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South Korean steel giant POSCO will build a refinery for nickel sulfate, a key material in electric vehicle (EV) batteries, which is increasingly in demand.
The world's fifth-largest steelmaker by output said that it aims to produce 20,000 tons of nickel sulfate annually from the plant by 2023, which is enough to supply 500,000 EVs.
The broader POSCO group will invest 230 billion won for building the refining infrastructure in the southern port of Gwangyang.
POSCO Chemical uses nickel sulfate to produce cathode materials, which is essential in EV batteries.
There is an expected 23 percent annual increase in global demand for nickel sulfate due to the growing popularity of EVs, which may potentially lead to a shortage of the material in 2025.
In May, POSCO signed a deal to buy a 30 percent stake in the Ravensthorpe Nickel Operation in Australia for $240 million.
