On July 24, the board directors of POSCO FUTURE M approved a project to build a high-nickel NCA cathode material factory with aa capacity of 52,500 tonnes for KRW 683.4 billion (US$535.06 million) by 2025. The construction work is planned to commence in H1 2024and complete by H2 2025.
Once the project is finished, the NCA cathode material capacity will increase to 80,000 tonnes, in addition to the confirmed NCM and NCMA capacity of 240,000 tonnes. POSCO FUTURE M further plans to expand its capacity to 1 million tonnes by 2030.
POSCO Future M is a battery material production subsidiary of South Korean steel giant POSCO. In addition, POSCO Future M also signed a memorandum of understanding (MOU) with Huayou Cobalt, planning to invest a total of KRW 1.7 trillion to enhance the battery material production in South Korea.
Written by Alex Xie, xiehan@mysteel.com
Edited by Aggie Hu, huchenying@mysteel.com
