POSCO FUTURE M

- On the 7th, Philip Goldberg, U.S. Ambassador to South Korea, toured the synthetic graphite anode material plant to assess the current state of the global secondary battery materials supply chain.

- Yoo Byeong-og, President of POSCO Future M, stated, “POSCO Future M is the sole alternative for stabilizing the U.S. anode material supply chain” and advocated for the consistent implementation of U.S. government policies.

- Philip Goldberg emphasized, “It is crucial to establish a supply chain that does not rely on any single country.”

On the 7th, Philip Goldberg, U.S. Ambassador to South Korea, visited Pohang's POSCO Future M’s synthetic graphite anode material plant.

Ambassador Goldberg, who has shown a keen interest in stabilizing the U.S. battery supply chain, visited POSCO Future M to directly inspect the production site of anode materials, a critical component in the battery supply chain.

POSCO Future M is the only domestic company that produces both cathode and anode materials, positioning it as a key partner in establishing a stable supply chain for the U.S. battery industry. Specifically, regarding anode materials, POSCO Future M is the only non-Chinese company among the top ten global market shareholders in the first quarter of 2024, according to market research firm SNE Research.

Synthetic graphite anode materials offer advantages over natural graphite anodes by extending battery life and reducing charging times, thereby sustaining demand as the electric vehicle market expands. POSCO Future M manufactures synthetic graphite anode materials using tar, a byproduct of steelmaking, ensuring reliable domestic sourcing of raw materials and enhancing supply chain stability compared to natural graphite anodes.

POSCO Future M has a total anode material production capacity of over 80,000 tons, including synthetic graphite anodes. However, the company faces challenges due to decreased operating rates and profitability as competitor countries have strategically reduced anode material prices. Consequently, there is increasing demand from global battery and automaker companies, as well as governments worldwide, for support and collaborative efforts to establish a stable global supply chain for anode materials.

During the meeting, Yoo Byeong-og, President of POSCO Future M, stated, “POSCO Future M is the only alternative for stabilizing the U.S. anode material supply chain; however, we are encountering practical difficulties due to the two-year deferment of FEOC. We urge the U.S. government to implement consistent policy to stabilize the supply chain.”

Ambassador Goldberg remarked, “It is important to build a supply chain that does not depend on any single country and is resilient against unfair trade practices.”

This visit marks not the first interaction between U.S. authorities and POSCO Future M. In February, Jose Fernandez, U.S. Deputy Assistant Secretary for Economic Growth, Energy, and the Environment, visited POSCO Future M’s Seoul office for the Korea-U.S. Senior Economic Dialogue (SED). During this meeting, POSCO Future M introduced its ongoing anode and cathode material projects and raw material investment initiatives aligned with U.S. supply chain stabilization policies. Subsequently, Ambassador Fernandez shared on his social media, “Met with POSCO Future M to discuss cooperation on electric vehicle battery and critical mineral supply chains and partnerships for a clean future.”