September 3, 2018 / 5:10 AM / 19 days ago

S.Korea's POSCO plans to invest $40.4 bln over next five years

SEOUL, Sept 3 (Reuters) - South Korean steelmaker POSCO said on Monday that it plans to spend a total of 45 trillion won ($40.41 billion) by 2023 to strengthen its competitiveness.

Under the plan, POSCO will invest 26 trillion won in upgrading and adding steel facilities, another 10 trillion won in new business sectors including lithium batteries and the rest for its energy business, the company said in a statement.

In late August, POSCO sealed a deal to buy lithium mining rights in Argentina from Australian miner Galaxy Resources for $280 million. ($1 = 1,113.4900 won) (Reporting By Jane Chung; Editing by Christian Schmollinger)

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