BGF Retail teamed up with Posco International to expand its business overseas.
Posco reported 1.81 trillion won ($1.6 billion) in consolidated net profit in the second quarter, up more than 1,700 percent on year.
Posco International on Friday reported 92.9 billion won ($83 million) in net profit in the first quarter, up 44.5 percent on year and an all-time high.
Posco International said Monday Posco Steel Processing & Service (SPS) will increase production capacity for bipolar plates used in fuel cell electric vehicles, as part of efforts to expand its presence in the electric vehicle component market.
The military coup in Myanmar is affecting Korean companies operating in the Southeast Asian country, but the impact is still limited.
Posco’s performance rebounded in the third quarter.
Posco International is collaborating with domestic automobile parts manufacturer AMS to supply car parts to a Vietnamese automotive manufacturer VinFast for the company’s first electric vehicles.
Posco International is expanding sales of steel online.
Posco International is working with the Export-Import Bank of Korea and Seoul Guarantee Insurance (SGI) to help component manufacturers suffering from the impact of the coronavirus.