POSCO Holdings to cancel 2 tln won worth of shares by 2026

POSCO Holdings Inc., the holding firm of South Korea's leading steelmaker POSCO Group, said Friday it will cancel 2 trillion won (US$1.45 billion) worth of stocks by 2026. POSCO Holdings plans to cancel 5.25 million shares worth 1.9 trillion won and buy back another 100 billion won worth of stocks for cancellation in the next three years, the company said in a statement. "The company will continue to boost its corporate value by making investments in growth businesses, selling off low-yielding assets and taking aggressive steps to expand shareholder returns," POSCO Holdings Chief Strategic Officer Jeong Ki-seop said in the statement. In its mainstay steelmaking business, POSCO said it is considering building "steel-making facilities" in India and the United States. Also, POSCO plans to foster the car battery materials business into a new growth driver in the upcoming all-electric vehicle era. On Friday, POSCO Holdings rose 0.1 percent to 392,000 won, outperforming the broader KOSPI's 1.2 percent loss. S ource: Yonhap News Agency