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The Korea Herald
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THE INVESTOR
March 29, 2024

Industrials

POSCO sets up JVs to enter Chinese lithium ion battery market

  • PUBLISHED :January 24, 2018 - 16:16
  • UPDATED :January 24, 2018 - 16:16
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[THE INVESTOR] POSCO said on Jan. 24 that it has partnered with Zhejiang Huayou Cobalt to enter the Chinese lithium ion battery market.

The company said it set up two separate joint ventures with the Chinese cobalt company on Jan. 10 to produce precursors and cathodes in China‘s eastern province of Zhejiang from the second half of 2020.

The JVs will have an annual production capacity of 4,600 tons of precursors and cathodes, respectively, it said.

A precursor is a compound that participates in a chemical reaction that produces another compound. A cathode, a key material to make a lithium ion battery, is a positive electrode on a battery and a negative electrode on an electrolytic cell.

Zhejiang Huayou Cobalt is the supplier of about 50 percent of the global demand for cobalt, a core material needed to produce lithium ion batteries. It also has its own cobalt and nickel mines, according to POSCO.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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