POSCO Chemical begins cathode plant construction in S. Korea
SEOUL, April 7 (Yonhap) -- POSCO Chemical Co., a unit of South Korea's steelmaker POSCO, said Thursday it has started the construction of a high-nickel cathode plant in the country to meet demand from electric vehicle companies.
POSCO Chemical will invest 290 billion won (US$238 million) to build a 30,000-ton-a-year cathode plant in Pohang, about 370 kilometers southeast of Seoul, with an aim to start production in 2024, a company spokesperson said over the phone.
"The company plans to spend another 290 billion won to double the plant's output capacity by 2025, as it expects higher demand for the core material needed in manufacturing car batteries," he said.
Currently, POSCO Chemical has two domestic nickel-rich cathode plants -- a 90,000-ton plant in Gwangyang and a 10,000-ton plant in Gumi -- and one overseas factory, a 5,000-ton plant in Zhejiang, China.
The company aims to increase its domestic output capacity to 160,000 tons and overseas capacity to 115,000 tons by 2025, the spokesperson said.
"We are looking at sites in North America, China, Europe and Indonesia to build cathode plants," he said.
Nickel contained in cathodes generates high energy density and also permits EVs to travel farther on a single charge.

This photo taken April 7, 2022, shows POSCO Chemical officials breaking ground in an event held to celebrate the beginning of construction of a cathode plant in Pohang, 370 kilometers southeast of Seoul. (Yonhap)
kyongae.choi@yna.co.kr
(END)
-
BTS' J-Hope tries long hair in photo book to be released this month
-
Yoon's approval rating slips for 3rd week: poll
-
Opposition leader says he will appear again before prosecutors for questioning
-
(LEAD) Opposition leader says he will appear again before prosecutors for questioning
-
Ruling party, gov't mulling expanding heating bill support for middle class
-
(LEAD) Most people masked up on 1st day of lifting of mandate rules
-
DP hits back at Yoon's office over stock manipulation allegations involving first lady
-
Jay Park's Won Soju to be sold in U.S.
-
(2nd LD) Search under way for 9 missing after fishing boat capsizes
-
Yoon's approval rating slips for 3rd week: poll
-
(2nd LD) Search under way for 9 missing after fishing boat capsizes
-
Korean American Rep. Young Kim named chair of House Indo-Pacific subcommittee
-
(LEAD) Opposition party takes to streets to protest prosecution probes into leader
-
(2nd LD) U.S. remains committed to using full range of capabilities to defend S. Korea: Blinken
-
(2nd LD) Families of crowd crush victims hold memorial rally in downtown Seoul