SEOUL, Aug. 22 (Korea Bizwire) — South Korea’s largest steelmaker POSCO said Thursday it has completed the construction of a facility in China to produce cathode material, a key component for electric vehicle (EV) batteries.
POSCO said its joint venture with Huayou Cobalt, China’s largest cobalt producer, in Tongxiang, Zhejiang Province of China, will begin producing the material this year at the earliest.
In January 2018, the two sides signed a deal to set up the joint venture named ZPHE, with POSCO holding a 60 percent stake in the company.
The plant, POSCO’s first overseas cathode material facility, will have an annual capacity of 5,000 tons of cathode materials.
The plant in China will boost its annual cathode material output to 20,000 tons.
With the rise of the EV market, POSCO said it aims to make 17 trillion won (US$14 billion) in sales from cathode and anode materials production by 2030.