POSCO Holdings Inc. (NYSE:PKX) Q2 2024 Earnings Conference Call July 25, 2024 2:00 AM ET
Company Participants
Ki-Seop Jeong - Chief Strategy Officer
Conference Call Participants
Park Hyun-Wook - Hyundai Motor Company
Kim Yoon Sang - HI Investment Securities
Eugene Lee - Eugene Securities
Operator
Good afternoon. Thank you for joining us for the POSCO Holdings Earnings Call for Q2 2024. We will have a presentation of POSCO Holdings followed by Q&A with the participants. [Operator Instructions]
Now, we'll begin the POSCO Holdings earnings call for its Q2 2024.
Ki-Seop Jeong
Greetings. I'm CSO of POSCO Holdings, my name is Ki-Seop Jeong. Earlier this month, we hosted events in Seoul, Hong Kong, and Singapore for POSCO Group's Rechargeable Battery Materials Business Day. In this the uncertain business environment, how we plan to continue to grow and to achieve shareholder return was the strategy we shared at these venues.
The group's new management vision and the buyback and cancellation of treasury stocks comprised the shareholder policy message that was announced. Taking advantage of the market chasm, the Rechargeable Battery Materials business will take firm hold as the second growth engine for the group. This is the strong commitment that we communicated.
In this process, investors have offered feedback from multiple perspectives. First, on the plan to buy back and cancel treasury stocks. We shared that going forward, treasury stocks would be canceled immediately upon buyback. On this principle, many investors mentioned that they heard a more shareholder-friendly policy from the Board and the management.
Next, on our restructuring plans, investors urge that the impact of restructuring will translate into substantive performance outcomes through additional funds that will speak into generating future growth and for shareholder returns.
The industry of EV Battery Materials test soured. During this time, we are closely monitoring demand, fluctuations, and adjusting the speed of our investments. For essential resources such as lithium, we will not lose out on the opportunity to invest.
With this new strategy, the predominant share of investors offered their buy-in. Through this communication with shareholders, we firmed up our strategy and our management activities, we intend to make sure to meet investor expectations with integrity and determination.
Despite that only about two weeks have passed since our last Value Day event, large-scale events that impact the sentiment surrounding the EV industry have happened, and they continue to service.
Changes are happening in the makeup of the U.S. presidential election. On the very far end of the EV business value chain, major OEMs are shifting their strategies. These events are expanding the breadth of uncertainty and unpredictability, providing us to be relentless in our reexamination of our own strategies.