2023-08-13 13:43:01
The Financial Times reported that Posco is leading a move to move production of battery materials from mainland China to Korea in order to benefit from subsidies under the US Inflation Reduction Act.
The Financial Times reported in an interview with Lee Gyeong-seop, head of POSCO Holdings’ secondary battery material business promotion, that POSCO is taking the lead in domestic production of battery materials targeting the rapidly growing US electric vehicle market.
“We are trying to build a material supply chain that meets the requirements of the Inflation Reduction Act, where nothing is produced or sourced in China,” Lee said in an interview.
He added, “The nickel needed for the North American market will be sourced from Australia and the smelting process will be carried out at facilities in Korea.”
Through the Inflation Reduction Act, the United States subsidizes only electric vehicles that have mined and processed a certain percentage or more of core minerals for batteries in the United States or in countries that have signed free trade agreements with the United States.
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