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POSCO Future M achieves record quarterly sales
2023.04.27
- Achieved record high sales, driven by increased sales of battery materials and the start of shipments of NCMA cathode materials.
- Electric vehicle/battery market growth leads to mega orders worth trillions of won... Expected to post record sales every year.
POSCO Future M achieved its highest quarterly sales on record, driven by the expansion of its battery materials business.
POSCO Future M announced on the 27th of this month that it had posted consolidated sales of KRW 1.1352 trillion and operating profit of KRW 20.3 billion for the first quarter.
The company’s battery materials business garnered KRW 779.9 billion in sales in the first quarter. Sales increased by 77.1% from the preceding quarter due to increased sales of cathode and anode materials.
Sales of cathode materials increased by 85.5% from the preceding quarter to KRW 712.2 billion, while sales of anode materials increased by 19.8% to KRW 67.7 billion. The sales of cathode materials rose in general, mainly driven by the commencement of production and sales of NCMA high-nickel cathode materials for electric vehicle batteries. The anode materials business also achieved the highest sales volume as a result of the company’s customer diversification efforts.
Sales in the basic materials business increased by 4.3% from the preceding quarter to KRW 355.3 billion.
With the rapid expansion of the electric vehicle and battery markets, POSCO Future M has recorded KRW 93 trillion in cumulative orders for battery materials alone since 2022, including a KRW 40 trillion cathode material supply contract with Samsung SDI in January and a KRW 30 trillion cathode material supply contract with LG Energy Solution concluded on the 26th of this month. As the company is currently in talks with major domestic and foreign customers to secure supply contracts, it is expected to make further investments in expanding its production capacity of cathode and anode materials at home and abroad.
In particular, as the United States, one of the world's largest automobile markets, has announced a policy that requires 67% of new vehicles to be electric by 2032, POSCO Future M's battery materials business is expected to gain momentum and post record sales every year.
POSCO Future M has also disclosed its ESG management activities and achievements. Last year, it became the first company in the battery materials industry to acquire Eco Label certification with the transparent disclosure of the environmental impact of its entire process of producing cathode and anode materials, and also joined the TCFD/TNFD and shares information in accordance with TCFD guidelines. In recognition of such efforts, the company was awarded an A grade in the ESG assessment conducted by Morgan Stanley Capital International (MSCI) last December.
In February, the company formed the Net Zero Group, a dedicated organization to establish a management system to achieve RE100, and in the second half of this year, it plans to expand the installation of solar power generation facilities at its cathode and anode materials plants to promote the use of renewable energy.