November 28, 2024

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Posco Group Chairman Choi Jeong-woo speaks at a shareholders meeting held at Posco Center in Gangnam, southern Seoul, Friday. (Posco Holdings)

Posco Holdings, a unit of South Korean steel giant Posco Group, will relocate its Seoul headquarters to the industrial city of Pohang, North Gyeongsang Province, as the plan was approved at a shareholders meeting Friday.

“We have decided to relocate the headquarters to coexist with the local community of Pohang, which enabled the growth of Posco,” Posco Group Chairman Choi Jeong-woo said. Pohang is home to the group’s key steel mills and other production facilities.

While some board members opposed the relocation, the National Pension Service, its largest shareholder with an 8.99 percent stake, voted for the plan.

Last year, Posco launched its holding unit with its headquarters based in Seoul, but the decision was met with opposition from Pohang residents, who asked for its relocation to boost the regional economy.

The company’s address will be relocated to Pohang, but most of the 200 workers will continue to work from Seoul, the company said.

Following the relocation, the company made changes to an article stating the venue of a shareholders meeting so that upcoming meetings can take place in both Pohang and Seoul.

Posco and Pohang City also plan to work together to discuss cooperation and investment amid the group’s research center for future technologies being moved to the city.

By Im Eun-byel (silverstar@heraldcorp.com)