Posco Future M to supply 720,000 tonnes of battery materials to LG Energy Solution

POSCO Future M signed a 7-year MOU with LG Energy Solution to supply 720,000 tons of cathode and anode materials for EVs and energy storage. The deal focuses on LFP cathodes and synthetic graphite, with full-scale shipments starting in 2024. POSCO is converting production lines and sourcing lithium from Argentina to enhance cost competitiveness. The partnership also includes R&D for sodium-ion batteries and other advanced technologies.

POSCO International completed its Gwangyang LNG Terminal 2, expanding capacity by 43% to 1.33 million kiloliters. The terminal can now accommodate the world's largest LNG carriers. The 949.2 billion won project includes two new 200,000 kiloliter tanks, with sites secured for future expansion. POSCO Group aims to enhance LNG value chain and national energy security.

Posco Future M, a leading producer of ternary cathode materials, is expanding into the lithium iron phosphate (LFP) cathode market, dominated by Chinese manufacturers. The company has secured large-scale supply agreements with domestic battery makers and is converting production lines. It has deals with SK On, Samsung SDI, and LG Energy Solution, with plans to increase LFP production capacity.

POSCO Group completed a 'Triple Core' hub in Gwangyang, South Korea, integrating LNG, lithium, and steel production. The Gwangyang No. 2 LNG Terminal, costing 949.2 billion won, expanded storage capacity to 1.33 million ㎘. The hub includes lithium processing (43,000 tons/year) and a 2.5 million ton/year electric arc furnace for low-carbon steel. POSCO aims to strengthen its position in energy, critical minerals, and steel production.

POSCO Group has expanded into rare gases, semiconductors, and eco-friendly steel production as part of its 'Triple Core' strategy. The group's new plants produce high-purity rare gases and recycle metals from EV batteries, aiming to reduce reliance on imports and enhance national industrial security. POSCO also completed a second LNG terminal, increasing storage capacity. The group faces challenges like high production costs but remains committed to its strategic vision.

POSCO International completed a $700 million LNG terminal expansion in Gwangyang, adding 400,000 cubic meters of storage. The project took 47 months and includes berths for large LNG carriers. The expansion increases the company's total storage capacity to 1.33 million kiloliters, the largest for a private company in Korea, according to the company.