SEOUL-- POSCO Group said Thursday it will invest 53 trillion won (US$41.8 billion) over the next five years to transform its steel plants into environment-friendly facilities and invest in new technologies.

The South Korean steelmaker will spend most of the planned investment to upgrade the existing steel mills into eco-friendly facilities and to invest in rechargeable battery materials and hydrogen solutions, POSCO said in a statement.

Separately, the company plans to hire 25,000 employees to promote the steelmaking, rechargeable battery materials and hydrogen businesses, it said.

Source: Yonhap News Agency