SK On signs 1.1 trillion won LFP deal with Posco Future M

SK On and Posco Future M signed a 1.1 trillion won ($815 million) deal for LFP cathode materials over three years. SK On will use these for ESS batteries in the US, sourced from Argentina. Posco Future M is converting production lines for LFP materials. Both companies plan to discuss extending the agreement beyond 2029. SK On is expanding its ESS business in North America, partnering with NeoVolta Power and Flatiron Energy Development.

SK On signed a 1.1 trillion won ($846.15 million) LFP cathode material supply deal with Posco Future M for 2027-2029. The materials will be used in SK On's Georgia plant for ESS batteries, aiming to build a 'non-China' supply chain. Both companies plan to extend cooperation beyond 2029.

POSCO Holdings (PKX) is investing KRW 480 billion to build a new galvanizing plant in South Korea, expanding automotive steel capacity by 450,000 MT annually. The facility, set to open in 2028, will focus on premium automotive steel and integrate AI, robotics, and lower-carbon production technologies. This investment aims to meet automaker demand for high-quality steel for larger, premium vehicles and strengthen POSCO's competitiveness in next-generation automotive materials.

POSCO Future M signed a ₩1.0742 trillion ($790.7M) deal with SK On to supply LFP cathode materials for 2027-2029, extendable to 2031. This completes alliances with all three major South Korean battery makers. Materials will be used in U.S. ESS batteries, supporting SK On's non-Chinese supply chain for U.S. tax credits. POSCO Future M plans to expand LFP production and secure lithium from Argentina.

Posco Future M has secured a KRW1.074 trillion contract to supply LFP cathode materials. The company's stock closed at KRW178,100, down 3.15% over 5 days and 0.45% year-to-date. The article also includes various composite ratings for the company.

Posco Holdings (PKX, 005490.KS) plans to invest KRW 480 billion to build a new automotive steel line in South Korea, increasing its annual production capacity to 4.95 million metric tons by 2028. The project aims to produce lower-carbon steel sheets, supporting demand for larger and greener vehicles. Shares are down 1.86% on the Korean Stock Exchange.