Pop Mart Shares Surge in Hong Kong After First Buyback in Nearly Two Years 
Micron to Buy Powerchip Fab for $1.8 Billion, Shares Surge Nearly 10% 
Gold Prices Rebound in Europe as Geopolitical Tensions and Fed Outlook Support Bullion 
Baidu Shares Rise in Hong Kong After Apollo Go Robotaxi Launch in Abu Dhabi 
China Halts Shipments of Nvidia H200 AI Chips, Forcing Suppliers to Pause Production 
South Korean Won Slides Despite Government Efforts to Stabilize Currency Markets 
White House Pressures PJM to Act as Data Center Energy Demand Threatens Grid Reliability 
Japanese Business Leaders Urge Government Action as Weak Yen Strains Economy 
TSMC Shares Hit Record High as AI Chip Demand Fuels Strong Q4 Earnings 
Asian Stock Markets Start New Year Higher as Tech and AI Shares Drive Gains 
U.S. Stock Index Futures Steady as Markets Await Fed Policy Clues in Holiday-Thinned Trade 
U.S. Dollar Steadies Ahead of Fed Minutes as Markets Eye Policy Divisions 
BHP Posts Record Iron Ore Output as China Pricing Pressures Loom 
Syrah Resources and Tesla Extend Deadline on Graphite Supply Dispute to March 
Elon Musk Seeks $134 Billion in Lawsuit Against OpenAI and Microsoft Over Alleged Wrongful Gains 
TikTok Expands AI Age-Detection Technology Across Europe Amid Rising Regulatory Pressure 
POSCO, the South Korean steel-making company, is building the country’s very first lithium factory. The Pohang-headquartered firm is the fifth largest steelmaker in the world based on the output.
It was reported that this plant is expected to yield at least 43,000 tons of lithium hydroxide a year and aims to help the local electric vehicle battery makers by supplying the needed core cathode material and effectively reducing their reliance on imports. The plan to construct the lithium factory was revealed on Wednesday, April 14.
Details of the soon-to-rise POSCO lithium plant
The factory will be built in South Korea and it will mainly operate for the extraction of lithium hydroxide which is a primary material for producing electric vehicle batteries. POSCO is planning to source the spodumene from which the lithium hydroxide is extracted from Australia.
As per Yonhap News Agency, the steelmakers’ board of directors consented to the plan of constructing the lithium factory last week. The construction will start soon and it is expected to be completed in 2023 in the industrial city of Gwangyang, South Jeolla Province.
The lithium hydroxide that will be produced here annually is said to be enough to supply for the production of around one million EVs. This is the first lithium plant in South Korea that will be built by a Korean company thus it is considered a landmark project in the country.
POSCO’s joint investment project
In any case, Pulse News reported that the plant is not POSCO’s project alone because it is said to be seeking a joint investment agreement with another firm. It was mentioned that the South Korean steel company is joining forces with Pilbara Minerals, a lithium producer based in Australia.
The two parties are now in talks to make a decision regarding the investment and capital ratio. Once the agreement is reached, POSCO and Pilbara Minerals will begin the construction at once.
Finally, with the soon-to-rise lithium plant in Gwangyang, POSCO will achieve its goal of helping EV battery makers in the country since it is guaranteed to lessen the need for lithium imports from China, the U.S. and South America.
