POSCO Launches Full-Scale Eco-Friendly Recycling Business for Secondary Batteries
On the 28th, Jeollanam-do and the secondary battery eco-friendly recycling business signed an investment agreement. Jeong Chang-hwa, Head of the New Growth Division, stated, "We will grow as a key material supplier in the secondary battery industry by sec
[Asia Economy Honam Reporting Headquarters, Reporter Heo Seonsik] POSCO announced on the 28th that it will actively promote an eco-friendly recycling business for secondary batteries through a joint venture with China’s Huayou Cobalt.
On the 28th, POSCO and Jeollanam-do held an investment agreement ceremony at the Jeonnam Provincial Office, attended by POSCO’s Head of New Growth Division Jeong Changhwa, Jeollanam-do Governor Kim Youngrok, Yeosu Mayor Kwon Ohbong, Gwangyang Vice Mayor Kim Kyungho, Gwangyang Bay Area Free Zone Authority Director Kim Gapseop, POSCO HY Clean Metal CEO Ji Woo-hwang, and Huayou Cobalt Technical Executive Guo Silan.
At the event, POSCO’s Head of New Growth Division Jeong Changhwa said, “We thank Jeollanam-do for their utmost administrative support to ensure the successful investment of POSCO HY Clean Metal,” adding, “In cooperation with Jeonnam Province and Huayou Cobalt, we will secure technological leadership and global competitiveness in the eco-friendly battery recycling business and grow as a core material supplier in the secondary battery industry alongside POSCO Lithium Solution, which began construction two days ago.”
The secondary battery recycling business is an eco-friendly resource circulation project that extracts key secondary battery materials such as nickel and lithium from waste battery scrap. The recycling market is expected to account for 20% of raw material demand by 2030 alongside the growth of electric vehicles, reaching a scale of 8 trillion KRW.
POSCO received board approval for investment in the lithium-ion battery scrap recycling business in December last year and established POSCO HY Clean Metal Co., Ltd. on May 7 with China’s Huayou Cobalt, which possesses world-class mineral refining and purification technology, with a 65:35 equity ratio.
POSCO HY Clean Metal plans to import scrap from European battery factories processed locally into *Black Powder and extract key cathode materials such as nickel, lithium, cobalt, and manganese through a recycling process. They will invest 120 billion KRW in the Yulchon Industrial Complex of the Gwangyang Free Economic Zone to build a production line capable of processing 10,000 tons of Black Powder annually, with construction scheduled to start this year. Additional expansion is planned depending on market conditions.
Hot Picks Today
"Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Groups of 5 or More Now Restricted"... Unrelenting Running Craze Leaves Citizens and Police Exhausted
- Despite Warnings of "Do Not Enter, You May Not Make It Out Alive"... Foreign Tourist Stranded After Unauthorized Climb on Jeju Sanbangsan
- Signed Without Viewing for 1.6 Billion Won... Jamsil and Seongbuk Jeonse Prices Jump 200 Million Won in a Month [Real Estate AtoZ]
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
POSCO recently began construction of a 43,000-ton annual capacity lithium hydroxide plant in the Yulchon Industrial Complex in Gwangyang. Through mid- to long-term investments in ore and brine lithium extraction projects, POSCO aims to establish a lithium production system of 70,000 tons annually by 2023, 130,000 tons by 2026, and 220,000 tons by 2030.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
