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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.


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