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Photo = POSCO FutureM |
[Alpha Biz= Reporter Kim Jisun] POSCO Future M announced on the 11th that it has signed a contract to supply high-nickel cathode materials for electric vehicles worth 1.8454 trillion KRW. The contract value is equivalent to 38.8% of POSCO Future M's total sales from last year. Due to a confidentiality agreement with the battery manufacturer, POSCO Future M did not disclose the specific details of the contract, such as the buyer and the duration.
The company stated that the agreement is conditional, and if certain terms are not agreed upon within the specified timeframe, the contract may be terminated.
The deal was made in U.S. dollars, and POSCO Future M disclosed the transaction amount in KRW, using the exchange rate at the closing price.
Industry experts view the signing of this major contract as a positive move for POSCO Future M, especially amid sluggish demand for electric vehicles. The company's second-quarter sales dropped below 1 trillion KRW for the first time in six quarters, reaching 915.5 billion KRW, due to the stagnant electric vehicle market. Additionally, the declining prices of key raw materials like lithium have negatively impacted both revenue and profitability, resulting in a net loss for the company.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
