POSCO Future M Signs 20 Trillion KRW Financial Support Agreement with Woori Bank for Cathode and Anode Materials

POSCO Future M accelerates investment in the anode and cathode materials business for secondary batteries by receiving 2 trillion KRW in financial support from Woori Bank.

On the 26th, POSCO Future M signed a financial support memorandum of understanding (MOU) with Woori Bank to strengthen competitiveness in core secondary battery materials. Key officials, including Cho Byung-kyu, President of Woori Bank, and Kim Jun-hyung, CEO of POSCO Future M, attended the signing ceremony held at Woori Bank headquarters in Jung-gu, Seoul.

Kim Jun-hyung, President of POSCO Future M (left), and Cho Byung-kyu, President of Woori Bank (right), are posing for a commemorative photo at the signing ceremony of the financial support business agreement (MOU) to strengthen competitiveness in core secondary battery materials on the 26th.

According to the agreement, POSCO Future M will receive financial support worth 2 trillion KRW over three years from Woori Bank for facility investments in the anode and cathode materials business and overseas business expansion.

POSCO Future M is expanding investments based on its production roadmap targeting 1 million tons of cathode materials and 370,000 tons of anode materials by 2030, in line with the growth trend of the global electric vehicle market.

Leveraging its high growth potential and credit rating (AA-), POSCO Future M is smoothly securing funding for its large-scale investment plans. Since July last year, it has secured approximately 8 trillion KRW in investment funds (5.5 trillion KRW from domestic banks and 2.1 billion USD from overseas banks) through MOUs with major domestic and international financial institutions. In February this year, it successfully issued 400 billion KRW worth of ESG (Environmental, Social, and Governance) bonds, and in April, 300 billion KRW worth of Korean-style green bonds.

CEO Kim Jun-hyung said, "We have secured the resources necessary for unwavering business execution," adding, "We will expand domestic and overseas facility investments to leap forward as a leading company in eco-friendly future materials."

President Cho Byung-kyu of Woori Bank stated, "Financial support to strengthen corporate global competitiveness is the bank’s mission," and added, "We will spare no effort in providing financial support to new growth industries so that new growth companies responsible for Korea’s future can firmly take root."

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