PKX - Posco to team with GM in $633M Canada battery materials plant

South Korea's Posco (NYSE:PKX) +2% premarket after disclosing on Friday that it plans to spend $278M through September 2024 in a $633M plant in Canada with General Motors (GM) to produce material for batteries to be used in electric vehicles. In December, the two companies unveiled plans to form a joint venture in North America to secure electric vehicle battery materials; in March, they announced a deal to build a plant in Quebec to produce cathode active materials for GM's Ultium batteries. CAM consists of processed nickel, lithium and other materials, and will help power electric vehicles such as the Chevrolet Silverado EV and GMC Hummer EV. Posco (PKX) is "a contrarian idea trading at a low absolute and relative valuation," Stephen Simpson writes in a bullish analysis posted on Seeking Alpha.

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Posco to team with GM in $633M Canada battery materials plant