POSCO Chemical Donates Well to Island Village Together with Huay Cobalt

[Asia Economy Reporter Hwang Yoon-joo] POSCO Chemical partnered with its cathode material business partner, China’s Huayou Cobalt, to donate a well to an island village suffering from water scarcity.

On the 3rd, POSCO Chemical held a well donation event in Songdo, Yulchon-myeon, Yeosu-si, Jeollanam-do. About 90 people attended the event, including POSCO Chemical President Min Kyung-joon, company officials, and local residents.

Songdo, located near the cathode material plant in Gwangyang, is a small island with about 70 households. Due to insufficient water supply facilities, residents have faced difficulties in obtaining drinking and domestic water. Through joint social contribution activities with Huayou Cobalt, POSCO Chemical installed a well for the use of Songdo residents and plans to continue support by establishing a sister village relationship in the future.

This well donation was carried out as part of the "Symbiosis Fund" project jointly created by POSCO Chemical and Huayou Cobalt for regional community development. Based on business cooperation in the battery materials sector, the two companies started funding this year to expand cooperation across management processes, including creating shared value and ensuring sustainability.

Each company contributes $20,000 annually, creating a $40,000 donation fund, which alternately supports community and talent development projects in each country every year. Next year, Huayou Cobalt plans to promote a scholarship program linked to job creation for local residents in China.

Min Kyung-joon, CEO of POSCO Chemical, said, "It is especially meaningful to provide essential support to the local community together with our business partner Huayou Cobalt. We will continue to cooperate in various fields and strengthen our partnership to enhance mutual competitiveness and sustainability."

POSCO Chemical receives precursor materials for cathode active materials from Huayou Cobalt, the world’s largest cobalt producer. At the POSCO Group level, they have also maintained various business collaborations in battery materials and raw materials, including establishing the Zhejiang Pohwa joint venture for cathode material production in China in 2018.

Huayou Cobalt is the global No. 1 producer of cobalt, a raw material for lithium-ion batteries, and owns its own cobalt mines. Cobalt is one of the rare metals, difficult to produce and mine, with high price volatility. Strengthening cooperation with Huayou Cobalt is therefore significant for the stable supply of key battery material raw materials.

This content was produced with the assistance of AI translation services.