SEOUL (Reuters) - POSCO 005490.KS, South Korea's top steelmaker, said on Wednesday it will set up two joint ventures to produce lithium-ion battery materials with China's Zhejiang Huayou Cobalt 603799.SS, one of China's top cobalt producers.
The China-based joint ventures will start production of precursors and cathodes from 2020, the steelmaker said.
These ventures will help POSCO secure stable supplies of cobalt and other ingredients for lithium-ion battery materials, POSCO added.
Reporting by Hyunjoo Jin; Editing by Sherry Jacob-Phillips
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