Hyundai Motor Group, the parent of Hyundai Motor (KRX:005380) and Kia (KRX:000270), and Posco (KRX:005490) signed a memorandum of understanding on Monday to collaborate in the steel and battery sectors, the automotive group announced the same day.
The partnership includes Posco's investment in Hyundai's $5.8 billion Electric Arc Furnace steel mill in Louisiana, set to produce 2.7 million tons of advanced automotive steel by 2029. The two groups will also raise cooperation in battery materials and low-carbon steel initiatives, the release said.
Shares of Posco rose nearly 1% in recent trade on Tuesday.
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