South Korea’s steelmaker Posco plans to set up a lithium-ion batteries manufacturing unit for electric vehicles (EVs).
The company is yet to disclose any details such as plant location, production capacity, and schedules, noted media reports on Thursday. Earlier this year, Posco had announced setting up a lithium extraction plant to be operational by 2023, for 1 million EV batteries per year.
Posco’s net operating profit for Q1 2021 was KRW1.5bn ($1.3mn), 120pc higher than KRW750bn in the same prior-year quarter period. Its production capacity was 9.56mn mt in Q1 2021 against 9.58mn mt in the last quarter of 2020.
($1 = KRW1,112.9)