South Korean Battery Companies POSCO Future M and SK On Announced Plans to Build CAM Plant

According to foreign media reports, with the advent of the era of electric vehicles, the global demand for batteries is growing.

In this scenario, Korean battery companies are expanding domestic investment to expand battery cathode material production facilities and enhance R&D capabilities to improve product quality.

POSCO Future M, a battery material production subsidiary of steel giant Pohang Iron and Steel Co. said on April 19 that the company’s Board of Directors approved an investment plan worth $460.5 million for the construction of a cathode material production plant with a production capacity of 46,000 mt in Pohang City before 2025. The plant will produce high-nickel cathode materials using nickel, cobalt, manganese and aluminum (NCMA).