POSCO FUTURE M

Posco Future M CEO Eom Gi-chen on Monday vowed to capture over 7.4 trillion won ($5 billion) in sales revenue by 2027, leveraging the electric vehicle supply chain’s decreasing reliance on China.

Posco Future M said Tuesday it plans to invest 489.4 billion won ($342 million) into Ultium Chem, its cathode materials joint venture with General Motors in Quebec, Canada, despite a slowdown in electric vehicle demand exacerbated by ongoing trade disruptions in North America.

POSCO Future M said Monday that it recently received awards from the trade, environment and labor ministries for its efforts to promote exports, protect the environment and prevent workplace accidents.

Posco Future M, the materials unit of Posco Group, said Thursday it has completed production technology for graphite electrodes, which are an essential material in steelmaking that Korea has solely relied on imports for so far.

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.

A delegation from the Energy Transition Valley in Quebec, Canada, visited POSCO Future M's cathode material plant in Pohang, Tuesday, the company said, Thursday.