South Korean steelmaker Posco Steel (POSCO) said on Monday itplans to more than double its investment spending over the next five years to45 trillion won to enhance the company's competitiveness.

The company said in a statement that according to the plan,by 2023, POSCO will invest 26 trillion won to upgrade and increase steelfacilities, and another 10 trillion won for new business areas includinglithium batteries. Part of it is used in the energy business.

According to company data, the plan will increase the totalinvestment size of the five-year total by 27 trillion won to 45 trillion won, asignificant increase of one and a half times from the investment expenditure of18 trillion won in the previous five years.

Pohang Steel finalized a $280 million deal in late August tobuy a stake in a lithium mine in Argentina from Galaxy Resources Australia.