POSCO FUTURE M announced on the 24th that it recorded sales of 845.4 billion won and an operating profit of 17.2 billion won in the first quarter. While the operating profit decreased by 54.7% compared to the same period last year, it turned to a profit compared to the previous quarter.
Sales in the battery materials business recorded 505.6 billion won, a 32.4% increase compared to the previous quarter, driven by increased sales of anodes and cathodes. Operating profit turned to a profit of 2.4 billion won.
Sales of anodes improved in profitability due to increased operating rates resulting from higher sales volumes and expansion of sales of premium high-nickel anodes. Cathodes also saw an increase in sales volume due to growing demand for diversification in customer supply chains.
The basic materials business recorded sales of 339.8 billion won and operating profit of 14.8 billion won. An increase in demand due to repair of the steel production process led to higher sales of refractories, while profitability improved in the lime (quicklime) and chemical businesses due to production efficiency and rising sales prices of coal tar.
POSCO FUTURE M is committed to continuously strengthening its research and development capabilities and diversifying its product portfolio. The company is developing new products, including high-voltage mid-nickel and lithium manganese rich (LMR) anodes targeted at the entry market, and is reviewing commercialization plans for LFP (lithium iron phosphate) anodes through technology partnerships and joint ventures.
The company plans to secure a leading position in the global market by developing high-value products such as low-expansion natural graphite anodes and high-capacity silicon-carbon composite (Si-C) anodes.