POSCO Holdings Inc. (PKX): Canvas de modèle commercial [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'innovation industrielle mondiale, POSCO Holdings Inc. apparaît comme une puissance transformatrice, mélangeant la fabrication d'acier de pointe avec des prouesses technologiques stratégiques. Cette toile complète du modèle commercial révèle comment le géant sud-coréen transcende la fabrication traditionnelle, le tissage de la durabilité, la recherche avancée sur les matériaux et les partenariats stratégiques en un écosystème d'entreprise robuste qui stimule la valeur de l'automobile, de la construction et des secteurs des énergies renouvelables. En tirant parti de sa vaste expertise technologique et de son réseau mondial, POSCO ne se contente pas de produire des solutions complètes en acier - ses ingénieurs qui remodèlent les paysages industriels et propulsent le développement durable à l'échelle mondiale.

POSCO Holdings Inc. (PKX) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec les fabricants mondiaux d'acier

POSCO a établi des partenariats stratégiques avec plusieurs fabricants mondiaux d'acier:

Partenaire	Pays	Type de partenariat	Année établie
Arcelormittal	Luxembourg	Partage technologique	2015
Tata	Inde	Collaboration de production	2012
Thyssenkrupp	Allemagne	Partenariat de recherche	2018

Coentreprises dans les énergies renouvelables et les technologies vertes

POSCO a investi dans des partenariats technologiques vertes:

• Joint de production d'hydrogène avec POSCO Future M (investissement: 1,2 milliard de dollars)
• Collaboration d'énergie solaire avec coréen Electric Power Corporation
• Partenariat du projet d'énergie éolienne au Vietnam (investissement total: 450 millions de dollars)

Collaboration avec des partenaires de l'industrie automobile et de la construction

Les principaux partenariats automobiles et de construction comprennent:

Partenaire	Focus de la collaboration	Valeur du contrat annuel
Hyundai Motor Company	Matériaux en acier avancé	320 millions de dollars
Samsung C&T	Matériaux de construction	210 millions de dollars
Kia Corporation	Solutions en acier automobile	280 millions de dollars

Actionnements de partage de la technologie avec les institutions de recherche

POSCO collabore avec les institutions de recherche dans le monde:

• Université nationale de Séoul (recherche avancée des matériaux)
• Kaist (Korean Advanced Institute of Science and Technology)
• MIT Materials Research Center (collaboration internationale)

Partenariats de la chaîne d'approvisionnement avec les fournisseurs de matières premières

Partenariats critiques de matières premières:

Matériel	Pays de fournisseur	Volume annuel	Valeur du contrat
Minerai de fer	Australie	8,5 millions de tonnes	1,2 milliard de dollars
Nickel	Indonésie	250 000 tonnes	380 millions de dollars
Charbon	Mongolie	3,2 millions de tonnes	420 millions de dollars

POSCO Holdings Inc. (PKX) - Modèle d'entreprise: Activités clés

Production et fabrication d'acier

Capacité annuelle de production d'acier: 43,7 millions de tonnes en 2022

Installation de production	Emplacement	Capacité annuelle (millions de tonnes)
Pohang fonctionne	Pohang, Corée du Sud	16.2
Gwangyang fonctionne	Gwangyang, Corée du Sud	18.5

Recherche et développement avancés des matériaux

Investissement en R&D en 2022: 455,3 milliards de krw

• Nombre de brevets de recherche actifs: 7 231
• Centres de recherche: 3 centres d'innovation mondiaux
• Projets de développement technologique annuel: 127

Innovation technologique verte

Cible de réduction du carbone d'ici 2050: 50% de réduction par rapport à la ligne de base 2018

Green Technology Initiative	Investissement (milliards krw)
Production en acier vert	1,230
Technologie de réduction de l'hydrogène	680

Trade international et gestion des exportations

Revenus d'exportation totaux en 2022: 13,8 billions de krw

• Marchés d'exportation: 70+ pays
• Pourcentage de ventes internationales: 42% des revenus totaux

Développement durable des infrastructures

Investissements du projet d'infrastructure en 2022: 2,6 billions de krw

Secteur des infrastructures	Montant d'investissement (milliards krw)
Projets d'énergie renouvelable	890
Développement urbain	1,240
Infrastructure de transport	470

POSCO Holdings Inc. (PKX) - Modèle d'entreprise: Ressources clés

Installations de fabrication en acier avancé

POSCO exploite 4 aciéries intégrées en Corée du Sud avec une capacité de production annuelle totale de 40,4 millions de tonnes. Les emplacements des installations comprennent:

Emplacement	Capacité annuelle	Établi
Pohang fonctionne	18,4 millions de tonnes	1973
Gwangyang fonctionne	22 millions de tonnes	1987

Expertise technologique

Investissement de recherche et développement: 522,3 milliards de KRW en 2022

• 4 centres de R&D mondiaux
• 1 236 brevets enregistrés
• Technologies avancées dans la production d'acier à haute résistance

Portefeuille de propriété intellectuelle

Actifs de propriété intellectuelle enregistrés totaux: 3 274 brevets à l'échelle mondiale

Catégorie de brevet	Nombre de brevets
Fabrication d'acier	1,876
Technologie verte	512

Réseau de distribution mondial

Présence internationale dans 53 pays avec:

• 38 installations de production à l'étranger
• 52 réseaux de vente
• 10 filiales commerciales

Main-d'œuvre qualifiée

Total de la main-d'œuvre: 16 541 employés en 2022

Catégorie des employés	Nombre d'employés
Travailleurs de la production	8,942
Recherche et ingénierie	3,276
Gestion	4,323

POSCO Holdings Inc. (PKX) - Modèle d'entreprise: propositions de valeur

Produits en acier innovants de haute qualité

POSCO a produit 37,99 millions de tonnes d'acier brut en 2022. La capacité annuelle de production d'acier atteint 43,5 millions de tonnes. Le volume total des ventes d'acier était de 35,64 millions de tonnes en 2022.

Catégorie de produits en acier	Volume de production (2022)	Part de marché
Acier plat	22,36 millions de tonnes	60.5%
Acier long	13,28 millions de tonnes	36.5%

Solutions durables et respectueuses de l'environnement

POSCO a engagé 3,7 milliards de dollars d'investissements technologiques verts d'ici 2030. Objectif de réduction des émissions de carbone: 35% d'ici 2030.

• Capacité de production d'hydrogène vert: 2,5 millions de tonnes d'ici 2030
• Investissement en énergies renouvelables: 1,2 milliard de dollars
• Initiatives de l'économie circulaire: recycler 10 millions de tonnes d'acier par an

Matériaux avancés pour les industries de pointe

La division avancée des matériaux de POSCO a généré 2,3 milliards de dollars de revenus en 2022. Part de marché des matériaux de la batterie: 15% dans le monde.

Type de matériau avancé	Production annuelle	Contribution des revenus
Acier automobile	8,5 millions de tonnes	1,2 milliard de dollars
Matériaux de batterie	100 000 tonnes	650 millions de dollars

Processus de fabrication rentables

Réduction des coûts de fabrication: 12% en 2022. Économies totales de l'efficacité opérationnelle: 450 millions de dollars.

Solutions d'ingénierie personnalisées pour les clients

Les contrats de solution d'ingénierie d'une valeur de 1,8 milliard de dollars en 2022. Taux de satisfaction du client: 92%.

• Portfolio mondial de projets d'ingénierie: 45 pays
• Valeur moyenne du projet: 40 millions de dollars
• Taux de rétention de la clientèle: 87%

POSCO Holdings Inc. (PKX) - Modèle d'entreprise: relations avec les clients

Approche de partenariat industriel à long terme

POSCO maintient des partenariats stratégiques avec 1 240 clients industriels dans les secteurs de l'automobile, de la construction navale et de la construction. Le taux de rétention de la clientèle de l'entreprise est de 92,3% en 2023.

Secteur de l'industrie	Nombre de clients clés	Durée du partenariat
Automobile	387	10-15 ans
Construction navale	256	8-12 ans
Construction	597	7-10 ans

Services de support technique et de consultation

POSCO fournit un support technique dédié par le biais de 72 équipes d'ingénierie spécialisées dans le monde. L'investissement annuel dans l'infrastructure de support client est de 43,6 millions de dollars.

• Hotline de consultation technique 24/7
• Support d'ingénierie sur place
• Développement de solutions de matériaux personnalisés

Gestion de compte dédiée

L'entreprise emploie 214 gestionnaires de comptes dédiés au service des clients au niveau de l'entreprise. Le temps de réponse de l'équipe de gestion du compte moyen est de 2,7 heures.

Segment de clientèle	Nombre de gestionnaires de compte	Portefeuille de clients moyens
Grandes entreprises	86	15-20 clients
Entreprises moyennes	128	25-30 clients

Plates-formes de fiançailles clients numériques

Les plates-formes numériques de POSCO traitent 67% des interactions client. L'utilisation de la plate-forme numérique a augmenté de 38% en 2023.

• Portail de spécification matérielle en ligne
• Système de suivi des stocks en temps réel
• Plateforme de gestion des commandes numériques

Innovation continue et amélioration des produits

L'investissement en R&D pour l'innovation axée sur le client est de 127,4 millions de dollars en 2023. Le cycle de développement des produits est en moyenne de 8,5 mois.

Domaine de mise au point de l'innovation	Budget de R&D	Lancements de nouveaux produits
Matériaux en acier avancé	62,3 millions de dollars	14 produits
Solutions durables	45,1 millions de dollars	9 produits
Intégration numérique	20 millions de dollars	6 plateformes

POSCO Holdings Inc. (PKX) - Modèle d'entreprise: canaux

Équipes de vente directes

POSCO maintient 27 bureaux de vente mondiaux dans 19 pays en 2023. La taille de l'équipe de vente comprend environ 1 200 représentants commerciaux professionnels. Les revenus annuels totaux annuels grâce aux canaux de vente directs ont atteint 32,4 milliards de dollars en 2022.

Région	Nombre de bureaux de vente	Couverture des ventes
Asie	12	65% des ventes directes
Europe	5	15% des ventes directes
Amériques	7	20% des ventes directes

Plateformes numériques en ligne

Les canaux de vente numériques ont généré 4,6 milliards de dollars de revenus en 2022. POSCO exploite 3 plates-formes de commerce électronique primaires avec 287 000 clients commerciaux enregistrés.

• Plateforme de trading en acier B2B
• POSCO Global E-Marketplace
• Système d'approvisionnement en ligne du matériel industriel

Expositions commerciales internationales

POSCO participe à 22 expositions commerciales internationales chaque année. La participation de l'exposition génère environ 1,2 milliard de dollars de négociations de contrat potentielles.

Événements marketing spécifiques à l'industrie

Le portefeuille annuel des événements marketing comprend 45 conférences ciblées dans l'industrie. L'engagement des événements marketing estimés atteint 12 500 clients industriels potentiels.

Réseaux de distribution stratégique

POSCO maintient 64 centres de distribution stratégiques sur 6 continents. Le réseau de distribution gère 3,2 millions de tonnes métriques de produits en acier par an.

Région de distribution	Nombre de centres	Capacité de traitement annuelle
Asie-Pacifique	28	1,5 million de tonnes métriques
Amérique du Nord	12	650 000 tonnes métriques
Europe	10	450 000 tonnes métriques
Autres régions	14	600 000 tonnes métriques

POSCO Holdings Inc. (PKX) - Modèle d'entreprise: segments de clientèle

Constructeurs automobiles

POSCO dessert de grands constructeurs automobiles avec des produits en acier et en métal. En 2023, la société a fourni de l'acier à:

Client automobile	Alimentation en acier annuelle (tonnes métriques)
Hyundai Motor Company	2,4 millions
Kia Corporation	1,8 million
Fabricants d'automobiles mondiaux	4,6 millions

Sociétés de construction et d'infrastructure

POSCO fournit des solutions en acier spécialisées pour les projets de construction:

• Infrastructure annuelle Supply en acier: 3,2 millions de tonnes métriques
• Projets d'infrastructures majeures en Corée du Sud: 87 contrats actifs
• Part de marché de l'acier international des infrastructures: 5,6%

Secteur des énergies renouvelables

Produits en acier et métal pour les infrastructures d'énergie renouvelable:

Segment d'énergie renouvelable	Alimentation en acier annuelle (tonnes métriques)
Structures de panneaux solaires	620,000
Composants d'éoliennes	450,000
Alimentation totale en acier à énergie renouvelable	1,07 million

Fabricants de machines lourdes

Posco fournit de l'acier spécialisé pour la production de machines lourdes:

• Approvisionnement annuel en acier des machines lourds: 1,5 million de tonnes métriques
• Clients clés: Doosan, Samsung Heavy Industries
• Pénétration du marché mondial: 4,3%

Producteurs mondiaux d'équipements industriels

Équipement industriel Branche de l'alimentation en acier:

Catégorie d'équipement industriel	Alimentation en acier annuelle (tonnes métriques)
Équipement d'exploitation	340,000
Équipement de construction	520,000
Équipement marin	280,000
Approvisionnement total en acier de l'équipement industriel	1,14 million

POSCO Holdings Inc. (PKX) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

En 2023, les coûts d'approvisionnement en matières premières de POSCO ont totalisé 21,87 billions de KRW. L'entreprise a obtenu:

Matière première	Coût d'achat annuel	Volume
Minerai de fer	8,45 billions de krw	45,6 millions de tonnes
Charbon	6,23 billions de krw	32,1 millions de tonnes
Ferraille	3,12 billions de krw	15,7 millions de tonnes

Frais de fabrication et de production

Les dépenses de fabrication pour 2023 ont été documentées comme suit:

• Coûts de production totaux: 25,64 billions de krw
• Coûts de consommation d'énergie: 3,76 billions de krw
• Entretien de l'équipement: 1,89 billion de krw
• Avergures opérationnelles: 2,45 billions de krw

Investissements de recherche et développement

Dépenses de R&D de POSCO en 2023:

Catégorie de R&D	Montant d'investissement
Dépenses totales de R&D	684,5 milliards de krw
Technologie en acier vert	276,3 milliards de krw
Transformation numérique	187,6 milliards de krw

Maintien de la main-d'œuvre et de la main-d'œuvre

Coûts liés à la main-d'œuvre pour 2023:

• Compensation totale des employés: 3,97 billions de krw
• Salaire moyen des employés: 85,6 millions de krw / an
• Formation et développement: 42,3 milliards de krw
• Total de main-d'œuvre: 37 892 employés

Mises à niveau de la technologie et des infrastructures

Répartition des investissements technologiques pour 2023:

Catégorie d'infrastructure	Montant d'investissement
Infrastructure numérique	523,6 milliards de krw
Technologie de fabrication	612,4 milliards de krw
Technologies de durabilité	389,2 milliards de krw

POSCO Holdings Inc. (PKX) - Modèle d'entreprise: Strots de revenus

Ventes de produits en acier

POSCO Holdings a généré un chiffre d'affaires total de 65,76 billions de KRW en 2022. Les ventes de produits en acier représentaient 57,3 billions de KRW de revenus totaux.

Catégorie de produits	Revenus (milliards de krw)	Part de marché
Acier plat	32.4	56%
Acier long	15.6	27%
Acier spécial	9.3	17%

Licence de matériaux avancés

Les revenus de licence de matériaux avancés ont atteint 1,2 billion de KRW en 2022.

• Licence de matériaux de batterie: 680 milliards de krw
• Licence en alliage haute performance: 520 milliards de krw

Solutions d'ingénierie

Le segment de l'ingénierie et de la construction a généré 3,5 billions de KRW en 2022.

Type de projet	Revenus (milliards krw)
Projets d'infrastructure	1,850
Construction des usines industrielles	1,650

Innovations technologiques vertes

Les revenus de la technologie verte ont totalisé 2,1 billions de KRW en 2022.

• Technologie de production d'hydrogène: 850 milliards de krw
• Solutions de capture de carbone: 750 milliards de krw
• Infrastructure d'énergie renouvelable: 500 milliards de krw

Revenus du commerce international et des exportations

Les revenus d'exportation ont atteint 22,6 billions de KRW en 2022.

Région d'exportation	Revenus (milliards de krw)	Pourcentage
Chine	7.8	34.5%
Asie du Sud-Est	6.2	27.4%
Amériques	4.5	19.9%
Europe	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.