Gwangyang-si Signs Large-Scale Investment Agreement with POSCO Future M

Additional Anode Material Production Facility Established in Gwangyang Yulchon 1st Industrial Complex

On the 28th, Gwangyang City in Jeonnam signed a large-scale investment agreement with POSCO Future M at the 'Capital Region Investment Attraction Briefing' held at the Westin Chosun Seoul Hotel.

At the briefing, Jeonnam Governor Kim Young-rok, Gwangyang Mayor Jeong In-hwa, along with Yeosu Mayor Jeong Ki-myeong, Yeonggwang County Chief Kang Jong-man, Wando County Chief Shin Woo-cheol, and about 150 representatives from capital region companies and associations attended, signing investment agreements worth 2.5 trillion KRW with five companies.

The event proceeded in the order of investment agreement, performance, and investment briefing.

[Photo by Gwangyang City]

According to the investment agreement, POSCO Future M plans to additionally build a secondary battery material cathode production plant in the Yulchon 1 Industrial Complex in Gwangyang.

The additional construction site is adjacent to the POSCO Lithium Solutions Co., Ltd. lithium hydroxide production plant, which began construction on the 13th.

Furthermore, the agreement includes POSCO Future M's commitment to actively participate in hiring local talent, purchasing local products, utilizing local companies, and doing its best to revitalize the local economy through job creation. Gwangyang City pledged to actively provide administrative support for POSCO Future M's successful investment.

Jeonnam Governor Kim Young-rok stated, "We will secure customized industrial sites for advanced fields based on renewable energy and establish the South Coast historical and cultural marine tourism belt to create a global growth engine." He added, "We will strive to improve living conditions so that companies investing in Jeonnam can achieve greater leaps forward, and firmly support them to expand vigorously to the world from Jeonnam, which has the optimal development conditions for the era of industrial transformation."

Representing the investment agreement municipalities, Gwangyang Mayor Jeong In-hwa emphasized, "In this serious era of local extinction, the only way to revive local areas and attract youth is through corporate investment and job creation."

He continued, "Fortunately, centered on the POSCO Group, investment in the secondary battery material industry in our city continues to increase, for which we are very grateful." He added, "Our city is a nationally representative city ideal for raising children, and just as companies nurture children with care, we will provide maximum support. I hope many companies here will invest in Gwangyang and achieve success."

Meanwhile, POSCO Future M is a leading company producing secondary battery cathode materials, a core business of POSCO's future new materials. In November, it completed the world's largest single factory cathode production plant in Yulchon 1 Industrial Complex, Gwangyang, with an annual production capacity of 90,000 tons of cathode materials, enough to produce batteries for about one million high-performance electric vehicles.

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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