May 6th - https://asia.nikkei.com/SEOUL -- Global steel...

May 6th - https://asia.nikkei.com/
SEOUL -- Global steel powerhouse Posco aims to crack the growing field of lithium-ion batteries, as the South Korean company strives to expand beyond its traditional business into areas with a bright future such as electric vehicles.Posco hopes to become less reliant on its mainstay steel business, which faces competition from rising Chinese rivals and pressure to make costly investments toward reducing greenhouse gas emissions. But history is littered with failed attempts by steelmakers to enter new operations, and Posco faces an uphill battle.Chairman and co-CEO Choi Jeong-woo positions battery materials as a major avenue for future growth. Posco has gained footholds at each step of the process, from mining lithium for cathodes and graphite for anodes to producing ready-to-use materials for South Korea's big battery makers."We're building the world's only integrated supply chain" for battery terminals "and putting the entire company behind it," said Choi, who took the reins in 2018.At the top of the battery supply chain, Posco in 2018 acquired rights to mine lithium at a salt lake in Argentina. Lithium is concentrated in just a few regions, including Australia and South America, and Argentina in particular is estimated to hold enough reserves to make batteries for 370 million electric vehicles.On the anode side, Posco reached a deal in January for a 15% stake in Australia's Black Rock Mining, giving the South Korean company rights to output from a graphite project in Tanzania.............