Latest news with #PoscoFutureM
Korea Herald
2 days ago
- Business
- Korea Herald
Posco Future M invests W436b for new anode material plant in Saemangeum
South Korean battery materials producer Posco Future M is set to build a spherical graphite manufacturing facility in Saemangeum, North Jeolla Province, as part of efforts to reduce dependence on China for anode materials. The company signed an agreement on Thursday with the Saemangeum Development and Investment Agency (SDIA), North Jeolla Province, Gunsan City and the Korea Rural Community Corporation to invest 436.1 billion won ($321.3 million) in the new facility, according to North Jeolla Province. The signing ceremony, held in Gunsan, North Jeolla Province, was attended by Posco Future M CEO Eom Gi-chen, North Jeolla Gov. Kim Kwan-young, SDIA Administrator Kim Kyung-ahn, Gunsan Mayor Kang Im-jun and other local officials. 'With this new facility, we aim to respond to increasingly protectionist trends in global supply chains and contribute to the competitiveness and growth of Korea's battery industry,' Eom said. Spherical graphite is refined natural graphite that reaches about 95 percent purity, then is further upgraded to over 99.9 percent for use in anode production. Upon completion in 2027, the plant will have an annual production capacity of 37,000 tons of spherical graphite, according to the company. Of the total investment, 277.3 billion won will be funded through a rights offering scheduled for July. The investment follows Posco Future M's board decision in April to localize the production of key battery materials. With China currently accounting for over 99 percent of the global supply of spherical graphite, Posco Future M is seeking to lessen its dependence on Chinese sources amid growing geopolitical risks and potential US restrictions on Chinese battery materials for electric vehicles.
Korea Herald
27-05-2025
- Automotive
- Korea Herald
Posco Future M advances LMR cathodes to rival China's LFP dominance
Posco Future M announced Tuesday that it has completed the development of lithium manganese-rich (LMR) cathode materials for electric vehicle batteries, which it hopes will be a competitive alternative to Chinese products. The company recently received approval from its primary clients — mainly battery manufacturers — to prepare for mass production, following inspections of equipment operation, safety, and environmental standards in the LMR manufacturing process. It aims to secure mass production capabilities within this year. While the exact production location remains undisclosed, Posco Future M emphasized that it will utilize its existing nickel, cobalt and manganese (NCM) cathode production lines to ensure a timely supply for clients. The company currently operates three manufacturing bases in Gwangyang, South Jeolla Province, Pohang, North Gyeongsang Province, and Sejong. In collaboration with the research institute of its parent company, Posco Holdings, Posco Future M has steadily improved the energy density, charge-discharge performance, and stability of LMR cathodes, achieving successful pilot production last year. LMR cathodes are considered a potential game-changer for batteries used in entry-level and standard EVs. They are attracting attention from global automakers seeking alternatives to China's lithium iron phosphate batteries as carmakers face growing pressure to decouple their supply chains from China in order to meet US regulatory requirements. Posco Future M highlighted that LMR batteries offer competitive pricing compared to LFP batteries, while delivering 33 percent higher energy density. This cost efficiency is made possible by significantly reducing the use of expensive materials like cobalt and nickel, and instead increasing the proportion of more affordable manganese. The company also plans to expand its LMR product portfolio by developing next-generation cathode materials with even higher energy capacity, with the goal of serving not only entry-level EVs but also premium and large-size EV markets. 'Although LMR cathode materials have long been recognized for their potential, commercialization was hindered by challenges related to lifespan,' said Hong Hyung-jun, director of the Posco Future M Technology Research Center. 'However, significant R&D progress has been made. We are now ready to launch products that combine affordability with high energy density, working closely with our trusted partners.' Meanwhile, General Motors has announced plans to launch EVs equipped with LMR batteries by 2028. Ford Motor Company is also targeting LMR battery commercialization before 2030 and is currently conducting pilot production of advanced LMR cells.
Korea Herald
13-05-2025
- Automotive
- Korea Herald
Posco Future M to raise W1.1tr for battery expansion
Posco Future M, a battery materials unit affiliated with steelmaking giant Posco Group, announced Tuesday that its board of directors has approved a rights offering to raise 1.1 trillion won ($771 million), aiming to expand its production base in preparation for anticipated growth in electric vehicle battery demand. According to the company's filing, Posco Future M plans to issue 11,483,000 new shares in July. The funds raised from the new share issuance will be allocated to key areas: 181 billion won for facility investment, 288.3 billion won for operational costs, and 630.7 billion won for acquiring securities of other companies. The capital will be used to enhance and expand production capacity in both Korea and North America, with all funds planned to be utilized by 2026, the company said. Notably, 353.4 billion won, categorized under the securities acquisition budget, will be invested in Ultium CAM, Posco Future M's 85:15 joint venture with General Motors in Quebec City. The joint venture's cathode materials plant is currently under construction, with phased completion starting in May and full-scale operation scheduled to begin in 2026. On April 29, Posco Group Chair Chang In-hwa visited the Ultium CAM plant construction site to check on its progress, the group said. 'In this rapidly changing global environment, I request that you remain focused on managing the construction schedule and creating the optimal conditions for a smooth start to operations,' Chang said, speaking to officials at the construction site. 'We expect this plant will serve as a foothold for our expansion into the North American market once the battery materials sector regains momentum.' The company added that the remaining funds will be used to acquire a domestic facility for spherical graphite production, a key anode material; expand manufacturing facilities for high-nickel nickel-cobalt-aluminum oxide, a cathode material known for its high energy density, at its Gwangyang plant in Gwangyang, South Jeolla Province; maintain and upgrade existing facilities; and procure raw materials for its precursor plant in Gwangyang. Posco Future M's largest shareholder, Posco Holdings, also announced its participation in the rights offering. The company will invest 525.6 billion won to purchase the full allocation of newly issued shares corresponding to its 59.7 percent stake in Posco Future M.
Korea Herald
09-05-2025
- Business
- Korea Herald
Seoul shares snap 3-day rise on profit hunting
South Korean stocks fell slightly to end a three-session winning streak Friday as investors hunted for profits by dumping battery and bank shares despite eased tariff woes on a US-Britain trade deal. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 2.21 points, or 0.09 percent, to close at 2,577.27. The index had risen for three consecutive sessions since Friday. The local financial market was closed Monday and Tuesday for the Children's Day and Buddha's Birthday holidays. Trade volume was moderate at 478.2 million shares worth 7.73 trillion won ($5.52 billion), with losers beating winners 535 to 353. Institutions sold a net 187 billion won to lead the daily drop, while foreigners and individuals bought a net 67.3 billion won and 63.1 billion won, respectively. Overnight, US stocks ended higher as a trade agreement between Washington and London boosted hopes for other countries' tariff negotiations. In Seoul, however, battery and bank shares were the lead decliners. Leading battery maker LG Energy Solution fell 2.9 percent to 318,000 won, and Posco Future M sank 4.74 percent to 120,500 won. Major lender KB Financial Group lost 2.65 percent to 92,000 won, and Shinhan Financial Group shed 0.39 percent to 50,700 won. Major shipbuilder Hanwha Ocean declined 0.62 percent to 79,800 won, and flagship air carrier Korean Air retreated 2.22 percent to 22,050 won. However, tech giant Samsung Electronics rose 0.37 percent to 54,800 won, and top carmaker Hyundai Motor increased 1.5 percent to 189,900 won. Naver, the No. 1 online portal operator, added 1.22 percent to 191,000 won, and defense firm Korea Aerospace Industries jumped 5.44 percent to 93,100 won. The local currency was trading at 1,400 won against the dollar at 3:30 p.m., down 3.4 won from the previous session. (Yonhap)
Yahoo
02-05-2025
- Business
- Yahoo
Posco to build graphite plant in South Korea
Posco Future M Company, the battery materials subsidiary of South Korea's steel and chemicals group Posco Holdings Inc, announced plans to produce spherical graphite in South Korea, as it looks to strengthen its battery materials supply chain and reduce its dependence on supplies from China. The company said it currently imports all its graphite needs from suppliers located in China. The company said it plans to establish a new subsidiary, tentatively named Carbon New Materials Company Ltd, to oversee production of high-purity spherical graphite, a key material used in battery anodes due to its high energy density. Posco Future M confirmed its board has approved a KRW 396 bn (US$ 278 million) investment to build a production facility. While a final decision on the plant's location has yet to be announced, it is likely to be located next to the company's battery anode materials production facility in Sejong, South Korea. The company is set to become the first to produce spherical graphite in the country. South Korea's reliance on China for battery-grade graphite has raised alarm bells in Seoul, particularly after China recently introduced export controls on rare earths that are used by the semiconductor industry. Reports suggest Posco Future M has secured supplies of non-Chinese natural graphite, from Australia's Syrah Resources, Black Rock Mining, Faru Graphite and NextSource. "Posco to build graphite plant in South Korea" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
