POSCO Group partners with China's Longbai Group for battery materials

South Korean steel giant POSCO Group is deepening its ties with China's battery materials sector through a new strategic partnership with Ningbo Ronbay New Energy, a Chinese cathode material manufacturer. The agreement, signed at the POSCO Center, focuses on a broad range of secondary battery materials.

Key aspects of the collaboration include the supply of battery-grade lithium, sourced from both hard rock and brine. The partnership also extends to the crucial area of recycling used batteries, a growing concern for the electric vehicle industry. This move signifies POSCO's commitment to securing its supply chain for essential battery components.

The deal underscores the interconnectedness of the global battery market, with South Korean and Chinese companies playing pivotal roles. By securing lithium supply and engaging in recycling initiatives, POSCO aims to bolster its competitive edge in the rapidly expanding electric vehicle market.