▲ POSCO Holdings Co.'s lithium brine factory in the Hombre Muerto North salt lake in Argentina is seen in this photo provided by POSCO Holdings on Aug. 25, 2026. (PHOTO NOT FOR SALE) (Yonhap)

By Kim Eun-jung

SEOUL, Aug. 28 (Yonhap) -- South Korean steelmaker POSCO Holdings Co. said Friday it has secured a US$700 million credit facility from the Inter-American Development Bank (IDB) Group to support its lithium operations in Argentina.

Its affiliate POSCO Argentina received approval on Aug. 4 for a short-term credit facility of up to $700 million from IDB Invest, the private-sector arm of the IDB Group, according to the company.

The financing comes as POSCO expands its lithium resource base around the Hombre Muerto salt flat in Argentina, one of the world's major lithium-rich regions.

POSCO said the credit facility will allow the company to secure working capital as needed for its first and second lithium brine plants, with the second plant scheduled for completion in the second half of this year.

The financing approval came shortly after President Lee Jae Myung and Argentine President Javier Milei agreed to expand cooperation on critical mineral supply chains during their summit in Buenos Aires on July 31.

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