POSCO Chemical honored at S&P Global Platts Global Metals Awards

The photo shows the “Rising Star” plaque POSCO Chemical received from S&P Global Platts 2021 Global Metals Awards / Courtesy of POSCO Chemical

By Kim Bo-eun

POSCO Chemical said Friday that it was recognized as a "rising star" for its growth model as a materials company at the "Global Metals Awards" ceremony hosted by Standard & Poors Global Platts. This is POSCO Chemical's first global award.

S&P Global Platts is the world's leading provider of benchmark prices and analytics for the energy and commodities markets. The Global Metals Awards recognizes the best individuals and companies in the metals industry across 15 categories. The rising star award honors the achievements of a startup or an existing business that has moved into a new field, on the basis of financial growth, innovation, job growth and operational excellence.

POSCO Chemical said it was recognized for its expansion into the secondary battery materials and advanced chemical materials business, from its former focus on basic industrial materials.

“In the last five years, POSCO Chemical has built a large, successful business in the lithium-ion battery market and forms a crucial part of POSCO Group's value chain integration for green mobility solutions,” S&P Global Platts' judge panel noted.

POSCO Chemical recently completed a prototype test of nickel, cobalt, manganese and aluminum (NCMA), manufactured by adding aluminum to existing nickel-rich NCM cathode materials.

"In 2020, all companies struggled with COVID-19, but POSCO Chemical recorded its highest sales and made a successful paid-in capital increase," the panel said.

"In 2020, the secondary battery materials business accounted for 44 percent of total sales, amounting to $476 million. In 2021, it estimated sales reaching $745 million for secondary battery materials to meet rising demand through continuous expansion of production facilities."

POSCO Chemical entered the anode material business in 2011 and succeeded in localizing core battery materials. In 2019, the firm merged with cathode material affiliate POSCO ESM, becoming the only company in Korea producing both cathode and anode materials.

The company is developing next-generation materials ahead of the growth of the electric vehicle market, investing in global production capacity and building smart factories, securing competitiveness and increasing market share as a result.

POSCO Chemical has a 2030 target of achieving a 20-percent global market share in the secondary battery materials business with an annual turnover of $21 billion.

The winners of the S&P Global Platts Award were announced and honored in London ― and virtually ― on Thursday, local time. Metal companies from six countries, spanning three continents, received honors for leadership, innovation, and exemplary performance.