Posco Chemical to change name to Posco Future M

Posco Chemical is changing its name to Posco Future M.

The name change was approved by its board directors Friday and will be finalized in a shareholder meeting scheduled for March 20.

The change aims to focus brand attention on battery materials, Posco Chemical's latest focus.

The M stands for "materials," "move" and "manager," the company said.

Established in 1971, Posco Chemical's major businesses focused on basic materials such as refractory materials and chemical products.

However, the company has been rapidly expanding its portfolio to battery materials such as cathodes and anodes, which are experiencing a boom in the fast-growing EV industry.

In January, Posco Chemical inked a 40-trillion-won ($31 billion) deal with Samsung SDI for high-nickel cathodes.

It operates the world’s largest cathode plant in Gwangyang, South Jeolla.

Posco Chemical generated 121.9 billion won in net profit in 2022, down 8.8 percent on year.

Revenues soared 66 percent to an all-time high of 3.3 trillion won, while operating profit rose 36.3 percent to 165.9 billion won.

Sales of its battery material business rose 127.6 percent on year to 1.94 trillion won. The business accounted for 58.7 percent of Posco Chemical’s total sales.

BY SARAH CHEA [chea.sarah@joongang.co.kr]