Photo = POSCO

 

[Alpha Biz= Reporter Kim Jisun] POSCO Future M, a battery materials subsidiary of POSCO Group, plans to sell its entire 51% stake in P&O Chemical to its joint venture partner, OCI. 

 

The decision will be finalized in board meetings for both companies on August 26, 2024. P&O Chemical, established in 2020 as a joint venture with POSCO Future M holding a 51% stake and OCI holding 49%, focuses on producing pitch, a key coating material used in battery anodes.

The sale is expected to generate 500 billion KRW in cash and improve POSCO Future M's financial position by approximately 1.5 trillion KRW. 

 

This move is part of POSCO Group's broader restructuring strategy to divest low-profit businesses and unnecessary assets, aiming to raise around 2.6 trillion KRW by 2026. P&O Chemical reported a net loss of 67.1 billion KRW last year.

 

 

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