Latest news with #POSCOFutureM
Time of India
13-05-2025
- Automotive
- Time of India
South Korea battery materials maker POSCO Future M to raise $775 mn via share issue
South Korean chemical and battery material maker, POSCO Future M , said on Tuesday it would issue new shares to raise around 1.1 trillion won ($775 million) to fund its expansion at home and abroad, including its joint venture factory with General Motors in Canada. Under the plan, the company said it will push ahead with investments in future growth despite "political risks" in Korea and the United States, saying U.S. tariffs and potential cuts in federal electric vehicle subsidies under the Trump administration threatened to slow down EV demand. POSCO Future M will spend 353 billion won on helping finance its cathode manufacturing factory with General Motors in Canada, which has been pushed back to 2026 amid cooling EV demand. Its parent POSCO Holdings said in a statement that it would acquire all of the new shares assigned to the company in proportion to its stake of 59.7per cent in POSCO Future M worth 525.6 billion won ($369.72 million). Separately, the company also said it would acquire new shares worth 328 billion won from its joint venture with Australia's Pilbara Minerals, which makes lithium hydroxide battery materials.
Korea Herald
08-05-2025
- Business
- Korea Herald
Seoul shares rise for 3rd day on battery, retail gains
South Korean stocks increased for the third consecutive session Thursday driven by gains in battery and retail shares. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 5.68 points, or 0.22 percent, to close at 2,579.48, rising for three straight sessions since Friday. The local financial market closed on Monday and Tuesday for the Children's Day and Buddha's Birthday holidays. Trade volume was moderate at 465.2 million shares worth 10.2 trillion won ($7.29 billion), with gainers outnumbering decliners 530 to 341. Foreign investors led the daily gain, purchasing a net 130 billion won, while institutions and individuals dumped a net 170 billion won and 20.6 billion won, respectively. Overnight, the US Federal Reserve kept its benchmark interest rates unchanged, citing still higher inflation and unemployment. The Dow Jones Industrial Average rose 0.7 percent, and the Nasdaq Composite gained 0.27 percent. In Seoul, battery shares ended strong as industry leader LG Energy Solution increased 1.55 percent to 327,500 won and POSCO Future M went up 3.1 percent to 126,500 won. Leading retailer Shinsegae added 0.82 percent to 159,600 won and Hyundai Department Store jumped 5.08 percent to 62,100 won. Instant noodle giant Samyang Food rose 2.32 percent to 972,000 won, while Nongshim climbed 0.86 percent to 412,000 won. Defense firm LIG Nex1 vaulted 10.7 percent to 372,500 won on a strong first-quarter earnings report. However, semiconductors closed in mixed territory. Chip giant Samsung Electronics stayed unchanged at 54,600 won, but its rival SK hynix lost 0.26 percent to 190,300. The local currency was trading at 1,396.6 won against the dollar at 3:30 p.m., up 1.4 won from the previous session. (Yonhap)
