SEJONG, Aug. 25 (Korea Bizwire) – POSCO Future M, the battery materials arm of the POSCO Group, is set to divest its entire stake in P&O Chemical, a joint venture with OCI, effectively exiting the business. According to industry insiders, POSCO Future M’s board is expected to meet on August 26 to approve the sale of [...]
SEOUL, Dec. 6 (Korea Bizwire) — POSCO Future M Co. said Wednesday it has started mass production of single-crystal cathodes at its Pohang plant for supply to Ultium Cells LLC, a South Korea-U.S. battery joint venture. The battery materials unit of steel maker POSCO said it has started mass production of NCMA (nickel-cobalt-manganese-aluminum) single-crystal cathodes, [...]
SEOUL, Aug. 28 (Korea Bizwire) — POSCO Future M Co. said Monday it aims to achieve 3.4 trillion won (US$2.57 billion) in annual operating profit by 2030 as it accelerates the expansion into the manufacturing of secondary battery materials amid the robust electric vehicle (EV) demand. The chemical unit of South Korean steel giant POSCO [...]
SEOUL, July 24 (Korea Bizwire) — POSCO Future M Co. said Monday its second-quarter operating profit fell 5.6 percent from a year earlier, while unveiling a plan to spend over 680 billion won (US$529 million) to expand its manufacturing facility for a key electric vehicle (EV) battery material. Operating income reached 52.1 billion won in [...]
SEOUL, June 2 (Korea Bizwire) — POSCO Future M Co. said Friday it has agreed with U.S. General Motors Co. to build a facility to manufacture precursors, expanding the joint venture into the intermediate battery material. Ultium CAM, the joint venture between the two companies, will seek to complete the precursor plant by 2026, in [...]
SEOUL, May 30 (Korea Bizwire) — POSCO Future M Co., a major South Korean manufacturer of secondary battery materials, said Tuesday its joint venture with General Motors Co. has secured C$300 million (US$221 million) in funding from the Canadian government for their envisioned cathode plant in Quebec. Canadian Industry Minister Francois-Philippe Champagne made the announcement [...]
SEOUL, May 11 (Korea Bizwire) — POSCO Future M Co., a major South Korean battery components maker, on Wednesday released a Responsible Minerals Report pledging to strengthen supply chain management to ensure the use of minerals that are free from concerns related to human rights infringement and environmental destruction. In these types of reports, companies [...]
SEOUL, May 3 (Korea Bizwire) — POSCO Future M Co., a leading secondary battery materials producer, said Wednesday it has teamed up with a Chinese cobalt producer to invest 1.7 trillion won (US$1.27 billion) to build production facilities for battery precursors and anode components. The precursor factory will be established under a joint venture with [...]
SEOUL, April 26 (Korea Bizwire) — Major South Korean battery components maker POSCO Future M Co. said Wednesday it has won a 30.3 trillion-won (US$22.6 billion) order to supply cathodes for LG Energy Solution Ltd., the country’s top battery maker. The deal calls for POSCO Future M to provide LG Energy Solution with high-nickel cathodes [...]
SEOUL, April 24 (Korea Bizwire) — POSCO Future M Co., a major South Korean battery components maker, said Monday it will build a new high-nickel cathode plant in the country’s southeast to meet growing global demand. The company said its board approved a plan to spend 614.8 billion won (US$461 million) for a nickel, cobalt, [...]