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Posco seeks growth catalyst with China battery materials tie-up

South Korean steelmaker wants to cash in on the rise of electric vehicles

Posco, headquartered here in Seoul, wants batteries to be a bigger part of its business.   © Reuters

SEOUL -- In a move to make its battery-related operations a major part of its business, South Korean steelmaker Posco is forming a partnership in China with Zhejiang Huayou Cobalt to produce cathode materials used in lithium-ion batteries.

Demand for the batteries is growing due to the popularity of electric vehicles, driving the market for cathode materials, which are precursors for the batteries. The cathode market is expected to more than quadruple from 210,000 tons in 2016 to 860,000 tons in 2020, according to Posco.

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