[Special Stock] LG Chem Rises Over 4% on News of New Anode Material Plant in Tennessee, USA

[Asia Economy Reporter Myung-hwan Lee] LG Chem is showing strength in the market on the morning of the 22nd. This is interpreted as investors' expectations being focused on the news of establishing a cathode material factory in the United States, which was announced before the market opened that day.

As of 9:29 AM, LG Chem is trading at 713,000 KRW, up 4.55% (31,000 KRW) compared to the previous trading day.

Before the market opened, LG Chem announced through a public disclosure that it had signed a memorandum of understanding (MOU) with the government of Tennessee, USA, to invest more than 3 billion USD (approximately 4 trillion KRW) to establish a cathode material factory with an annual capacity of 120,000 tons in Tennessee. Additionally, it stated, "We plan to grow the sales of battery materials, including cathode materials, more than fourfold from about 5 trillion KRW in 2022 to about 20 trillion KRW in 2027."

LG Chem intends to actively respond to changes in the global battery materials market, such as the US Inflation Reduction Act (IRA), through the Tennessee cathode material factory.

LG Chem expects to receive tax benefits from the US government once the Inflation Reduction Act is enacted.

This content was produced with the assistance of AI translation services.