POSCO Group is accelerating the sale of non-core assets to strengthen its core competitiveness, starting with the Jack Nicklaus Golf Club (GC) in Incheon. The company expects to secure at least 300 billion won (approximately $225 million) in cash, which will help enhance its competitiveness in steel and secondary batteries while improving liquidity.
According to investment banking sources on September 23, POSCO Group has initiated the sale process for Jack Nicklaus GC. Deloitte Anjin is acting as the sale advisor, and it is reported that investment memorandums have been sent to potential buyers.
Jack Nicklaus GC is an 18-hole private golf course located in Songdo International City, Incheon, and is operated by POSCO Wide, a real estate management subsidiary of POSCO Group. The course, designed by golf legend Jack Nicklaus, features top-notch clubhouse facilities and is regarded as one of the best golf courses in South Korea. In fact, POSCO Group acquired Jack Nicklaus GC in 2022 for 305 billion won, setting a record for the highest price per hole in South Korean golf course transactions at 168 billion won per hole.
Industry experts anticipate that POSCO Group will surpass the previous record set four years ago due to the competitive bidding process this time, unlike in 2022 when the bidding was limited by POSCO's right of first refusal.
POSCO stated, "The cash generated from the sale will be used for future growth investments for the group." Since the appointment of Chairman Jang In-hwa in 2024, POSCO Group has been expediting the divestiture of non-core assets to enhance its competitiveness in steel and battery businesses. Internationally, the group has sold stakes in companies such as China’s Zhangjiagang Pohang Stainless Steel (PZSS), Vietnam’s Mong Duong Power Plant, and Nippon Steel. Domestically, it has also moved to sell stakes in Coness and P&OK Chemical. Additionally, shares in its subsidiaries, POSCO International and POSCO DX, were sold through a price-to-earnings swap (PRS) method. This strategy has successfully generated approximately 1.8 trillion won in cash over two years, with 700 billion won in 2024 and 1.1 trillion won in 2025. In the first half of 2026, the group secured an additional 300 billion won in liquidity.
* This article has been translated by AI.
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