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South Korea's Posco International partners with U.S.-based Bartlett, aiming to dominate the grain market. This joint venture will focus on grain procurement and soybean processing, further expanding their global footprint in food commodities. Ambitions extend to achieving a five-million-ton grain trading capacity by 2030.
Posco International and Bartlett are two of the leading grain trading companies in the world. They will invest in establishing a JV in the U.S. According to Pulse News, the trading unit of Posco is making its mark in the largest grain market sector through its joint investment agreement with Kansas City-based Bartlett, is engaged in grain merchandising and logistics, exporting, flour milling and feed manufacturing.
It was reported that Posco International and Barlett signed their joint venture contract earlier this week. The signing ceremony was attended by Jeong Tak, POSCO International's vice chairman and Bob Knief, president of Bartlett.
The two parties will cooperate in grain procurement and soybean processing to establish a stable procurement system for grains sourced in the U.S. They want to achieve this goal while jointly developing foreign export markets.
Finally, The Korea Economic Daily reported that through its partnership with Bartlett, POSCO International will be able to set up a food commodity value chain in the U.S. while also increasing its grain trading capacity to five million tons a year by 2030. The Korean firm has plans to further expand its global supply chain of food commodities outside of the U.S.
"South Korea's grain self-sufficiency rate last year was only 19%, dependent on imports of major grains for domestic consumption except rice," an official of POSCO International said. "We will strive to expand our global supply chain of grains by increasing grain procurement capabilities and investing in overseas assets to become one of the world's top 10 food companies and contribute to national food security."
Photo by: Posco International Newsroom
