POSCO Holdings (005490) Corporate presentation summary

Joint venture agreement and strategic rationale

• Signed a 50:50 joint venture agreement with JSW to build a 6 Mtpa integrated steel mill in Odisha, India, targeting completion by 2031.

• Governance includes a 6-member board with alternating CEO appointments every 5 years.

• Aims to capture India's growing demand for high-grade steel, leveraging POSCO's technology and JSW's execution and distribution strengths.

• Local production base established to move beyond export-driven models and reduce market entry risk.

Operational and infrastructure highlights

• Site in Odisha offers proximity to iron ore mines, robust infrastructure, and low permitting risk.

• Construction period is 48 months, with a pre-secured, uninhabited industrial site.

• Utilizes locally sourced low-cost iron ore to enhance cost competitiveness.

Production system and product strategy

• Facility will feature a blast furnace-based system with a dedicated pelletizing plant for local ore.

• Focus on high-value products, initially serving infrastructure, then expanding to automotive and coated steel.

• Optimized plant setup for both low-grade ore use and high-grade steel output.

• Full product lineup for automotive steels, with scalability for future growth.