▲ On the 25th, POSCO International signed a ‘joint investment basic agreement’ regarding the food investment business with local grain company Bartlett & Company in Kansas City, USA. The photo shows POSCO International CEO and Vice Chairman Jeong Tak taking a commemorative photo with Bartlett & Company President Bob Kniff after signing an agreement. <포스코인터내셔널>
[비즈니스포스트] POSCO International is entering the U.S. grain market in earnest to build a stable food supply chain.
POSCO International announced on the 26th that it signed a ‘joint investment basic agreement’ regarding food investment business with Bartlett & Company, a leading local grain company, in Kansas City, USA on the 25th.
Bartlett is a food company that has about 15 grain terminals in the central United States. We procure grains such as corn, wheat, and soybeans and sell them to the U.S. domestic market and Mexico. The annual handling volume is approximately 10 million tons, and the company also operates the 10th largest flour mill in the United States.
According to the agreement, POSCO International and Bartlett agreed to jointly pursue grain procurement and soybean processing businesses, establish a stable procurement system for American grains, and jointly develop overseas export markets. We also discussed details about shareholder composition, establishment location, governance structure, and operating concept.
Based on the contents of the agreement, POSCO International will make an equity investment in the soybean processing corporation currently under construction in Bartlett within the year. In addition, plans were made to jointly establish and operate a joint venture with Bartlett that could stably procure original grains.
An official from POSCO International said, “Korea’s grain self-sufficiency rate last year was only 19%, and we are dependent on imports for most of the major grains except rice.” He added, “We are working to secure the overseas grain supply chain by increasing grain procurement capacity and investing in overseas assets to become one of the top 10 in the world. “We will leap forward as a food business company and contribute to national food security,” he said. Reporter Heo Won-seok