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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.