POSCO has decided not to take over KCFT, a battery copper foil company. POSCO considered taking over KCFT to expand its secondary battery material business, but finally concluded that the acquisition does not match its strategy.
KCFT produces copper foils, one of the components of lithium-ion batteries for electric cars. Copper foils store electric power.
SK Group is also reported to be interested in acquiring KCFT. It is said to be looking into KCFT through Samjong KPMG.
SK became the second largest shareholder of Watson, the top copper manufacturer in China, by investing about 270 billion won at the end of last year.