POSCO will expand its secondary battery material business for anode and cathode materials and secondary battery core material business for lithium, nickel and graphite, the group said on Dec. 3.
Related to this, the company decided to establish a value chain for the secondary battery material business by linking the increase in the valuation volume of lithium salt lake in Argentina, the promotion of eco-friendly nickel smelting project, and investment in shares in the graphite mine.
POSCO Chairman Choi Jeong-woo said, "We are the only one in the world that has a system to supply secondary battery materials ranging from raw materials such as lithium, nickel, and graphite to anode and cathode materials. Based on differentiated competitive advantages, let's focus all our capabilities on fostering secondary battery materials to let POSCO enter into one of the world's best businesses."
Lithium, a key material for secondary battery anode materials, plays a role in generating and charging electricity, while nickel plays an important role in increasing the driving distance of secondary batteries.
Graphite is used as a raw material for cathode materials because it has excellent function in storing and re-emitting lithium ions emitted from anode materials for generating electricity.
Meanwhile, POSCO Chemical, which is in charge of the secondary battery material business of POSCO Group, made a paid-in capital increase of 1 trillion won last month, the largest ever in the group's capital increase.