POSCO will not cut investments in secondary battery materials: Chief

[Photo provided by POSCO Holdings Inc.]

POSCO Group Chairman Chang In-hwa reiterated that there will be no reduction in the group’s planned investments in businesses related to secondary battery materials.

According to POSCO Holdings Inc. on Thursday, the chairman visited POSCO Future M Co.’s energy material research institute and natural graphite anode material plant located in Sejong City on Tuesday to inspect the status of technological development, production, and sales management issues in the sector of secondary battery materials.

During a meeting with employees held on the same day, Chang said: “In the global market for eco-friendly vehicles, electric cars are the way to go, and there will be no reduction in investment at the group level.”

“In particular, in the field of secondary battery materials, we must strive to acquire the capabilities that can secure global competitiveness,” he told employees.

Since the beginning of his tenure, Chairman Chang has stated that there is no intention to downsize POSCO Group’s secondary battery material business despite the economic downturn caused by a global slowdown in demand for electric vehicles.

During the meeting, he also promised full support for the materials business, designating it as a future growth engine for the group.

“Adapting agilely to market dynamics through the development of next-generation materials and securing a competitive edge in price and quality is crucial,” he said. “Establishing a full value chain from raw materials to basic chemicals will be the differentiating competitiveness of POSCO Group.”