Hyundai Motor Group and POSCO to Expand Partnership in Steel and Battery Markets
04/21/2025 - Hyundai Motor Group announced it has signed a memorandum of understanding (MoU) with POSCO Group to expand their cooperation in both the steel and battery sectors.
Under the agreement, POSCO declared it will make an equity investment in Hyundai’s electric arc furnace (EAF) integrated steel mill project in Louisiana. This cooperation will allow POSCO to further establish itself in the North American steel market.
The companies said they also plan to diversify the supply chain of key battery materials such as lithium and anode active materials, which influence battery performance and life. They expect to contribute to securing battery raw materials that comply with supply chain dynamics and regulations in the U.S. and Europe.
Hyundai said it “intends to strengthen its competitiveness in major global markets and future businesses through a stable supply of key materials for its mobility operations.”
The company has been pursuing multiple collaborations to ensure a stable supply of key battery materials, as it has an annual sales target of 3.26 million electric vehicles (EVs) by 2030.
With POSCO’s expertise in lithium and battery materials, along with producing lithium hydroxide and cathode and anode active materials for EVs, it said its aim is to “establish itself as an industry-leading supplier of automotive steel and key battery materials.”
The companies said they plan to expand cooperation into additional areas in the future.
The companies said they also plan to diversify the supply chain of key battery materials such as lithium and anode active materials, which influence battery performance and life. They expect to contribute to securing battery raw materials that comply with supply chain dynamics and regulations in the U.S. and Europe.
Hyundai said it “intends to strengthen its competitiveness in major global markets and future businesses through a stable supply of key materials for its mobility operations.”
The company has been pursuing multiple collaborations to ensure a stable supply of key battery materials, as it has an annual sales target of 3.26 million electric vehicles (EVs) by 2030.
With POSCO’s expertise in lithium and battery materials, along with producing lithium hydroxide and cathode and anode active materials for EVs, it said its aim is to “establish itself as an industry-leading supplier of automotive steel and key battery materials.”
The companies said they plan to expand cooperation into additional areas in the future.
