Posco Future M CEO Eom Gi-chen on Monday vowed to capture over 7.4 trillion won ($5 billion) in sales revenue by 2027, leveraging the electric vehicle supply chain’s decreasing reliance on China.
“Capitalizing on the opportunities arising by the slowdown in the demand for electric vehicles, we aim to enhance productivity by 30 percent through expanding facilities and developing production process technologies to secure unmatched manufacturing competitiveness,” said Eom, during a shareholders meeting earlier in the day, in Pohang, North Gyeongsang Province, where he was officially appointed as CEO and internal director of the board.
“Our goal is to more than double sales by 2027 compared to last year and position ourselves as a Top 3 rechargeable battery materials company worldwide, thereby contributing to the growth of Posco Group,” he added.
Addressing the trade war prompted by the second Donald Trump administration against Beijing, which has led to a strategic shift in EV battery material sourcing away from China, Eom underscored that Posco Future M’s strong capabilities are now highly recognized. This is bolstered by a series of supply inquiries from carmakers, primarily due to the company and Posco Group’s extensive raw material supply chains for lithium, nickel and graphite, among others.
Posco Future M is gearing up to gain a competitive edge in the EV battery materials market with a diverse product portfolio. This includes lithium manganese-rich cathode materials and lithium iron phosphate cathodes for budget-friendly electrified vehicle fleets, which are currently under development by Korean battery manufacturers. For high-end EV batteries, the company is preparing ultra-high nickel single-crystal cathodes with over 95 percent nickel to enhance vehicle range and stability.
The materials producer is also working on strengthening its foothold in the anode market worldwide, which is predominantly led by its Chinese competitors. It focuses on low-expansion natural graphite and silicon anodes designed to significantly reduce battery charging time and increase storage capacity. According to market tracker SNE Research, Posco Future M secured ninth place in terms of anode market share globally, standing out as the only Korean company to make it to the Top 10 list last year.
In the shareholders meeting, former Finance Vice Minister Hur Kyung-wook was appointed as a new outside director and a member of the audit committee. Recognized for his professional expertise and years of experience in economics and finance, Hur is expected to stabilize the company’s financial structure further. Cheon Seong-rae, head of the business synergy division at Posco Holdings, was appointed as a nonexecutive director.
By Byun Hye-jin (hyejin2@heraldcorp.com)
