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POSCO Group's chairman recently met with the president of Argentina to talk about cooperation for the expansion of its battery materials business in the country. Chairman Choi Jeong Woo and President Alberto Fernandez had a meeting at the Presidential Palace in Buenos Aires on Monday, March 21.
According to The Korea Times, POSCO, the South Korean steelmaking giant, is planning to inject $4 billion into its lithium battery business in Argentina. The company is also aiming to expand its production of cathode materials there.
"POSCO Group is the first Asian steelmaker to declare carbon neutral 2050 and expand its business to secondary battery materials, lithium, nickel, and hydrogen, leaping beyond steel to become a leading company in eco-friendly future materials," POSCO's chairman stated. "Lithium, an essential material for electric vehicle (EV) batteries, is a key business area that will drive the future growth of POSCO Group, and the cooperation from the Argentine government is essential."
On the other hand, Argentine President Fernandez said that he is grateful that the Korean steelmaker has made a large investment in the country to directly produce lithium. He said that they would be actively supporting POSCO with everything, including licensing for the project.
It was reported that the meeting took place prior to the groundbreaking ceremony for POSCO's lithium facility in Argentina. It will be constructed at the Hombre Muerto salt lake, which the company acquired in 2018. The construction is expected to officially begin on Wednesday this week.
The Korea Economic Daily further reported that the memorandum of understanding (MOU) that POSCO signed with the Argentine government this week will definitely multiply the firm's capacity to produce cathode and lithium hydroxide. Based on the agreement, POSCO will be increasing its annual capacity of lithium production, starting with 25,000 tons to 100,000 tons. It was noted that there is always a high demand for lithium hydroxide because it is used to create batteries for electric vehicles.
Finally, POSCO is aiming to begin production in the new plant within the first half of 2024. Initially, the company will make 25,000 tons per year which is enough to produce batteries for 600,000 units of EVs.
