In order to strengthen its main industries, such as steel, battery materials, and hydrogen, the South Korean steelmaking and materials giant POSCO Group, led by POSCO Holdings, announced on Monday that it wants to invest 121 trillion won ($93 billion) by 2030.

In a statement, POSCO said that as part of its efforts to establish itself as a global leader in environmentally friendly materials, it expects to invest 72 trillion won, or more than 60% of the total, in South Korea. This investment will generate 330,000 employment, according to estimates. The balance will be invested abroad.

For company diversification, POSCO Group has been stepping into new industries, such as lithium, a mineral used in electric vehicle batteries.

Last month, General Motors Co and group affiliate POSCO Future M said they will expand the production capacity at their chemical battery materials facility in Canada, taking their estimated total investment to over $1 billion.

In 2020, POSCO announced a plan to become net-zero by 2050, including a 10 per cent reduction in carbon emissions by 2030 versus the 2017-2019 average.