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Commodities

South Korean steel titan Posco charges into EV batteries

Investments for top-to-bottom supply chain highlight risky push to diversify

Posco is one of the world's largest steelmakers, but due to competition from Chinese rivals and growing calls for it to fight global warming, the South Korean company is looking diversify.   © Reuters

SEOUL -- Global steel powerhouse Posco aims to crack the growing field of lithium-ion batteries, as the South Korean company strives to expand beyond its traditional business into areas with a bright future such as electric vehicles.

Posco hopes to become less reliant on its mainstay steel business, which faces competition from rising Chinese rivals and pressure to make costly investments toward reducing greenhouse gas emissions. But history is littered with failed attempts by steelmakers to enter new operations, and Posco faces an uphill battle.

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