While supply chain problems are emerging as pending issues, POSCO Group, which handles the overall secondary battery material business such as lithium & nickel, cathode and anode materials and recycling and SK On, which is rapidly increasing its global battery market share, are establishing a joint response system. The two companies signed a MOU for comprehensive business cooperation in the secondary battery business at the POSCO Center in Daechi-dong in Seoul on 15 June 2022. The two companies agreed to strengthen collaboration across the entire battery value chain, ranging from secondary battery materials such as lithium, nickel, and cobalt to positive and negative electrode materials and battery recycling. The two companies also shared the medium-to-long-term expansion plans for SK On’s secondary battery production and discussed how POSCO Group will increase the supply of raw materials to its partner. After organizing a working-level taskforce, the two companies plan to talk about the mid-to-long-term strategies for overseas business expansion, investments in raw materials such as lithium & nickel, a roadmap for the development of cathode materials, expansion of anode material supply and establishment of networks to collect used batteries. Meanwhile, POSCO Holdings broke ground for the production plant for lithium in Argentina in March. In May, it invested in ProLogium Technology, a Taiwanese company specializing in all-solid-state batteries. POSCO has continuously enhanced its capabilities in the rechargeable cell business as it established the solid electrolyte production company POSCO JK Solid Solution early this year. SK On elevated its global market share ranking from 10th place in 2019 to 5th based on its exceptional technological prowess and manufacturing capabilities such as successive development and mass production of the world’s first high-performance high-nickel battery. In 2021, SK On is leading the future battery market after securing shares of Solid Power, the leading US company for all-solid-state batteries, and having decided to produce the next-generation batteries through joint development last year.