Posco International, Bartlett ink agreement to boost global grain trading
Under the partnership, the companies will jointly explore new market opportunities in the Middle East, Africa, and Asia.
SOUTH KOREA – South Korean trading and energy company Posco International and Bartlett, a Savage Company, have signed a strategic agreement to expand their grain trading volume to 4 million tonnes annually by 2027.
The signing ceremony, held on August 18 in Kansas City, Missouri, US, was attended by senior officials from both companies, including Lee Gye-in, CEO of Posco International, and Joe Griffith, president of Bartlett.
Under the partnership, the companies will broaden their grain sourcing beyond North America to include Latin America and the Black Sea region, while jointly exploring new market opportunities in the Middle East, Africa, and Asia. The cooperation is expected to strengthen supply chain resilience at a time of growing uncertainty in global food markets.
Posco International noted that its primary focus remains on the South Korean grain market, which imports more than 16 million tonnes of grain annually, with a grain self-sufficiency rate of less than 20%. The company aims to enhance procurement stability and price competitiveness by diversifying sourcing regions and building strategic alliances.
“With growing uncertainty in the global food market, strengthening our position in grain-producing countries is essential to securing procurement and price competitiveness,” the company said in a statement.
The company added that they will use this agreement as a bridgehead to expand their global network connecting North and South America and further develop our food business foundation by linking it with existing investments such as our palm oil business in Indonesia and our grain terminal in Ukraine.
Since entering the food business in 2015, Posco International, the trading and energy arm of steel giant Posco Group, has expanded its portfolio with the ambition of establishing itself as a major global grain trader. The company handles corn, wheat, rice, and soybeans, and has set a long-term target of managing 10 million tonnes of food annually by 2030.
Bartlett, founded in 1907 and part of the Savage family of companies since 2018, is a leading US grain handler and exporter. The company specializes in acquisition, storage, transportation, processing, and merchandising of grain, and is one of the largest US exporters of grain to Mexico. It also operates flour milling facilities serving the food sector and a soybean processing business supplying both food and renewable fuel industries.
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