	Australia	8.5 millones de toneladas	$ 1.2 mil millones
Níquel	Indonesia	250,000 toneladas	$ 380 millones
Carbón	Mongolia	3.2 millones de toneladas	$ 420 millones

Posco Holdings Inc. (PKX) - Modelo de negocio: actividades clave

Producción y fabricación de acero

Capacidad de producción anual de acero: 43.7 millones de toneladas en 2022

Instalación de producción	Ubicación	Capacidad anual (millones de toneladas)
Pohang funciona	Pohang, Corea del Sur	16.2
Gwangyang funciona	Gwangyang, Corea del Sur	18.5

Investigación y desarrollo de materiales avanzados

Inversión en I + D en 2022: 455.3 mil millones de KRW

• Número de patentes de investigación activa: 7,231
• Centros de investigación: 3 centros de innovación global
• Proyectos anuales de desarrollo de tecnología: 127

Innovación de tecnología verde

Objetivo de reducción de carbono para 2050: reducción del 50% desde la línea de base de 2018

Iniciativa de tecnología verde	Inversión (mil millones de KRW)
Producción de acero verde	1,230
Tecnología de reducción de hidrógeno	680

Comercio internacional y gestión de exportaciones

Ingresos de exportación total en 2022: 13.8 billones de KRW

• Mercados de exportación: más de 70 países
• Porcentaje de ventas internacionales: 42% de los ingresos totales

Desarrollo de infraestructura sostenible

Inversiones de proyectos de infraestructura en 2022: 2.6 billones de krw

Sector de infraestructura	Monto de inversión (mil millones de KRW)
Proyectos de energía renovable	890
Desarrollo urbano	1,240
Infraestructura de transporte	470

Posco Holdings Inc. (PKX) - Modelo de negocio: recursos clave

Instalaciones avanzadas de fabricación de acero

POSCO opera 4 fábricas de acero integradas en Corea del Sur con una capacidad de producción anual total de 40,4 millones de toneladas. Las ubicaciones de las instalaciones incluyen:

Ubicación	Capacidad anual	Establecido
Pohang funciona	18.4 millones de toneladas	1973
Gwangyang funciona	22 millones de toneladas	1987

Experiencia tecnológica

Investigación y inversión de desarrollo: 522.3 mil millones de KRW en 2022

• 4 Centros de I + D globales
• 1.236 patentes registradas
• Tecnologías avanzadas en producción de acero de alta resistencia

Cartera de propiedades intelectuales

Activos de propiedad intelectual total registrada: 3.274 patentes a nivel mundial

Categoría de patente	Número de patentes
Fabricación de acero	1,876
Tecnología verde	512

Red de distribución global

Presencia internacional en 53 países con:

• 38 instalaciones de producción en el extranjero
• 52 redes de ventas
• 10 subsidiarias comerciales

Fuerza laboral hábil

Fuerza laboral total: 16,541 empleados a partir de 2022

Categoría de empleado	Número de empleados
Trabajadores de producción	8,942
Investigación e ingeniería	3,276
Gestión	4,323

Posco Holdings Inc. (PKX) - Modelo de negocio: propuestas de valor

Productos de acero innovadores e innovadores de alta calidad

Posco produjo 37.99 millones de toneladas de acero crudo en 2022. La capacidad de producción anual de acero alcanza 43.5 millones de toneladas. El volumen total de ventas de acero fue de 35,64 millones de toneladas en 2022.

Categoría de productos de acero	Volumen de producción (2022)	Cuota de mercado
Acero plano	22.36 millones de toneladas	60.5%
Acero largo	13.28 millones de toneladas	36.5%

Soluciones sostenibles y ecológicas

Posco comprometió $ 3.7 mil millones en inversiones de tecnología verde para 2030. Objetivo de reducción de emisiones de carbono: 35% para 2030.

• Capacidad de producción de hidrógeno verde: 2.5 millones de toneladas para 2030
• Inversión de energía renovable: $ 1.2 mil millones
• Iniciativas de economía circular: reciclaje de 10 millones de toneladas de acero anualmente

Materiales avanzados para industrias de vanguardia

La división de materiales avanzados de POSCO generó $ 2.3 mil millones en ingresos en 2022. Cuota de mercado de materiales de batería: 15% a nivel mundial.

Tipo de material avanzado	Producción anual	Contribución de ingresos
Acero automotriz	8.5 millones de toneladas	$ 1.2 mil millones
Materiales de batería	100,000 toneladas	$ 650 millones

Procesos de fabricación rentables

Reducción de costos de fabricación: 12% en 2022. Ahorro total de eficiencia operativa: $ 450 millones.

Soluciones de ingeniería personalizadas para clientes

Contratos de soluciones de ingeniería valorados en $ 1.8 mil millones en 2022. Tasa de satisfacción del cliente: 92%.

• Portafolio del Proyecto de Ingeniería Global: 45 países
• Valor promedio del proyecto: $ 40 millones
• Tasa de retención del cliente: 87%

Posco Holdings Inc. (PKX) - Modelo de negocio: relaciones con los clientes

Enfoque de asociación industrial a largo plazo

POSCO mantiene asociaciones estratégicas con 1,240 clientes industriales en los sectores automotriz, de construcción naval y de construcción. La tasa de retención de clientes de la compañía es del 92.3% a partir de 2023.

Sector industrial	Número de clientes clave	Duración de la asociación
Automotor	387	10-15 años
Construcción naval	256	8-12 años
Construcción	597	7-10 años

Soporte técnico y servicios de consulta

POSCO ofrece soporte técnico dedicado a través de 72 equipos de ingeniería especializados a nivel mundial. La inversión anual en infraestructura de atención al cliente es de $ 43.6 millones.

• Línea directa de consulta técnica 24/7
• Soporte de ingeniería en el sitio
• Desarrollo de soluciones de material personalizado

Gestión de cuentas dedicada

La compañía emplea a 214 gerentes de cuentas dedicados que atienden a clientes de nivel empresarial. El tiempo promedio de respuesta del equipo de gestión de cuentas es de 2.7 horas.

Segmento de clientes	Número de gerentes de cuentas	Cartera promedio de clientes
Grandes empresas	86	15-20 clientes
Empresas medianas	128	25-30 clientes

Plataformas de participación de clientes digitales

Las plataformas digitales de POSCO procesan el 67% de las interacciones del cliente. El uso de la plataforma digital aumentó en un 38% en 2023.

• Portal de especificaciones de material en línea
• Sistema de seguimiento de inventario en tiempo real
• Plataforma de gestión de pedidos digitales

Innovación continua y mejora del producto

La inversión de I + D para la innovación impulsada por el cliente es de $ 127.4 millones en 2023. El ciclo de desarrollo de productos promedia 8.5 meses.

Área de enfoque de innovación	Presupuesto de I + D	Nuevos lanzamientos de productos
Materiales de acero avanzado	$ 62.3 millones	14 productos
Soluciones sostenibles	$ 45.1 millones	9 productos
Integración digital	$ 20 millones	6 plataformas

Posco Holdings Inc. (PKX) - Modelo de negocio: canales

Equipos de ventas directos

POSCO mantiene 27 oficinas de ventas globales en 19 países a partir de 2023. El tamaño del equipo de ventas comprende aproximadamente 1,200 representantes de ventas profesionales. Los ingresos totales de ventas anuales a través de canales de ventas directas alcanzaron $ 32.4 mil millones en 2022.

Región	Número de oficinas de ventas	Cobertura de ventas
Asia	12	65% de las ventas directas
Europa	5	15% de las ventas directas
América	7	20% de las ventas directas

Plataformas digitales en línea

Los canales de ventas digitales generaron $ 4.6 mil millones en ingresos durante 2022. Posco opera 3 plataformas de comercio electrónico primarias con 287,000 clientes comerciales registrados.

• Plataforma de comercio de acero B2B
• Posco Global E-Marketplace
• Sistema de adquisiciones en línea de materiales industriales

Exposiciones de comercio internacional

POSCO participa en 22 exposiciones de comercio internacional anualmente. La participación de la exposición genera aproximadamente $ 1.2 mil millones en posibles negociaciones de contratos.

Eventos de marketing específicos de la industria

La cartera de eventos de marketing anuales incluye 45 conferencias de la industria específicas. La participación estimada del evento de marketing alcanza 12.500 clientes industriales potenciales.

Redes de distribución estratégica

POSCO mantiene 64 centros de distribución estratégica en 6 continentes. La red de distribución maneja 3,2 millones de toneladas métricas de productos de acero anualmente.

Región de distribución	Número de centros	Capacidad de manejo anual
Asia-Pacífico	28	1.5 millones de toneladas métricas
América del norte	12	650,000 toneladas métricas
Europa	10	450,000 toneladas métricas
Otras regiones	14	600,000 toneladas métricas

Posco Holdings Inc. (PKX) - Modelo de negocio: segmentos de clientes

Fabricantes de automóviles

Posco sirve a los principales fabricantes automotrices con productos de acero y metal. A partir de 2023, la compañía suministró acero a:

Cliente automotriz	Suministro anual de acero (toneladas métricas)
Hyundai Motor Company	2.4 millones
Kia Corporation	1.8 millones
Fabricantes de automóviles globales	4.6 millones

Compañías de construcción e infraestructura

POSCO ofrece soluciones de acero especializadas para proyectos de construcción:

• Suministro de acero de infraestructura anual: 3.2 millones de toneladas métricas
• Proyectos principales de infraestructura en Corea del Sur: 87 contratos activos
• Cuota de mercado del acero de infraestructura internacional: 5.6%

Sector de energía renovable

Productos de acero y metal para infraestructura de energía renovable:

Segmento de energía renovable	Suministro anual de acero (toneladas métricas)
Estructuras de paneles solares	620,000
Componentes de la turbina eólica	450,000
Suministro total de acero de energía renovable	1.07 millones

Fabricantes de maquinaria pesada

POSCO suministra acero especializado para la producción de maquinaria pesada:

• Suministro anual de acero de maquinaria pesada: 1.5 millones de toneladas métricas
• Clientes clave: Doosan, Samsung Heavy Industries
• Penetración del mercado global: 4.3%

Productores mundiales de equipos industriales

Desglose de suministro de acero del equipo industrial:

Categoría de equipos industriales	Suministro anual de acero (toneladas métricas)
Equipo minero	340,000
Equipo de construcción	520,000
Equipo marino	280,000
Suministro total de acero de equipos industriales	1.14 millones

Posco Holdings Inc. (PKX) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

En 2023, los costos de adquisición de materia prima de Posco totalizaron 21.87 billones de KRW. La empresa obtuvo:

Materia prima	Costo de adquisición anual	Volumen
Mineral de hierro	8.45 billones de krw	45.6 millones de toneladas
Carbón	6.23 billones de krw	32.1 millones de toneladas
Chatarra	3.12 billones de krw	15.7 millones de toneladas

Gastos de fabricación y producción

Los gastos de fabricación para 2023 se documentaron de la siguiente manera:

• Costos de producción total: 25.64 billones de krw
• Costos de consumo de energía: 3.76 billones de krw
• Mantenimiento del equipo: 1.89 billones de krw
• Overhead operacional: 2.45 billones de krw

Inversiones de investigación y desarrollo

Gastos de I + D de Posco en 2023:

Categoría de I + D	Monto de la inversión
Gasto total de I + D	684.5 mil millones de KRW
Tecnología de acero verde	276.3 mil millones de KRW
Transformación digital	187.6 mil millones de KRW

Mantenimiento laboral y de la fuerza laboral

Costos relacionados con la mano de obra para 2023:

• Compensación total de empleados: 3.97 billones de krw
• Salario promedio de empleados: 85.6 millones de KRW/año
• Capacitación y desarrollo: 42.3 mil millones de KRW
• Fuerza laboral total: 37,892 empleados

Actualizaciones de tecnología e infraestructura

Desglose de inversión tecnológica para 2023:

Categoría de infraestructura	Monto de la inversión
Infraestructura digital	523.6 mil millones de KRW
Tecnología de fabricación	612.4 mil millones de KRW
Tecnologías de sostenibilidad	389.2 mil millones de KRW

Posco Holdings Inc. (PKX) - Modelo de negocio: flujos de ingresos

Venta de productos de acero

Posco Holdings generó ingresos totales de 65.76 billones de KRW en 2022. Las ventas de productos de acero representaron 57.3 billones de KRW de ingresos totales.

Categoría de productos	Ingresos (billones de KRW)	Cuota de mercado
Acero plano	32.4	56%
Acero largo	15.6	27%
Acero especial	9.3	17%

Licencias de materiales avanzados

Los ingresos por licencia de materiales avanzados alcanzaron 1.2 billones de KRW en 2022.

• Licencias de materiales de batería: 680 mil millones de krw
• Licencias de aleación de alto rendimiento: 520 mil millones de KRW

Soluciones de ingeniería

El segmento de ingeniería y construcción generó 3.5 billones de KRW en 2022.

Tipo de proyecto	Ingresos (mil millones de KRW)
Proyectos de infraestructura	1,850
Construcción de plantas industriales	1,650

Innovaciones de tecnología verde

Los ingresos por tecnología verde totalizaron 2.1 billones de KRW en 2022.

• Tecnología de producción de hidrógeno: 850 mil millones de krw
• Soluciones de captura de carbono: 750 mil millones de krw
• Infraestructura de energía renovable: 500 mil millones de krw

Ingresos de comercio internacional y exportaciones

Los ingresos de exportación alcanzaron 22.6 billones de KRW en 2022.

Región de exportación	Ingresos (billones de KRW)	Porcentaje
Porcelana	7.8	34.5%
Sudeste de Asia	6.2	27.4%
América	4.5	19.9%
Europa	4.1	18.2%

POSCO Holdings Inc. (PKX) - Canvas Business Model: Value Propositions

The value propositions offered by POSCO Holdings Inc. center on providing foundational materials for modern industry while aggressively pivoting toward future-facing, low-carbon technologies and integrated supply chains.

High-strength, lightweight steel for advanced automotive use

POSCO Holdings Inc. delivers specialized steel products vital for the automotive sector, focusing on materials that enable vehicle lightweighting and enhanced safety. The company is actively securing future supply agreements, evidenced by the MOU signed with Hyundai Motor Group in the first quarter of 2025 concerning steel business cooperation. The core steel business remains the primary financial engine, contributing 52% (KRW 37.6 trillion) of the total revenue in the 2024 fiscal year, and 68% (KRW 1.5 trillion) of the operating profit for that same year. The company is also developing low-carbon options like Hyper NO, which are categorized as low-carbon emissions products for high-growth industries. POSCO Holdings' market capitalization stood at approximately KRW 22.4 trillion at the end of February 2025. The company's Q3 2025 cumulative CAPEX administered was KRW 4.8 tril on a consolidated basis.

Full-cycle battery material supply chain, from raw material to recycling

POSCO Holdings Inc. offers a complete, vertically integrated supply chain for rechargeable battery materials, which is a significant differentiator. This chain spans from securing raw resources, such as lithium ore procured by POSCO Pilbara Lithium Solution from Australia, through to the production of active materials and recycling via POSCO GS Eco Materials. POSCO Future M, the core subsidiary, operates eight plants globally dedicated to producing cathode and anode materials. The group made strategic capital injections in May 2025, approving equity investments of around 1 trillion won ($701 million) into three key battery affiliates to solidify this chain.

The planned capacity expansion highlights this commitment to the full cycle:

Material Type	Target Capacity (by 2026)	Domestic 2025 Capacity (Est.)	Key Location(s)
Cathode Active Materials (CAM)	395,000 tons	150,000 tons (Domestic total by 2025)	Gwangyang, Pohang, Gumi (Korea)
Anode Active Materials	114,000 tons	Not explicitly stated for 2025, but unique in Korea as a supplier	Sejong (Natural Graphite)

The Gwangyang precursor plant, completed in mid-2025, has an annual capacity of 45,000 tons, enough for approximately 500,000 electric vehicles, and is key to securing a China-free supply chain. The Pohang cathode plant alone is slated to augment its annual manufacturing capacity up to 60,000 tons by 2025.

Commitment to carbon neutrality by 2050 for green supply chains

POSCO Holdings Inc. has established a clear long-term goal to achieve carbon neutrality by 2050 through its Decarbonization Roadmap. This commitment is being backed by tangible facility investments, such as the construction of a new Electric Arc Furnace (EAF) facility at Gwangyang Works with an annual capacity of 2.5 million tons, targeting operational launch in 2026. The EAF method offers a reduction in carbon emissions by up to 75% compared to conventional blast furnace operations. For the near term, the company's roadmap includes a target to reduce greenhouse gas emissions by 37% by 2030 from 2021 levels. In 2024, the actual performance recorded was 71.1 million tons against a target of 75.7 million tons.

Stable, customized supply of premium materials to top global automakers

The value proposition includes providing a stable and customized supply of high-specification materials, particularly for the electric vehicle market. POSCO Future M is focusing on upgrading its cathode products to high-nickel NCM and NCMA, with development of a 96% Ni content product slated for pilot production in the latter half of 2024. The company's ability to supply both cathode and anode active materials uniquely positions it to serve top-tier global automakers. The Gwangyang precursor facility is specifically designed to produce precursors for export to Ultium Cells LLC, the joint venture with General Motors Co. in the U.S.

Diversified business portfolio across steel, materials, and infrastructure

POSCO Holdings Inc. mitigates risk and captures growth through a diversified structure encompassing Steel, Rechargeable Battery Materials (RBM), and Infrastructure. The Q1 2025 consolidated sales were 17.437 trillion won, with the Infrastructure business sector achieving an operating profit of 307 billion won in that quarter, representing an increase of 181.7% compared to the previous quarter, driven by gas field sales at POSCO International. The RBM business saw anode material sales volume increase as customers diversified supply chains in Q1 2025.

Here's a look at the Q1 2025 financial contribution to consolidated revenue (based on one reported figure):

Business Segment	Q1 2025 Revenue (KRW billion)	Q1 2025 Operating Profit (KRW billion)
Steel (POSCO)	Approx. 14,202 (Q3 2025 figure, using as proxy for segment scale)	450 (Q1 2025, based on 450 billion won increase over prior quarter)
Infrastructure (POSCO International, E&C, etc.)	Not explicitly segmented in revenue for Q1 2025	307
Rechargeable Battery Materials (RBM)	Not explicitly segmented in revenue for Q1 2025	Operating loss decreased from previous quarter

The company is actively managing its portfolio, having completed 7 projects in asset restructuring by Q3 2025, generating KRW 400 billion in cash.

POSCO Holdings Inc. (PKX) - Canvas Business Model: Customer Relationships

You're looking at how POSCO Holdings Inc. maintains its crucial relationships with its diverse customer base as of late 2025. It's not just about shipping steel anymore; it's about deep integration into future-facing supply chains, especially in mobility.

Dedicated R&D collaboration with key automotive clients

POSCO Holdings Inc. is actively cementing relationships with future mobility leaders through its subsidiary, POSCO Future M. This involves direct, technology-focused partnerships. For instance, in December 2025, POSCO Future M signed a Memorandum of Understanding (MOU) with U.S.-based Factorial to cooperate on developing materials for all-solid-state batteries (ASSB). Factorial already has commercial partnerships with global automotive leaders like Mercedes-Benz, Stellantis, Hyundai Motor Company, and Kia Corporation. This collaboration is designed to leverage POSCO Future M's competitiveness in cathode and anode materials with Factorial's battery cell technology.

The focus here is on securing future demand by developing customized products. POSCO Future M is working to build a product portfolio that covers entry-level, standard, and premium electric vehicles segments.

• Cooperation on next-generation all-solid-state battery materials.
• R&D on cathode materials for ASSB and silicon anode materials is ongoing.
• Group-level R&D continues for lithium metal anode materials and sulfide-based solid electrolytes.

Long-term supply contracts for high-margin steel and materials

Securing raw material supply through long-term contracts is a bedrock for POSCO Holdings Inc.'s stability, which directly impacts its ability to promise consistent supply to its industrial customers. These contracts often feature periodic price adjustments based on the market, which helps manage margin volatility.

Here's a look at some of the material commitments as of mid-2025. Remember, these figures represent the remaining volume under contract, not new orders.

Material	Remaining Volume (as of June 30, 2025)	Remaining Volume (as of March 31, 2025)
Iron Ore	64 million tons	76 million tons
Coal	17 million tons	5 million tons

Also, for its infrastructure segment, POSCO International Corporation has a long-term power supply and demand contract for electricity from its Indonesian Combined Cycle Power Plant, with expiration dates set for February 28, 2039, and March 31, 2039, for Units 1 and 2, respectively.

Professional B2B sales and technical support for industrial clients

For its core industrial clients, POSCO Holdings Inc. relies on robust sales performance and an understanding of modern B2B buying behavior. The company reported consolidated sales of 17.437 trillion won for the first quarter of 2025, achieving an operating profit of 568 billion won. Within the steel business specifically, operating profit reached 450 billion won, marking a 34.7% increase compared to the prior quarter (Q4 2024), driven by sales price increases and cost reduction efforts.

To effectively engage these industrial buyers, POSCO Holdings Inc. must navigate complex decision-making units. Industry data suggests that B2B decision-makers use an average of 10 distinct channels to interact with suppliers. This means technical support and sales outreach must be coordinated across multiple touchpoints, definitely requiring strong CRM integration.

Investor relations and transparent ESG reporting for shareholders

Shareholders expect clear communication on long-term strategy and risk management, which POSCO Holdings Inc. addresses through its annual sustainability reporting. The 2024 POSCO Holdings Sustainability Report, released in July 2025, details its 'two core + new growth engine' strategy, measuring progress through an Environmental, Social, and Governance (ESG) perspective. The report aligns with the Global Reporting Initiative (GRI) Standards and reflects the Sustainability Accounting Standards Board (SASB) standards for iron and steel producers.

The company emphasizes building a cooperative ecosystem with stakeholders and developing sustainable supply chain policies. For transparency, the ESG Factbook for 2024 includes data from POSCO's domestic worksites and 11 overseas subsidiaries. External validation is also key to investor confidence:

• Received a rating of 1 across all QualityScore pillars by ISS ESG in January 2024.
• Recognized as an Industry Top Rated company by Sustainalytics in January 2024.
• Received an overall A+ ESG rating (A in Environmental / A+ in Social / A+ in Governance) from the Korea Institute of Corporate Governance and Sustainability in October 2023.

Finance: draft the 13-week cash view by Friday.

POSCO Holdings Inc. (PKX) - Canvas Business Model: Channels

Direct sales force to major industrial and construction customers.

POSCO Holdings Inc. moved KRW 72.688 trillion in consolidated sales in 2024, indicating the scale supported by its direct sales infrastructure. The steel business, which is a core part of the direct sales channel, recorded an operating profit margin ratio of 5.7% in Q2 2025. The company plans to secure global business opportunities by expanding investments in high-growth, high-profit markets such as North America. POSCO Holdings recorded Q3 2025 revenue of KRW 17.261 trillion. This channel supports the core steel business, which saw a 4% year-over-year increase in sales volume in Q2 2025.

Global trading network via POSCO International subsidiary.

POSCO International Corporation's trading operations are significant, with sales arising from export transactions and triangular transactions accounting for 86% of the Group's total sales as of December 31, 2024. The infrastructure business, which includes POSCO International's energy value chain expansion, posted an operating profit of KRW 307 billion in Q1 2025, marking an increase of 181.7% compared to the previous quarter. POSCO International has set a target to double its shareholder return ratio to 50% starting from 2025, up from 25% previously.

The operational performance of POSCO International's key segments in Q1 2025 included:

• Operating Profit Ratio: 3.3% for Materials, etc.
• Operating Profit Ratio: 3.3% for Energy.

Overseas processing centers (e.g., North America) for localized supply.

POSCO Holdings Inc. maintains processing centers in North America and Mexico to provide localized supply, particularly for the automotive steel market. The capacity figures for these centers as of early 2025 are detailed below.

Processing Center Location	Subsidiary/Affiliate	Processing Capacity
McCalla, US	POSCO-AAPC	160Kt
Puebla, Mexico	POSCO-MPPC	630Kt
Villagran, Mexico	POSCO-MVWPC	25Kt

Joint ventures and direct equity stakes in resource projects.

The company utilizes equity stakes and joint ventures to secure raw materials, such as lithium. POSCO Holdings announced investment plans of KRW 1.1 trillion to secure quality lithium resources in Australia and Argentina. This investment aims to secure 270,000 tons annually of lithium concentrate, which is enough for approximately 37,000 tons of lithium hydroxide, sufficient for about 860,000 electric vehicles. The Indonesian joint venture, PT. Krakatau POSCO, has an annual production capability of 3 million tons of steel.

Summarized financial information for select foreign joint ventures as of the three-month period ended March 31, 2025, shows the scale of operations flowing through these channels:

Foreign Joint Venture	Assets (W million)	Sales (W million)	Net Income (W million)
Roy Hill Holdings Pty Ltd	W. 10,751,129	W. 1,724,530	W. 432,223
South-East Asia Gas Pipeline Company Ltd	W. 1,615,842	W. 125,856	W. 68,432
9404-5515 Quebec Inc.	W. 1,650,839	-	W. 25,818

The infrastructure business segment, which includes energy and construction, saw its operating profit reach KRW 307 billion in Q1 2025. The company is completing restructuring projects, targeting a cumulative cash generation of KRW 2.1 trillion by the end of 2025 from 106 projects.

POSCO Holdings Inc. (PKX) - Canvas Business Model: Customer Segments

You're looking at the core groups POSCO Holdings Inc. serves, which is how they turn their massive material production into actual revenue. It's a mix of traditional heavy industry and the new energy transition.

Global Automotive Manufacturers (OEMs) requiring advanced steel.

This segment relies on POSCO Holdings Inc.'s high-grade steel products. The relationship is being reinforced through strategic alliances, such as the one announced with Hyundai Motor Group for future mobility areas, which includes steel supply. For the second quarter of 2025, POSCO's finished steel sales rose by 3.9 percent year on year to 8.17 million mt. However, the first quarter of 2025 showed final steel sales at 8.15 million tons, a slight dip of 0.9 percent year-on-year. Crude steel production for Q2 2025 was 8.37 million mt.

Secondary Battery and Cell Manufacturers (EV and ESS).

This is the high-growth area, driven by POSCO Future M Co. The company is aggressively targeting this market. POSCO Holdings Inc. has a goal of achieving 62 trillion won in sales from secondary battery materials by 2030. For 2026, the annual sales target was set at 11 trillion won for materials like cathode, anode, lithium, and nickel. To support this, POSCO announced plans in November 2025 to invest KRW 1.1 trillion to secure raw materials, which will provide a stable annual supply of 270,000 tons of lithium concentrate. This amount is enough to produce approximately 860,000 electric vehicles. The planned 2026 production capacity includes 395,000 tons of cathode and 114,000 tons of anode. The operating loss in the energy materials business widened quarter-over-quarter in Q2 2025 due to decreased cathode materials sales.

Major Construction and Civil Engineering Companies.

This segment falls under the Infrastructure business, which has seen some volatility. In the second quarter of 2025, operating profit for the infrastructure business slumped 46 percent year-on-year. This was partly due to POSCO E&C swinging to a loss from additional costs on overseas projects. To give you a contrast, in the first quarter of 2025, the infrastructure sector actually posted an operating profit of 307 billion won, which was a significant increase of 181.7 percent compared to the previous quarter. POSCO Holdings Inc. aims to complete 106 projects by the end of 2025 to generate a cumulative cash inflow of KRW 2.1 trillion from restructuring low-yield businesses.

Energy and Power Generation Companies (LNG, power plants).

POSCO Holdings Inc. serves this segment through its energy value chain expansion, particularly via POSCO International. A key area is supplying advanced steel for Liquefied Natural Gas (LNG) infrastructure. POSCO is using its cryogenic high manganese steel for LNG storage, which is about 30 percent cheaper than the conventional 9 percent nickel steel. The high manganese steel contains 22.5 to 25.5 percent manganese. The improved performance in the power generation sector contributed to the infrastructure business's Q1 2025 operating profit.

Shipbuilders and Heavy Equipment Manufacturers.

This group is a direct consumer of specialized steel products, like the high manganese steel developed for LNG carriers. POSCO Holdings Inc. secured the implementation of this material with Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering. The high manganese steel offers superior strength and elongation compared to traditional materials.

Here's a quick look at some of the key financial and operational metrics relevant to these customer groups as of mid-to-late 2025:

Customer Segment Focus	Metric	Value / Target	Period / Context
Secondary Battery Materials	2030 Sales Target	62 trillion won	By 2030
Secondary Battery Materials	Secured Lithium Concentrate	270,000 tons annually	From Wodgina and Mt. Marion mines
Secondary Battery Materials	Planned Cathode Production Capacity	395,000 tons	By 2026
Global Automotive (Steel)	Finished Steel Sales Volume	8.17 million mt	Q2 2025, YoY increase of 3.9 percent
Construction/Infrastructure	Infrastructure Sector Operating Profit	307 billion won	Q1 2025
Construction/Infrastructure	Infrastructure Sector Profit Change	Increase of 181.7 percent	Q1 2025 vs. previous quarter
Energy (LNG)	High Manganese Steel Cost Advantage	About 30 percent cheaper	Compared to 9 percent nickel steel

You'll want to watch the steel sales volume closely, as it's the bedrock of the business, even as the battery materials segment scales up toward its 11 trillion won annual sales goal by 2026. Finance: draft 13-week cash view by Friday.

POSCO Holdings Inc. (PKX) - Canvas Business Model: Cost Structure

The cost structure for POSCO Holdings Inc. is heavily influenced by the procurement of primary inputs for its core steel business and massive capital outlays for its future-facing energy materials segment.

The cost of raw materials remains a significant variable. For the core steel business, key raw material costs for carbon steel showed a slight decrease, moving from an index of 100 in Q4 2024 to 99 in Q1 2025. The company is actively managing this through strategies like retiring older blast furnaces, with the Pohang No. 2 furnace potentially closing or revamping as early as 2025. The overall strategy includes securing a technology pathway to manage raw material risks, such as through R&D on hydrogen-reduced iron ore.

Capital Expenditure (CAPEX) for the green transition and new facilities is substantial. POSCO Group has committed to spending KRW 121 trillion (approximately $92.6 billion) globally by 2030, with KRW 73 trillion earmarked for domestic businesses. The planned consolidated CAPEX budget for the full year 2025 was set at KRW 8.8 trillion, of which KRW 1.5 trillion was executed in Q1 2025 on a consolidated basis.

The push for technological superiority drives R&D spending. Data for the twelve months ending June 30, 2025, indicates Research and Development Expenses were reported as $0M, representing a 0% year-over-year change. This R&D is integrated into the overall investment plan, with a portion of the 2025 CAPEX allocated to R&D activities.

For the mainstay steel business, cost-cutting and efficiency improvements have already yielded results, creating an additional revenue/cost benefit by a combined KRW 230 billion since Chairman Chang took the helm (as of July 2024). The company has an operational cost savings target of over KRW 1 trillion annually in steel, which is a key driver for facility rationalization.

A major financial commitment in 2025 was the strategic investment into the battery materials sector to navigate the electric vehicle market slowdown. POSCO Holdings approved a total investment of KRW 922.6 billion in its three key battery material affiliates through capital increases in May 2025. This capital injection aims to secure future competitiveness and improve financial structures.

Here is the breakdown of the KRW 922.6 billion investment into battery material affiliates in 2025:

Affiliate	Investment Amount (KRW billion)	Investment Amount (USD million)
POSCO Future M Co.	525.6	(Implied from total)
POSCO Pilbara Lithium Solution	328.0	(Implied from total)
POSCO GS Eco Materials	69.0	(Implied from total)
Total Investment	922.6	633

The allocation of the 2025 CAPEX budget of KRW 8.8 trillion shows the strategic priorities:

• Steel: 41%
• Energy Materials: 38%
• Infrastructure: 19%
• R&D: 2%

The investment in the Energy Materials segment, which includes battery materials, is a significant portion of the total planned CAPEX for 2025.

POSCO Holdings Inc. (PKX) - Canvas Business Model: Revenue Streams

The revenue streams for POSCO Holdings Inc. are fundamentally anchored in its legacy steel operations but are increasingly diversified by its strategic pivot into future growth engines like energy materials and infrastructure services. You see the core business still driving the bulk of the top line, but the newer segments are showing significant operational improvements, which translates to future revenue potential.

Sales of steel products, including plates, wire rods, and hot/cold rolled steel, remain the primary revenue driver for POSCO Holdings Inc. This segment is the bedrock of the company's financial performance. For instance, in Q1 2025, the steel business operating profit reached KRW 450 billion, marking a 34.7% increase compared to the previous quarter, driven by sales price increases and cost reduction efforts. The company is also focusing on expanding investments in high-growth markets like India and North America for its steel products.

The next major component is revenue from secondary battery materials, now officially termed the Energy Materials segment following an internal reorganization in January 2025. This area includes sales of cathode and anode materials, as well as lithium hydroxide. While this segment continued to incur operating losses in Q1 2025 due to new plant ramp-ups and lithium business profitability challenges, POSCO Future M expanded sales of high-nickel cathode materials, and anode material sales volume increased as customers diversified supply chains. POSCO Holdings has a stated goal of achieving annual sales of 11 trillion won from battery materials by 2026.

Revenue from infrastructure is a growing stream encompassing several sub-businesses. This includes revenue from trading commissions and construction contracts managed through subsidiaries like POSCO International and POSCO E&C. The infrastructure business sector showed quite solid performance in Q1 2025, with operating profit reaching KRW 307 billion, which was a substantial 181.7% increase from the prior quarter.

Finally, there is revenue derived from energy sales, primarily from POSCO International's gas field operations and power generation activities, which contribute to the Infrastructure segment's overall results. Increased gas field sales at POSCO International and improved performance in the power generation sector were key drivers in the infrastructure segment's Q1 2025 operating profit surge.

To give you a clearer picture of the scale and segment focus based on the most recent reported period, here is a look at the consolidated revenue and the Q1 2025 operating profit contributions across the key areas. Remember, the revenue figures are based on the consolidated top line, and the segment data below reflects operating profit, which shows where the profitability was concentrated early in 2025.

Financial Metric	Amount (KRW)	Period/Context
Consolidated Revenue	17.437 trillion	Q1 2025
2024 Consolidated Sales	72.688 trillion	Full Year 2024
Steel Segment Operating Profit	450 billion	Q1 2025
Infrastructure Segment Operating Profit	307 billion	Q1 2025
Energy Materials Segment Operating Result	Operating loss reduced by half Q-o-Q	Q1 2025
Energy Materials Annual Sales Target	11 trillion (by 2026)	Future Goal

You can see the concentration of operating profit in Q1 2025 was heavily weighted toward the traditional steel business, even as the infrastructure segment delivered a massive sequential improvement. The energy materials business is still in an investment/ramp-up phase, meaning its revenue contribution is currently smaller than its long-term strategic importance suggests.

Here are the key revenue-related activities POSCO Holdings Inc. is focused on:

• Sales of plates, wire rods, and hot/cold rolled steel products.
• Expansion of high-nickel cathode and anode material sales.
• Securing revenue from POSCO International's gas field sales.
• Generating income from POSCO E&C construction contracts.
• Trading commissions generated through logistics and trading arms.

The consolidated Q1 2025 revenue came in at KRW 17.437 trillion. This figure represented a decrease of approximately 2.1% compared to the previous quarter (Q4 2024). For context, the full-year 2024 consolidated sales were KRW 72.688 trillion.

Finance: review Q2 2025 segment operating profit data against the Q1 2025 figures by next Tuesday.