By Kwanwoo JunShares of steelmaker Posco Holdings and its battery-materials affiliate, Posco Future M, extended their rally Wednesday in the South Korean stock market, following the companies' ambitious recent guidance for business expansion. Posco Holdings' shares climbed as much as 5.9% to 517,000 won ($408.58) in early trade, on course to extend gains for a sixth consecutive session. Over the past month, Posco Holdings' shares have surged around 30%, according to FactSet. Much of their latest rally began on July 11, when the parent company announced it aims to generate KRW62 trillion in revenue from its battery materials business by 2030. Posco now plans to raise its annual production of cathode, anode and lithium materials to 1.0 million, 370,000 and 43,000 tons, respectively, by 2030.

Source: Wall Street Journal July 19, 2023 08:59 UTC