Posco (KRX:005490) will invest 922.6 billion won in a paid-in capital increase across its battery material subsidiaries to boost core operations and competitiveness, the South Korean steel maker said in a Tuesday release.
The investment includes 525.6 billion won in Posco Future M, 328 billion won in Posco Pilbara Lithium Solution, and 69 billion won in Posco GS Eco Materials. The move supports expansion of electrode material capacity and aims to strengthen the group's lithium and recycling businesses, the release said.
Shares of Posco fell more than 3% in recent trade on Wednesday.
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