POSCO Future M bags $1.4 billion battery material contract
The company, a battery materials subsidiary of steelmaker POSCO, announced the deal in a regulatory filing but did not disclose the name of the customer, citing a confidentiality agreement.
South Korean chemical and battery material maker POSCO Future M has secured a contract worth 1.85 trillion won (approximately USD 1.4 billion) to supply high-nickel cathode materials for EV batteries.
The company, a battery materials subsidiary of steelmaker POSCO, announced the deal in a regulatory filing but did not disclose the name of the customer, citing a confidentiality agreement, according to a report by AJP news agency.
The contract value represents about 38.8% of POSCO Future M’s total revenue for the previous year.
The deal comes at a time when the EV industry is seeing a temporary slowdown in demand.
“It is unusual to hold back the information on all the parties involved. But we agreed to respect the battery company’s request (of not making a full disclosure), considering the recent volatility and uncertainties within the industry,” a Posco Future M official was quoted as saying by the Investor.
