POSCO International and Lotte Energy Materials Join Forces to Cooperate in Copper Foil Segment

Vice Chairman Jeong Tak of POSCO International, Kim Byung-hwi, head of the Eco-friendly Division at POSCO International, Vice Chairman Kim Kyo-hyun of Lotte Chemical, and President Kim Yeon-seop of Lotte Energy Materials attend a ceremony in which POSCO International struck an MOU with Lotte Energy Materials to supply the raw materials of copper foil at Lotte Signiel Hotel in Songpa-gu, Seoul, on Nov. 1. (Photos: POSCO International)

POSCO International struck an MOU with Lotte Energy Materials to supply the raw material copper foil worth 6 trillion won. Copper foil is a core raw material for secondary batteries.

POSCO International is Korea’s biggest copper foil raw material supplier.

A signing ceremony took place at Lotte Signiel Hotel in Songpa-gu, Seoul, on Nov. 1 with Vice Chairman Jeong Tak of POSCO International, Kim Byung-hwi, head of the Eco-friendly Division at POSCO International, Vice Chairman Kim Kyo-hyun of Lotte Chemical, and President Kim Yeon-seop of Lotte Energy Materials in attendance.

Under the agreement, POSCO International will supply raw materials of high-end copper foil, standing at a combined 600,000 tons to Lotte Energy Materials for 10 years until 2033. Revenues are expected to amount to 6 trillion won.

A copper foil is a 10㎛-thick copper plate that wraps the cathode, the negatively charged electrode.

POSCO International collects scrap copper and scrap wires and reutilizes them as raw materials. The related process reduces greenhouse gas emissions.

A POSCO International official said, “The copper coil raw material business POSCO International is implementing is a starting point, and the continued investments into the business will expand the supply chain to processing of raw materials on top of securing raw materials.”

Both companies have established a common consultation body comprising of executives and working-level officials to ramp up partnerships in the copper foil business.

POSCO International will supply raw materials and consulting services to Lotte Energy Materials by making the most of its overseas network and business knowhow.

POSCO International is building a cooper transaction network with about 80 countries around the world, including the United States, some countries in the Middle East and in Southeast Asia.

POSCO International and Lotte Energy Materials plan to prioritize cooperating in supplying raw materials from new foreign production centers in Malaysia, Spain and the United States, developing processes of using cooper foil raw materials and establishing global centers.

Figures released by SNE Research showed that the size and the value of the global secondary battery copper foil market are predicted to surge to 748,000 tons and 10 trillion won by 2025, respectively.

POSCO International held a ceremony to dedicate PI-MEM (Posco International Mexico E-Mobility) in Ramos Arizpe, Coahuila, Mexico, on Oct. 17.