POSCO Future M achieves record quarterly sales

2023-05-01

May 1, 2023 - 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 April 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.

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.