poscofuturem

POSCO Future M officially launched its LFP cathode material business on the 6th, reaching a large-scale, long-term supply agreement with a major Korean battery maker for lithium iron phosphate (LFP) cathode materials. The agreement, reached to preemptively address surging North American ESS demand, will see POSCO Future M supply more than 190,000 tons of LFP cathode materials to the battery maker over six years, from next year through 2032. The two companies plan to finalize the terms and sign a formal contract in the third quarter.

POSCO Future M has strengthened its premium electric vehicle market strategy and now possesses a comprehensive cathode material portfolio capable of addressing premium, standard, and entry-level EV markets.

POSCO Future M signed an MOU with CNGR on the 8th at the POSCO Center in Daechi-dong for pursuing the LFP (lithium-iron-phosphate) cathode material business.

POSCO Future M has made its initial shipment of cathode materials produced using self-sufficient precursors.

POSCO Future M showcased its new vision, setting an impressive 2030 benchmark of KRW 43 trillion in sales and KRW 3.4 trillion in operating profit.

Utilizing groundbreaking eco-friendly refining technology, POSCO Future M is poised to commence nickel production, a crucial component for battery cathodes, in the Philippines.

- POSCO Chemical to reinforce competitiveness in anodes on the basis of domestic production of raw materials for secondary cells - 74.5 billion won of investment made for a production capacity of 15,000 tons - P&O Chemical, a joint venture with OCI, expected to expand business and create new revenue

- Investment of 218.1 billion won in expanding cathode and precursor plants with an annual capacity of 30,000 tons each - First entry into the overseas market for secondary cells, with China being selected as the largest battery market in the world - Expansion in the precursor business, the intermediate material for cathodes, to improve supply and demand stability and internalization rate - Preparing to establish US and EU corporations to accelerate the building of a global supply chain and strengthen market leadership - POSCO Chemical CEO Min said, “We will respond preemptively to the fast-changing market to expedite investment.”