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

Image: GM ultium battery – GM

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 US 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)

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

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