Market Chatter: Posco Future M Halts KRW1.2 Trillion Joint Venture Plan with Huayou Cobalt

MT Newswires Live09-06

Posco Future M (KRX:003670) canceled its plan to build a precursor joint venture plant in Pohang with China's Huayou Cobalt (SHA:603799), citing concerns over business viability, owing to a temporary slowdown in demand, Business Korea reported Thursday.

The project was expected to cost 1.2 trillion won and was initially planned to include a precursor and high-purity nickel plant, the report said.

Posco Future M had signed an MOU last year with Pohang City and Huayou Cobalt for nickel refining and production investments, it said.

Shares of Posco Future M fell nearly 8% at market close on Friday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price (RMB): Â¥216000.00, Change: Â¥-19000, Percent Change: -7.89%

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