Samsung Electronics Stock Surges on Report of Massive $59 Billion Share Buyback Plan 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
Fortescue Faces Class Action Over Sexual Harassment Claims at Australian Mining Sites 
Kioxia Targets U.S. Listing as AI Chip Boom Accelerates 
KPMG Australia Chairman and Senior Partners Exit Amid Escalating Whistleblower Scandal 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
South Korea Remains MSCI Emerging Market Despite Reform Progress 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
Australia Jobs Growth Strengthens Rate Hike Outlook 
Australia Inflation Cools in May, But Core CPI Keeps RBA Rate Hike Risks Alive 
Malaysia Central Bank Moves to Support Ringgit Amid Foreign Fund Outflows 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Nissan Halts Electric Qashqai Development Amid EV Market Challenges 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
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.
