Business POSCO International’s palm business enjoys a fast growth
By Diplomacy Journal Lee Kap-soo POSCO International’s palm business has become a major source of revenue for the company, with sales of USD 163.6 million (approximately KRW 213.8 billion) and operating profit of USD 52.56 million (approximately KRW 68.6 billion) last year. Since beginning its farm plantation development in Papua, Indonesia, in 2011, the company started commercial production in 2016 and is on the right track, achieving its largest production volume of 208,000 tons in 2023. Its PT.BIA corporation, the locally established company to run the farm business, turned profitable in 20