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POSCO sets up JV with Zhejiang Huayou to enter Chinese lithium market-The 19th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
1/30/2018 Stainless Steel Exhibition |
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Yonhap News reported that POSCO, the world''s fifth-biggest steelmaker by output, said that it has partnered with Zhejiang Huayou Cobalt Co to enter the Chinese lithium ion battery market. POSCO said it set up two separate joint ventures with the Chinese cobalt company on January 10 to produce precursors and cathodes in China''s eastern province of Zhejiang from the second half of 2020. The two joint ventures will have an annual production capacity of 4,600 tonnes of precursors and cathodes, respectively.
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% 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.
As each government goes environmentally friendly, the demand for car batteries, energy storage systems for buildings and large-sized batteries for information technology companies is on the rise.
POSCO said that the world''s cathode market is expected to grow more than four times to 860,000 tonnes in 2020 from 210,000 tonnes in 2016.
-The 19th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
- Stainless Steel exhibition,2018
Stainless Steel exhibition, China Stainless Steel exhibition,
Guangzhou Stainless Steel expo,Guangzhou
Stainless Steel exhibition, 2018 Stainless Steel expo,
China Stainless Steel expo
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