KOSPI · Steel & battery materials · Lithium vertical-integration holding
POSCO Holdings
POSCO Holdings is a holding company built on two pillars: steel and rechargeable-battery materials. Steel remains the core, with POSCO's standalone revenue in the mid-KRW 30 trillion range, while its newer lithium business turns Argentine brine (Hombre Muerto) and Australian Pilbara ore into lithium hydroxide supplied to group cathode maker POSCO Future M. FY2025 consolidated revenue was about KRW 69 trillion with operating profit of KRW 1.827 trillion.
005490.KS Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, POSCO Holdings is directly linked to 7 companies (0 supply, 7 revenue, 1 investment relationships) and reaches 9 companies within two hops; the links are backed by 10 dated sources, 7 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Consolidated revenue about KRW 69.1tn, operating profit KRW 1.827tn, net profit KRW 504bn
- Customer concentration · Steel is the core; lithium and nickel are the expanding new business, with Argentine lithium entering commercial production in 2024-25
- Segments · Steel (core) · Rechargeable-battery materials (lithium/nickel, new) · Energy and others
Revenue from
- 철강 고객 (자동차·건설·조선 등) High confidence· Amount ₩35T · FY2025 · POSCO standalone steel revenue
Revenue from steel, the group's largest business. POSCO's standalone FY2025 revenue was KRW 35.01tn, sold across autos, construction, shipbuilding and more. - LG Electronics (steel supply) High confidence· Amount ₩1.5T · FY2025 LG전자향 Steel
Supplies steel for LG Electronics' appliance sheet metal — ~KRW 1,541.5bn in FY2025. - POSCO Future M High confidence· Count 20,000톤 · 연간 · Lithium hydroxide supply to POSCO Future M (20,000-30,000 tons)
The group's lithium chain (POSCO Pilbara Lithium Solution and others) supplies lithium hydroxide to cathode maker POSCO Future M, starting at 20,000 tons and up to 30,000 tons a year, the key link in its vertical integration.Confirms KO POSCO Newsroom Published Nov 29, 2024: POSCO Holdings completes domestic lithium hydroxide plantConfirms EN POSCO Newsroom Published Nov 29, 2023: Securing Critical Mineral Lithium to Complete the Full Value Chain of the Rechargeable Battery Material Business - 삼성중공업 (조선용 강재·후판) High confidence
Named as a principal steel/plate supplier in Samsung Heavy's annual report. - 한화오션 (선박용 후판·강재) High confidence
Named as a ship-plate/steel supplier in Hanwha Ocean's annual report. - Hyosung Heavy Industries (grain-oriented electrical steel) Medium confidence
The channel through which the transformer supercycle's benefit flows upstream to steel — POSCO supplies grain-oriented electrical steel (GOES) for transformer cores to Hyosung Heavy and other Korean heavy-electrical makers. As AI data centers and grid replacement surge transformer demand, GOES has become a tight, high-value grade underpinning POSCO's premium flat-steel demand.Confirms KO DART (Financial Supervisory Service) Published Mar 23, 2026: Hyosung Heavy Industries FY2025 Annual Business Report (DART) - 리튬·니켈 대외 고객 (이차전지소재, 비공개) Medium confidence
With Argentine brine lithium in commercial production, a new business also supplying lithium and nickel to battery-material customers beyond the group; individual clients and volumes undisclosed. - HD현대중공업 (선박용 후판·강재) Medium confidence
Supplies ship plate and steel to HD Hyundai Heavy. - HD한국조선해양 (연결 선박용 후판) Medium confidence
Supplies ship plate to HD Hyundai's three yards.
Pays to
- 원료탄(석탄) (비공개) High confidence
Coking coal used in blast-furnace steelmaking, mostly imported, with suppliers and prices undisclosed. - 철광석 (비공개) High confidence
Iron ore, the main raw material for steelmaking; heavily imported from Australia and Brazil, with suppliers and prices undisclosed.
Investments
- POSCO Future M High confidence
POSCO Holdings is the holding company and largest shareholder of group cathode and anode maker POSCO Future M.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Samsung SDI | lead2 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +11.3 |
| LG Energy Solution | lead2 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| LG Electronics | lead1 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +85.5 |
| Hyosung Heavy Industries | lead1 | -21.5 | +36.8 | +143 | +164.5 | +482.9 | +12.3 |
| HD Hyundai Heavy Industries | lead1 | · | +11.4 | +3.2 | +172.6 | +86.9 | -11.8 |
| HD Korea Shipbuilding & Offshore Engineering | lead1 | -15.2 | -0.1 | +42.6 | +104.4 | +84 | -16 |
| Samsung Heavy Industries | lead1 | -11.6 | +11.8 | +26.3 | +78 | +126.4 | -24.1 |
| POSCO Future M | lead1 | -17.7 | +97.6 | +16.3 | -43.6 | +56.5 | -32 |
| Hanwha Ocean | lead1 | -24.9 | +25.6 | +9.6 | +160.6 | +142.1 | -41.3 |
| POSCO Holdings | node | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -8.8 |
| POSCO Future M | benef1 | -17.7 | +97.6 | +16.3 | -43.6 | +56.5 | -32 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is a conglomerate holding that layers a lithium vertical-integration growth option on top of a mature steel cash cow. Steel remains the core, with POSCO standalone revenue of KRW 35tn (FY2025) and broad flat-steel demand across autos, construction and shipbuilding (Samsung Heavy, Hanwha Ocean, HD Hyundai) plus grain-oriented electrical steel (GOES, to Hyosung Heavy) for AI grids — a newly opened channel through which the transformer supercycle transmits into upstream steel premium via GOES. The new lithium business processes Argentine brine and Australian Pilbara ore into lithium hydroxide (68,000 t/yr capacity), supplying group cathode maker POSCO Future M 20,000-30,000 t/yr as the key link of vertical integration, having entered commercial production in 2024-25. Risks are steel margins pressed by Chinese oversupply and coking-coal/iron-ore prices, and lithium's new-business profitability swinging sharply in price-crash cycles.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ₩611,000 · Price ₩313,500 (07-10) · Upside +95%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Mirae Asset Securities | Buy | ₩620,000 | Jun 8, 2026 | Report ↗ |
| Hana Securities | Buy | ₩740,000 | Apr 28, 2026 | Report ↗ |
| Hyundai Motor Securities | Buy | ₩473,000 | Jan 30, 2026 | Report ↗ |
Sees 2026 consolidated operating profit up 67% year on year on steel price hikes and narrowing battery-material losses; rates Buy with a KRW 620,000 target.