POSCO FUTURE M

Posco Future M inked a deal with Posco-Pilbara Lithium Solution, a joint venture between Australia-based Pilbara Minerals and steelmaker Posco, to source 20,000 tons of lithium hydroxide in a bid to reduce reliance on China for raw materials to qualify for U.S. government incentives.

Under the deal announced on Friday, Posco Future M will source around 20,000 tons of the ingredient critical in making cathodes materials. That's enough to make batteries to power some 460,000 EVs.