POSCO Chemical and Huayou Cobalt Jointly Donate Sports Facilities in China
Outdoor Basketball Court Established in Yingtongxiang City with Cathode Material and Precursor Joint Venture
[Asia Economy Reporter Hwang Yoon-joo] POSCO Chemical, in partnership with Chinese Huayou Cobalt, a partner in the secondary battery materials business, carried out social contribution activities by supporting local community living infrastructure.
On the 30th, POSCO Chemical and Huayou Cobalt held a donation event for an outdoor basketball court measuring 514㎡ in Tongxiang City, Zhejiang Province, China, which local residents can use at any time. Attendees included Kim Hyun-hong, Deputy General Manager of Zhejiang Pohwa, a cathode material joint venture, and Zhang Zhanhong, Advisor to the President of Huayou Cobalt, among other officials.
Based on business cooperation in the secondary battery materials sector, the two companies established a fund in 2020 through a 1:1 matching grant, contributing a total of $40,000 annually over two years, with each company donating $20,000 per year. The fund is intended to support community projects in Korea and China. Last year, POSCO Chemical donated a well to Songdo, a nearby island village of Yeosu City, near its cathode material plant in Gwangyang.
Tongxiang City is home to the joint venture for cathode materials and precursors between POSCO Chemical and Huayou Cobalt. Starting with this basketball court donation, the two companies plan to actively engage in customized social contribution activities as global model citizens.
Huayou Cobalt, the world's largest cobalt producer with its own mines, is strengthening business cooperation with POSCO Chemical to ensure a stable supply of raw materials for secondary batteries.
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This month, POSCO Chemical decided to invest a total of 281 billion KRW in expanding the production lines of the cathode material and precursor joint ventures operated by POSCO Group and Huayou Cobalt in China.
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