Joint Ventures, Equity, and Supply Chains: What on Earth is Happening With POSCO International?

Looking at the Movements of POSCO International Provides Hints About the Shape of the Western-Aligned Supply Chains.

I thought a shorter article on POSCO International could serve as a good case study for one of the more-recent strategies I am using to conduct my due diligence. I’ve found POSCO to be a good proxy in helping map out the territory of potential investments in the emerging western-aligned energy and minerals supply chain. This can also serve as scaffolding for my next major research article. The other pieces of support for that forthcoming piece can be found here (most recent) and here (less recent).

POSCO International found themselves on my radar earlier this year when they signed an MOU with Energy Fuels to provide materials for the commercial magnets that POSCO’s automaker partners require. In September 2025, Energy Fuels noted that these materials were validated for the requisite magnets. Per the memorandum of understanding, they’ve since been in discussions for a long-term offtake agreement.

There’s nothing out of the ordinary about any of that. But as many of you know, I have been spending a lot of time considering the shape of intergovernmental and corporate cooperation within the western/allied supply chain of critical minerals. And when you’re looking at the entire energy and critical minerals sector with that kind of lens applied, developments with POSCO begins to appear a bit more, well, interesting.