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POSCO Chemical plans to invest in $633 million battery materials plant with GM – Metro US

POSCO Chemical plans to invest in $633 million battery materials plant with GM

FILE PHOTO: The logo of POSCO is seen at the
FILE PHOTO: The logo of POSCO is seen at the company’s headquarters in Seoul

SEOUL (Reuters) – South Korea’s POSCO Chemical Co Ltd said on Friday it plans to invest in a $633 million battery cathode materials plant in Canada with U.S. automaker General Motors Co (GM).

The South Korean materials maker said in a regulatory filing that it plans to invest $278 million through September 2024 on the joint venture plant with GM.

In December, the two companies announced their plans to form a joint venture in North America.

($1 = 1,254.9900 won)

(Reporting by Heekyong Yang and Jihoon Lee; Editing by Christopher Cushing)

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