POSCO is reportedly planning to apply to the South Korean government for permission to allow private enterprises to invest in nuclear power plants, aiming to secure cheaper and more stable electricity.

POSCO intends to submit the relevant proposal at a green transition meeting chaired by President Lee Jae-myung on October 7.

POSCO held discussions with executives from Samsung Electronics on Monday about the possibility of private capital participating in nuclear power investment.

POSCO is in consultations with the government and is considering forming a joint venture with the state-run nuclear power operator Korea Hydro & Nuclear Power.

POSCO would contribute funds to participate in nuclear power plant construction in exchange for low-priced electricity under a long-term power supply agreement.