POSCO to set up battery materials JVs with China’s Zhejiang Huayou Cobalt

SEOUL, Jan 24 (Reuters) – POSCO , South Korea’s top steelmaker, said on Wednesday it will set up two joint ventures to produce lithium-ion battery materials with China’s Zhejiang Huayou Cobalt , one of China’s top cobalt producers. The China-based joint ventures will start production of precursors and cathodes from 2020, the steelmaker said. These ventures will help POSCO secure stable supplies of cobalt and other ingredients for lithium-ion battery materials, POSCO added.