이 기사는 2021년 12월 15일 08:10 thebell 에 표출된 기사입니다.

Posco Terminal, a logistics joint venture between South Korea’s Posco and Japan’s Mitsui, has become a wholly owned subsidiary of Posco – a move seen as an attempt by the South Korean steel giant to operate its own subsidiary serving the conglomerate's internal shipping needs.

Posco acquired a 49% stake in Posco Terminal from Mitsui Group for 76 billion won ($64.3 million) on Monday, raising its ownership to 100%, according to a regulatory filing.

Posco Terminal, launched in 2003 as a joint venture between Posco and Mitsui, provides shipping and logistics services for bulk materials such as iron ore and coal. In the first 15 years of the partnership, the venture’s shipping volume grew from 1.8 million tons to 8.9 million tons.

Posco said in the filing that the stake acquisition was to maintain Posco Terminal’s business after the end of the partnership, which was extended for five years in January 2018.

Changes in the composition of Posco Terminal’s board are also expected as two seats held by the Japanese conglomerate will be vacant. “Nothing has been decided yet about changes in the board of directors,” an official at Posco said.

Posco’s move to take full control of the venture is part of the broader effort by the steel conglomerate to transform Posco Terminal into its own logistics arm by consolidating its dispersed logistics functions.

Posco spends over 3 trillion won each year on logistics costs, with an annual transport volume of more than 160 million tons. It is the only company among domestic steel majors that does not have a logistics subsidiary.

Last year Posco scrapped a plan to create its own logistics unit after a strong backlash from the country’s shipping industry, which is again denouncing the company’s move to integrate its logistics business.

“Because Posco is not subject to the country's rules on a conglomerate’s intercompany transactions, Posco Terminal would be able to take a majority of the conglomerate’s shipping orders, potentially distorting the logistics market,” said Kim Young-moo, executive vice chairman of the Korea Shipowners' Association.

“We are trying to enhance management efficiency and service quality by consolidating our dispersed resources and workforce related to logistics,” a Posco official said, adding that details would be discussed by the board of directors. (Reporting by Su-jin Yoo)