Samsung Electronics Stock Surges on Report of Massive $59 Billion Share Buyback Plan 
White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
Alibaba Shares Fall After Anthropic Alleges Massive AI Model Distillation Campaign 
Pelosi Discloses Major Intel and Uber Call Option Purchases Worth Up to $6 Million 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Nike CFO Shake-Up Fuels Concerns Over Turnaround Strategy 
Australia Inflation Cools in May, But Core CPI Keeps RBA Rate Hike Risks Alive 
SK Hynix Targets $29.4 Billion Nasdaq Listing to Expand AI Chip Business 
Wall Street Slides as AI Stocks Tumble Following South Korea Tech Sell-Off 
Samsung and SK Hynix Shares Jump After Micron Earnings Boost AI Chip Optimism 
Micron Stock Surges on Strong AI Demand, Record Revenue, and Bullish Q4 Forecast 
OpenAI May Delay IPO to 2027 Amid $1 Trillion Valuation Goal 
Johns Hopkins University Lays Off 110 Employees as Federal Research Funding Declines 
Wall Street Ends Mixed as Tech Stocks Struggle Ahead of Micron Earnings 
Tencent Reviews Marvelous Stake as Gaming Giant Reassesses Global Investment Strategy 
Trip.com Shares Tumble After Q1 Profit Drops and Weak Revenue Growth Outlook 
Oil Prices Slip as Iran Sanctions Relief and Hormuz Shipping Recovery Ease Supply Concerns 
Posco Chemical, a South Korean chemical and battery materials manufacturer, announced on Thursday, April 7, that it has officially started the construction of its new facility in Pohang, North Gyeongsang Province.
As per The Korea Herald, the new Posco Chemical plant will have the capacity to produce 30,000 metric tons of high-purity nickel cathodes, which is the main raw material used in the production of batteries for electric vehicles.
The company, which is a subsidiary of the Posco Group steelmaking giant, is expecting to start operations at the plant by the year 2024. The factory is set to rise on sprawling land that measures 120,000 square meters. Posco Chemical already invested around ₩290 billion or approximately $240 million for the facility, but it is still adding more funds to double its production capacity to 60,000 tons by 2025.
With the amplified production capacity, it was said that the number of materials that will be produced is enough to make batteries that can power about 600,000 high-performance EVs per year. This will give the company some ₩2.5 trillion in sales.
In any case, this new Posco Chemical plant in Pohang will specifically make NCMA cathodes that contain nickel, aluminum, cobalt, and manganese. This type of cathode is rich in nickel which is the source of energy for lithium that is normally found in lithium-ion batteries.
Posco Chemical said that by applying its unique expertise in developing these NCMA cathodes, with added thermal stability by including aluminum in the mix, it was able to manufacture nickel cathodes with 90% in purity. Later this year, the company is aiming for an upgrade and will run tests to achieve 96% purity for its productions.
Meanwhile, the funding for the Pohang plant comes as the second round of large-scale investment by the Posco Group, Posco Chemical’s parent company, to build materials production facilities this year. The firm also intends to establish an additional production network in key EV markets in Europe, China, North America, and Indonesia.
“POSCO Chemical built up a value chain including raw ingredients and commercial production of the materials in cooperation with POSCO Group,” Korea Economic Daily quoted Posco Chemical’s chief executive officer, Min Kyung Zoon, as saying in a statement.
