The newly appointed CEO of South Korean steelmaker Posco, Choi Jeong-woo, sees battery materials for electric vehicles as a new growth driver, according to a report in the Nikkei.

Choi said that Posco group units making anode and cathode materials will be combined.

The company will accelerate development and production of anode and cathode materials for batteries used in electric vehicles, and is also considering entering the biotechnology business, Choi said.