# Who are POSCO Future M's customers? Who does POSCO Future M earn revenue from?
Canonical: https://valuechain.wiki/posco-future-m · Facet: customers · Updated: 2026-11-02T17:23:22.775327+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: POSCO Future M's confirmed revenue counterparties include LG에너지솔루션, 삼성SDI, SK Innovation (SK On) plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 16 dated sources, 3 of them primary filings (as of 2026-11-02).

### LG에너지솔루션 (high)  → /lg-energy-solution.md
- metric: Contract value 30.26조원(KRW trillion) · 2023–2029 (7년) · Total value of long-term high-nickel NCM/NCMA cathode supply contract
- note: In April 2023 POSCO Future M signed a 7-year (2023–2029) deal worth about KRW 30.26tn ($22.6bn) to supply high-nickel NCM/NCMA cathodes to LG Energy Solution, its largest customer; cumulative LGES cathode orders reach ~KRW 52tn.
- [confirms] POSCO Future M (KO, filing, published 2023-04-26) https://www.poscofuturem.com/pr/view.do?num=684: "It signed a contract on the 26th to supply about KRW 30.2595tn of cathodes to LG Energy Solution over 7 years from this year to 2029."
- [confirms] The Korea Herald (EN, news, published 2023-04-26) https://www.koreaherald.com/article/3113724: "Posco Future M secured a KRW 30.25tn ($22.6bn) high-nickel cathode supply contract with LG Energy Solution over seven years (2023–2029)."

### 얼티엄셀즈 (Ultium Cells) (high)
- metric: Contract value 13.77조원(KRW trillion), 집행 2.8112조 · 2023– (집행분 2023~2024 기준) · Total value and actually-executed amount of long-term hi-nickel cathode supply to GM/Ultium Cells
- note: POSCO Future M supplies high-nickel cathodes to Ultium Cells (the GM–LGES JV) under a 2023 contract worth KRW 13.77tn, but only ~KRW 2.81tn (~20%) was executed amid falling lithium prices and a US EV slowdown; first domestic-precursor cathode shipment began Aug 2025.
- [confirms] Electric Times (KO, news, published 2026-01-01) https://www.electimes.com/news/articleView.html?idxno=363682: "Of the KRW 13.77tn long-term hi-nickel cathode contract with GM since 2023, only KRW 2.81tn was actually executed; volumes went to Ultium Cells, the GM–LGES JV."
- [mentions] The Korea Herald (EN, news, published 2025-08-08) https://www.koreaherald.com/article/10550098: "Posco Future M made its first shipment of cathodes made with domestic precursors to Ultium Cells in the US."

### 삼성SDI (high)  → /samsung-sdi.md
- metric: Contract value ₩6T · 2027–2032 (6년) · Long-term LFP cathode and related battery-materials supply agreement with Samsung SDI
- note: POSCO Future M signed a KRW 40tn long-term high-nickel NCA cathode contract with Samsung SDI in 2023. In October 2026 it added a KRW 6tn integrated 2027–2032 agreement, broadening cooperation from NCA to LFP, LMO and synthetic-graphite anodes.
- [confirms] POSCO Holdings / SEC (EN, filing, published 2026-11-02) https://www.stocktitan.net/sec-filings/PKX/6-k-posco-holdings-inc-current-report-foreign-issuer-4e760a449de2.html: "Samsung SDI: KRW 6 tril. for LFP cathodes and related materials (6 years)."
- [confirms] POSCO Future M (EN, ir, published 2026-10-07) https://www.poscofuturem.com/en/pr/view.do?num=1051: "POSCO Future M will supply Samsung SDI with KRW 6 trillion worth of LFP cathode materials on a long-term basis."
- [confirms] POSCO Future M (KO, ir, published 2026-10-07) https://www.poscofuturem.com/pr/view.do?num=1051: "POSCO Future M will supply Samsung SDI with KRW 6tn of LFP cathode materials on a long-term basis."
- [confirms] POSCO Group Newsroom (EN, ir, published 2023-02-15) https://newsroom.posco.com/en/posco-chemical-lands-40-trillion-krw-cathode-materials-supply-contract-for-samsung-sdis-batteries/: "It has signed a contract to supply high-nickel NCA cathode materials for electric vehicle batteries to Samsung SDI for 10 years from this year to 2032. This contract, which is worth 40 trillion KRW, is the largest and longest-term order POSCO Chemical has landed since its foundation."
- [confirms] POSCO Group Newsroom (KO, ir, published 2023-01-30) https://newsroom.posco.com/kr/포스코케미칼-삼성sdi-배터리용-양극재-40조-원-수주/: "POSCO Chemical disclosed on the 30th a contract to supply high-nickel NCA cathodes to Samsung SDI for 10 years (2023–2032); the KRW 40tn deal is its largest and longest order ever."
- [confirms] Newsis (KO, news, published 2023-01-30) https://www.newsis.com/view/?id=NISX20230130_0002174545: "POSCO Chemical disclosed on the 30th a contract to supply high-nickel NCA cathodes for EV batteries to Samsung SDI for 10 years through 2032; at KRW 40tn it is the largest and longest order since its founding."

### SK이노베이션(SK온) (high)  → /sk-innovation.md
- metric: Contract value ₩1.1T · 2027–2029 (3년, 합의 시 2년 연장) · Long-term LFP cathode supply contract for SK On ESS batteries
- note: POSCO Future M will supply SK On with about KRW 1.1tn of LFP cathodes for ESS batteries over 2027–2029, extendable by two years. It adds the first cathode deal to an existing anode relationship and uses converted Pohang high-nickel lines, with mass production due by end-2026.
- [confirms] POSCO Holdings / SEC (EN, filing, published 2026-11-02) https://www.stocktitan.net/sec-filings/PKX/6-k-posco-holdings-inc-current-report-foreign-issuer-4e760a449de2.html: "SK On: KRW 1.1 tril. LFP cathodes (3+2 years)."
- [confirms] POSCO Future M (KO, ir, published 2026-09-22) https://www.poscofuturem.com/pr/view.do?num=1049: "The contract is worth about KRW 1.1tn over 2027–2029 and can be extended by two years by mutual agreement."
- [confirms] POSCO Future M (EN, ir, published 2026-09-22) https://www.poscofuturem.com/en/pr/view.do?num=1049: "The contract is worth approximately KRW 1.1 trillion over three years, from 2027 through 2029, and can be extended by an additional two years."
- [mentions] Mirae Asset Securities Research (EN, research, published 2026-05-04) https://securities.miraeasset.com/newir/view/pc/en/investor/researchReportsView.jsp?messageId=2339532: "Sustaining earnings growth and a valuation premium will likely require LFP cathode materials orders for both ESS and EV applications and additional anode materials orders."

### 미국 완성차 (비공개) (mid)
- metric: Contract value 0.671조원(₩6,710억), 연장시 1.7조 · 2027-10 ~ 2031-09 (4년) · Value of single natural-graphite anode supply contract
- note: On Oct 14, 2025 POSCO Future M disclosed a single supply contract to provide KRW 671bn ($468m) of natural-graphite anodes to a global automaker over Oct 2027–Sep 2031, its largest anode deal ever, up to KRW 1.7tn with a 6-year extension, driven by de-risking from Chinese graphite export curbs.
- [confirms] KRX KIND disclosure (KO, filing, published 2025-10-14) https://kind.krx.co.kr/common/disclsviewer.do?method=search&acptno=20251014000279: "POSCO Future M single sale/supply contract disclosure (2025-10-14, 003670) for natural-graphite anode supply."
- [confirms] The Korea Herald (EN, news, published 2025-10-14) https://www.koreaherald.com/article/10593344: "POSCO Future M will supply natural-graphite anodes over Oct 2027–Sep 2031 for KRW 671bn ($468.3m), up to KRW 1.7tn with extension; the client is undisclosed."
- [confirms] The Hankookilbo (KO, news, published 2025-10-14) https://www.hankookilbo.com/News/Read/A2025101417530000712: "It signed a contract to supply KRW 671bn of natural-graphite anodes to a global automaker over Oct 2027–Sep 2031; the counterparty is undisclosed by mutual agreement."

### POSCO홀딩스 (mid)  → /posco-holdings.md
- note: POSCO Holdings is the holding company and largest shareholder of POSCO Future M.
- [confirms] KRX KIND (KO, filing, published 2026-03-11) https://kind.krx.co.kr/common/disclsviewer.do?acptno=20260311002434&docno=&method=search: "The filing lists POSCO Holdings as the holding company controlling POSCO Future M."

Reverse side: https://valuechain.wiki/posco-future-m/suppliers.md · Ripple: https://valuechain.wiki/posco-future-m/ripple.md

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