POSCO's Green Bonds Soar High

• Thursday, January 18, 2024
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[Ferro-Alloys.com]

 

In a strategic move towards sustainable growth, South Korean steel giant POSCO has triumphed in a green bond issuance, securing $500 million for crucial domestic facility investments. The three-year U.S. dollar bond, carrying an interest rate mirroring three-year U.S. Treasurys plus 1.1%, witnessed remarkable success in the market.

 

Commencing investor outreach on January 3, POSCO's green bond offering attracted significant attention, with approximately 200 institutional investors contributing orders totaling an impressive $4 billion. This robust response underlines the strong market confidence in POSCO's commitment to green initiatives.

 

The allocated funds are earmarked for a pivotal project, a 2.5-million-metric-ton electric furnace to be integrated into POSCO's existing steel mill in Gwangyang, strategically located 287 kilometers south of Seoul. This forward-looking initiative aligns with POSCO's dedication to environmentally conscious practices and sustainable steel production.

 

POSCO, a key player in the global steel industry, boasts additional integrated steel facilities, including one in Pohang, located 262 kilometers southeast of Seoul, and an overseas plant in Indonesia. The company's expansion and commitment to green bonds signal its proactive stance in shaping the future of sustainable steel manufacturing. steelguru

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• [Editor:kangmingfei]