POSCO (NYSE: PKX) addresses HMM rumor and details Cleveland Cliffs MOU plans

Rhea-AI Filing Summary

POSCO HOLDINGS INC. addressed a Korean media report linking it to a "10 trillion won HMM acquisition battle" by clarifying its actual strategic actions. The company explained that, as part of its steel business strategy to grow overseas and expand in the high-profit US market, it has signed a memorandum of understanding (MOU) with Cleveland Cliffs. Discussions on equity ownership and investment size are ongoing, but no final decisions have been made. POSCO plans to disclose further details when specific matters are decided or by September 30, 2026, whichever comes first.

Insights

Equity analyst

POSCO confirms a strategic MOU in the US while stressing no final investment decision yet.

POSCO HOLDINGS is using this disclosure to separate market rumors about a large HMM acquisition from its actual strategic moves. The confirmed fact is an MOU with Cleveland Cliffs aimed at overseas growth and a stronger foothold in the high-profit US steel market.

The company notes that discussions on equity ownership and investment size are still in progress and explicitly states that no decisions have been finalized. This positions the MOU as exploratory rather than a committed acquisition or capital deployment, keeping both strategic upside and risk undefined.

POSCO commits to re-disclose once “specific matters are decided” or by September 30, 2026. Until that point, the filing mainly signals strategic interest in US expansion, without concrete figures or structures that would materially change a valuation framework.

Key Figures

Rumored HMM deal value: 10 trillion won Media report date: December 5, 2025 Latest re-disclosure date: September 30, 2026 +2 more

5 metrics

Rumored HMM deal value 10 trillion won Value mentioned in Maeil Business Newspaper article

Media report date December 5, 2025 Date rumor was published by Maeil Business Newspaper

Latest re-disclosure date September 30, 2026 Deadline POSCO sets to provide updated information

Related prior disclosures December 8, 2025; January 5, 2026 Earlier responses to rumors or media reports

6-K signature date March 31, 2026 Date the report was signed by Executive Vice President Han, Young Ah

Key Terms

Response to Rumors or Media Reports, memorandum of understanding, high-profit US market, equity ownership, +1 more

5 terms

Response to Rumors or Media Reports regulatory

"• December 8, 2025 Response to Rumors or Media Reports: Undetermined"

memorandum of understanding financial

"POSCO HOLDINGS has signed an MOU with Cleveland Cliffs."

A memorandum of understanding (MOU) is a formal agreement between two or more parties that outlines their shared intentions and plans to work together. It acts like a handshake in writing, clarifying each side’s roles and expectations before any official contract is signed. For investors, an MOU signals that parties are serious about collaboration, which can influence future business opportunities and potential growth.

high-profit US market financial

"to expand our presence in the high-profit US market, POSCO HOLDINGS has signed an MOU"

equity ownership financial

"Discussions are underway regarding equity ownership and investment size; however, no decisions"

An ownership stake in a company represented by holding its shares; like owning slices of a pie, equity ownership gives a person a claim on part of the company’s profits and assets and usually some voting rights over key decisions. It matters to investors because the size of that stake determines how much of any future gains or losses they share, how much influence they have on company direction, and how their investment value can change with the market.

investment size financial

"Discussions are underway regarding equity ownership and investment size; however, no decisions"

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March, 2026

Commission File Number: 1-13368

POSCO HOLDINGS INC.

(Translation of registrant’s name into English)

POSCO Center, 440 Teheran-ro, Gangnam-gu, Seoul, Korea, 06194

(Address of principal executive offices)    

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

Response to Rumors or Media Reports : Undetermined

December 5, 2025   This announcement is a follow-up to the one released on the date of left cell.  

1. Contents of rumors or media reports		Kim Jae-Chul vies to win the 10 trillion won HMM acquisition battle, which he describes as the crown jewel of his business ambition
2. Channel of rumors or media reports		Maeil Business Newspaper
3. Distributed date of rumors or media reports		December 5, 2025
4. Company’s explanation for rumors or media reports
• This disclosure is an official notice of “Kim Jae-Chul vies to win the 10 trillion won HMM acquisition battle, which he describes as the crown jewel of his business ambition” published by Maeil Business Newspaper on December 5, 2025. • As a part of the company’s steel business strategy to seek growth overseas and to expand our presence in the high-profit US market, POSCO HOLDINGS has signed an MOU with Cleveland Cliffs. Discussions are underway regarding equity ownership and investment size; however, no decisions have been finalized. • In this regard, we will re-disclose the information when specific matters are decided in the future or within six months. (Person in charge of disclosure) Han, Young Ah, Executive Vice President
5. Re-disclosure date		September 30, 2026
※ Related disclosure		• December 8, 2025 Response to Rumors or Media Reports: Undetermined • January 5, 2026 Response to Rumors or Media Reports: Undetermined

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				POSCO HOLDINGS INC.
				(Registrant)
Date: March 31, 2026				By		/s/ Han, Young Ah
						(Signature)
						Name: Han, Young Ah
						Title: Executive Vice President

FAQ

What rumor is POSCO HOLDINGS (PKX) responding to in this 6-K?

POSCO is responding to a Maeil Business Newspaper article stating that Kim Jae-Chul is vying to win a "10 trillion won HMM acquisition battle," described as the crown jewel of his business ambition. The company clarifies its actual strategic activities in this context.

What concrete action does POSCO HOLDINGS (PKX) confirm regarding its steel strategy?

POSCO confirms it has signed a memorandum of understanding (MOU) with Cleveland Cliffs. The MOU supports its steel business strategy to grow overseas and expand its presence in the high-profit US market, indicating interest in deeper cooperation but not a finalized transaction.

Have equity ownership and investment size been decided in POSCO HOLDINGS’ (PKX) MOU with Cleveland Cliffs?

No. POSCO states that discussions on equity ownership and investment size are underway but that no decisions have been finalized. This means there is currently no binding commitment on how much equity will be taken or how large any investment will be.

When will POSCO HOLDINGS (PKX) provide further details on the Cleveland Cliffs MOU?

POSCO plans to re-disclose information when specific matters are decided or by September 30, 2026. This gives investors a clear latest date by which the company expects to update the market on any concrete equity or investment decisions related to the MOU.

Which media outlet originally reported the HMM-related rumor involving POSCO HOLDINGS (PKX)?

The rumor appeared in the Maeil Business Newspaper on December 5, 2025. POSCO references this article directly in its explanation, noting the headline about a "10 trillion won HMM acquisition battle" and using the filing to clarify its actual strategic position.

Does this POSCO HOLDINGS (PKX) filing confirm an acquisition of HMM?

No. The filing does not confirm any HMM acquisition. Instead, POSCO uses the opportunity to confirm only that it has an MOU with Cleveland Cliffs, with ongoing discussions about equity and investment size, and clearly states that no decisions have been finalized yet.