Posco Energy likely to ditch fuel cell biz: report
Posco Energy, an affiliate of South Korean steel giant Posco, appears to be in the process of ditching its money-losing fuel cell business by establishing a new joint venture with a third party, a lawmaker claimed Thursday.
According to documents compiled by Rep. Kim Kyu-hwan of the main opposition Liberty Korea Party, the company has been seeking ways to spin off its fuel cell manufacturing unit first and then turning it into a joint venture with new investors. The plan is widely expected to mean Posco Energy’s exit from the fuel cell business, which it has been losing money in for years.
