POSCO to sell entire stake in P&O Chemical to OCI amid corporate reform

Quick Summary:

P&O Chemical, a 51-49 joint venture between POSCO Future M and OCI launched in 2020, produces high-purity hydrogen peroxide (H₂O₂) for semiconductor cleaning and coating material, called pitch, for secondary battery anodes.

POSCO Future M Co., a battery materials affiliate of South Korean steel giant POSCO Holdings Inc., will sell its entire stake in P&O Chemical Co.to its business partner OCI Co.

In turn, POSCO Future M, formerly POSCO Chemical, will be able to improve its financial status by as much as 150 billion won.With 164.3 billion won in debt at the end of 2023, P&O Chemical posted a net loss of 67.1 billion won on sales of 41.8 billion won last year.

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Article Details

Category: Economy

Markets: South KoreaChina

Topics: Steel Pitch Future Billion Stake Posco Trillion Battery Materials Chemical Sell

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-25 @ 17:38:52 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 514 words

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Sentences: 25 lines

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Copyright Owner: © Korea Economic Daily

News ID: 22246691

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