January 24, 2018 / 5:24 AM / a year ago

POSCO to set up battery materials JVs with China's Zhejiang Huayou Cobalt

FILE PHOTO: The logo of POSCO is seen at the company's headquarters in Seoul, South Korea, July 20, 2016. REUTERS/Kim Hong-Ji/File Photo

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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