POSCO INTERNATIONAL CORPORATION for Secondary Battery to LOTTE Energy Materials
- Signed an MOU with LOTTE Energy Materials on the 1st for a '10-year supply of 600,000 tons of copper foil materials'
- Prioritizes the supply of raw materials to new overseas production bases of copper foil and the establishment of overseas foothold
POSCO INTERNATIONAL is poised to supply LOTTE Energy Materials with large-scale copper foil materials.
On the 1st, POSCO INTERNATIONAL, led by Vice Chairman Jeong Tak, signed 'a memorandum of understanding (MOU) with LOTTE Energy Materials to expand the supply of copper foil materials' at LOTTE Signiel Hotel. The signing ceremony was attended by POSCO INTERNATIONAL Vice Chairman Jeong Tak, POSCO INTERNATIONAL Green Industry Division Head Kim Byung-Hwi, LOTTE Chemical Vice President Kim Gyo-Hyun, and LOTTE Energy Materials CEO Kim Yeon-Seop.
Under the agreement, POSCO INTERNATIONAL will supply LOTTE Energy Materials with 600,000 tons of raw materials for the production of high-end copper foil over a period of 10 years until 2033.
Copper foil is a thin substrate of copper with a thickness of 10μm (1μm=1/1000000m) or less, which is used to wrap around the anode of a secondary battery. It gathers and delivers electrons produced by electrochemical reactions at the anode.
According to SNE Research, the global market for copper foil used in secondary batteries is forecasted to expand rapidly from 265,000 tons in 2021 to 748,000 tons in 2025. The market value is also expected to rise from KRW 3.5 trillion in 2021 to KRW 10 trillion in 2025.
The raw materials provided by POSCO INTERNATIONAL under this contract hold significance in terms of environmental, social, and governance (ESG) management. The company plans to recycle all the scrap collected through its global network back into raw materials, thereby promoting resource circulation while reducing carbon emissions.
To fortify its partnership with LOTTE Energy Materials, the company has formed a joint council composed of executives and employees from both companies. In the future, the company intends to leverage its global network and sales expertise to ensure a steady supply of raw materials and provision of consultation services to LOTTE Energy Materials.
The company also prioritizes collaboration in the development of processes and the establishment of bases for supply and use of copper foil materials in new overseas production bases in Malaysia, Spain, and the United States, which are being promoted by LOTTE Energy Materials.
POSCO INTERNATIONAL's capability to rapidly step into the business of supplying raw materials, such as lithium, graphite, and nickel, amidst the supply chain crisis is attributed to its experience in trading non-ferrous metals since the late 1990s and its extensive global network.
The company has formed a copper trading network with more than 80 companies around the globe, including the United States, the Middle East, and Southeast Asia, earning its present status as the 'largest domestic supplier' of copper foil materials.
"Our copper foil material business is just getting started," a POSCO INTERNATIONAL official said. "We plan to continue investing in domestic and overseas copper foil material businesses to broaden our value chain, encompassing not just the procurement but also the processing of raw materials."
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Posco International Corporation published this content on 01 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2023 01:59:06 UTC.
