Posco Chemical Company announced it planned to build a plant in South Korea this year to produce precursor materials for electric vehicle (EV) batteries, as demand for zero emission vehicles continues to grow.
The company, a subsidiary of South Korea Posco Group, one of the world’s leading automotive steel manufacturers, said it planned to spend KRW600bn (US$487m) to build a facility in the southern port of Gwangyang with an annual production capacity of 100,000 tons per year, enough for 1.2m EVs.
