In a regulatory filing on November 10, POSCO Chemical said its board approved the proposed investment of 26.1 billion won ($22 million) in Inner Mongolia Sinuo New Material Technology. The subsidiary of South Korea's steel group POSCO was given exclusive rights to selling products to domestic battery makers.
Lithium-ion batteries work by passing lithium ions between a graphite anode and a lithium cobalt oxide cathode. Graphite is widely used for relatively low cost, abundance, high energy density, and a long cycle of life. Compared to natural graphite, synthetic graphite has a stable crystal structure to enhance the performance of batteries. POSCO Chemical is building production facilities for synthetic graphite materials in the southeastern industrial port of Pohang.
The steel group regards battery materials as its next growth engine. POSCO chairman Choi Jeong-woo has presented the goal of becoming a top player in the global battery material market by completing a value chain.
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