Member Firms Firm Advise Material Production Plant

Bae, Kim & Lee LLC (“BKL”) advised POSCO, Korea’s top steelmaker, on the construction of its first overseas cathode material production plant in Tongxiang city, Zhejiang Province, China, with China’s Zhejiang Huayou Cobalt, the world’s largest supplier of cobalt. The joint venture is called Zhejiang Posco-Huayou ESM or ZPHE, with POSCO holding a 60 percent stake and Huayou Cobalt owning the rest. The plant has an annual capacity of 5,000 tons of cathode materials.

This is POSCO’s meaningful project of promoting electric vehicle (EV) battery materials as its new growth engine, which will be able to stably supply materials and secure price competitiveness in the global market. Zhong Lun Law Firm has acted as a co-counsel for advising on merger control filing.