STX Corp., a South Korean general trading firm, said Nov. 4 that it will beef up its nonferrous metal trading business through its wholly-owned subsidiary amid rising demand for electric vehicle battery materials.
The company said its Hong Kong-based affiliate STX Asia has recently begun sales of copper in China, expanding its commodity trading portfolio in the world’s second-largest economy.
Among nonferrous alloys, STX Corp. particularly aims to boost the trading of nickel sulfate, a key cathode material used in making EV batteries.
With battery makers turning their eyes to nickel-rich cathodes, the company said nickel trading can be its new growth engine.
STX Corp. was put under a creditor-led restructuring scheme in 2014 in line with the demise of its parent STX Group. The Chinese private equity fund AFC bought the company last year.
By Ram Garikipati and newswires (email@example.com)