Cathode and anode battery materials
POSCO Future M
POSCO Future M is POSCO Group's battery-materials arm and the only Korean company mass-producing both cathodes and anodes. FY2025 non-consolidated revenue was KRW 2.94 trillion (down 20.6%) with KRW 32.8 billion of operating profit, a return to the black, though Q4 swung back to a KRW 51.8 billion loss amid the EV chasm. Cumulative cathode orders total about KRW 92 trillion, concentrated in LG Energy Solution (~KRW 52tn) and Samsung SDI (KRW 40tn), and in October 2025 it disclosed its largest-ever anode deal, a KRW 671 billion natural-graphite contract with an undisclosed global automaker.
003670.KS Updated Jul 5, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, POSCO Future M is directly linked to 3 companies (1 supply, 2 revenue, 1 investment relationships) and reaches 8 companies within two hops; the links are backed by 16 dated sources, 4 of them primary filings (as of 2026-07-05).
Financials & Segments
- Total revenue · FY2025 revenue ₩2.94tn (non-consolidated)
- Customer concentration · ~₩92tn cumulative cathode orders: LGES ₩52tn, Samsung SDI ₩40tn
- Segments · Cathodes (high-nickel NCA/NCMA) · Anodes (natural and synthetic graphite) · Refractories · Lime and chemicals
Revenue from
- Samsung SDI High confidence· Contract value 40조원(KRW trillion) · 2023–2032 (10년) · Total value of 10-year high-nickel NCA cathode supply contract
In January 2023 POSCO Future M (then POSCO Chemical) disclosed a 10-year (2023–2032) deal worth about KRW 40tn to supply high-nickel NCA cathodes to Samsung SDI, its largest and longest order ever, adding Samsung SDI as a new customer.Confirms EN POSCO Group Newsroom Published Feb 15, 2023: POSCO Chemical lands 40 trillion KRW cathode materials supply contract for Samsung SDI batteriesConfirms KO POSCO Group Newsroom Published Jan 30, 2023: POSCO Chemical wins KRW 40tn Samsung SDI cathode orderConfirms KO Newsis Published Jan 30, 2023: POSCO Chemical to supply Samsung SDI battery cathodes in record KRW 40tn deal - LG Energy Solution High confidence· Contract value 30.26조원(KRW trillion) · 2023–2029 (7년) · Total value of long-term high-nickel NCM/NCMA cathode supply contract
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 KO POSCO Future M Published Apr 26, 2023: POSCO Future M signs KRW 30tn cathode supply deal with LG Energy SolutionConfirms EN The Korea Herald Published Apr 26, 2023: Posco Future M, LG Energy Solution sign W30tr cathode supply deal - Ultium Cells High confidence· 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
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 KO Electric Times Published Jan 1, 2026: POSCO Future M's GM cathode supply shrinks from KRW 13.7tn to KRW 2.8tnMentions EN The Korea Herald Published Aug 8, 2025: Posco Future M starts supply of Korea-made battery precursors to US Ultium Cells - US automakers (undisclosed) Medium confidence· Contract value 0.671조원(₩6,710억), 연장시 1.7조 · 2027-10 ~ 2031-09 (4년) · Value of single natural-graphite anode supply contract
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 KO KRX KIND disclosure Published Oct 14, 2025: [POSCO Future M] Single Sale/Supply Contract ConclusionConfirms KO The Hankookilbo Published Oct 14, 2025: POSCO Future M signs KRW 670bn natural-graphite anode supply deal with overseas automaker
Pays to
- POSCO Holdings Medium confidence· supply volume 20,000 t (수산화리튬) · 2024-12~ · Lithium hydroxide purchase from POSCO Pilbara Lithium Solution (enough for 43kt of cathodes)
POSCO Future M sources key cathode raw materials such as lithium and nickel from the POSCO Holdings-led group value chain. In December 2024 it signed a 20,000-ton lithium hydroxide purchase contract with POSCO Pilbara Lithium Solution, completing a mine-to-cathode in-group supply line that also serves as a non-Chinese, FEOC-compliant sourcing route for the US market.Confirms KO Business Post Published Dec 6, 2024: POSCO Future M signs 20,000-ton domestic lithium hydroxide purchase deal, eyeing US tax creditsConfirms KO POSCO Newsroom Published Nov 29, 2024: POSCO Holdings completes domestic lithium hydroxide plant - CNGR (CNP New Materials JV) Medium confidence
POSCO Future M has an 80:20 precursor JV (C&P Materials) with China's CNGR to build a 100k-ton precursor / 250k-ton nickel-refining base (~KRW 1.6tn) in Pohang, aiming to source China-dependent precursor domestically.Confirms KO DigitalDaily Published Sep 5, 2025: POSCO Future M advances capital injection into CNGR JV C&P MaterialsConfirms KO DigitalDaily Published May 10, 2023: After Huayou, CNGR too — POSCO Future M diversifies Chinese materials
Investors
- POSCO Holdings Medium confidence
POSCO Holdings is the holding company and largest shareholder of POSCO Future M.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | -1.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Samsung SDI | lead1 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +11.3 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| POSCO Future M | node | -17.7 | +97.6 | +16.3 | -43.6 | +56.5 | -32 |
| POSCO Holdings | benef1 | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -8.8 |
YTD as of 2026-07-10 · source: Yahoo Finance
POSCO Future M operates across Cathode and anode battery materials. After +56.5% in 2025, it gave back -32% in 2026. The supply side (avg -8.8%) has moved harder than the stock (-32%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Samsung SDI (+11.3%) and the furthest behind is LG Energy Solution (-18.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Cumulative cathode orders total about KRW 92 trillion, concentrated in LG Energy Solution (~KRW 52tn) and Samsung SDI (KRW 40tn), and in October 2025 it disclosed its largest-ever anode deal, a KRW 671 billion natural-graphite contract with an undisclosed global automaker.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target ₩270,000 · Price ₩151,800 (07-10) · Upside +78%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| KB Securities | Buy | ₩310,000 | May 4, 2026 | Report ↗ |
| Hanwha Investment & Securities | Hold | ₩220,000 | Mar 24, 2026 | Report ↗ |
| Samsung Securities | Buy | ₩280,000 | Dec 16, 2025 | Report ↗ |
Q1 beat consensus; cathode shipments rebound and basic-materials margins improve on higher chemical prices, with basic materials driving Q2. Target raised to KRW310,000, Buy maintained.