POSCO
According to the POSCO Group on July 9, non-steel sectors accounted for 58% of total sales last year, outstripping the sales of steel, which had been the group’s cash cow.
POSCO Group’s non-steel business enhancement began with the acquisition of the Hombre Muerto salt lake in Argentina in 2018. After verifying lithium reserves capable of producing approximately 370 million electric vehicles, the company quickly established a demo plant and entered the raw material business. The following year, POSCO Chemtech completed the first phase of its factory, thereby kicking off its cathode business in earnest.
In March of last year, POSCO Group switched to a holding company system and began driving its transformation into a green future materials company. A key plan is to complete a secondary battery value chain that extends from raw materials to precursors and cathodes by 2030.
A part of the secondary battery complex under construction in Yulchon Industrial Complex in South Jeolla Province has already commenced operation. Centered on the cathode factory of POSCO Chemtech, it is creating the world’s first full-value chain for secondary batteries, including the lithium production factories of POSCO-Pilbara LITHIUM SOLUTION and POSCO HY CLEAN METAL. When lithium production begins in the second half of this year, it is expected to provide stable raw material supplies, save on logistics costs, and even create marketing benefits.
POSCO Group plans to solidify its leadership position at the turning point of the industry, which is being restructured around environmentally friendly principles, by investing a total of 121 trillion won by 2030.