Posco promises to support Ukraine's recovery

Choi Jong-woo, chairman of South Korean steel company Posco, confirmed his intention to join and support Ukraine's post-war reconstruction efforts during a meeting last Friday.

Choi met with Ukraine's ambassador to South Korea Dmitry Ponomarenko and Ukrainian lawmakers Andrei Nikolaenko and Sergei Taruta at the steel giant's headquarters in Seoul, the South Korean capital.

“The partnership between our two countries will continue to strengthen. Posco Group will consolidate all its capabilities to begin renovation projects as soon as possible,” Choi said.

In March, the company created a so-called working group for reconstruction of Ukraine and hopes to take part in a series of reconstruction projects. Target areas include steel, energy, infrastructure, food and secondary battery materials. Regarding steel, Posco is targeting various forms of cooperation, such as energy production for steel production in Ukraine.

In response, Andrey Nikolaenko stated: “I believe that POSCO Group is the best partner for the restoration of Ukraine, which was wounded by the war, and the further construction of a new Ukraine.” He added: “I will actively work on this.”

Customs data shows that South Korea exported 9,851 tons of iron and steel under HS codes 72 and 73 to Ukraine in January-August, up 51% from a year earlier. But the value fell 3% to $11.28 million.