Stainless Steel Giant’s Lithium Deal Shows How Everyone Is Getting Into New Energy

A giant in China’s stainless steel industry has announced it will invest up to $375 million in a suspended South American lithium project as soaring prices for the battery raw material drive more Chinese companies to expand into the new-energy industry.

Under the deal, Tsingshan Holding Group Co. Ltd. and French miner Eramet SA will build a lithium plant in Argentina, with the Chinese company taking a 49.9% stake in the joint venture in charge of the project, according to a Monday press release. Eramet will hold the remainder of the shares.