FAA Plans Flight Reductions at Chicago O’Hare as Airlines Ramp Up Summer Schedules 
Ecuador Raises Tariffs on Colombian Imports to 50% Amid Border Security Dispute 
FCC Approves Charter Communications’ $34.5 Billion Acquisition of Cox Communications 
IMF Urges U.S. to Cut Fiscal Deficit to Reduce Trade and Current Account Gaps 
U.S. Stock Futures Fall as Nvidia Drops Despite Strong Earnings; Netflix Jumps 9% 
Dominican Republic Unveils Massive Rare Earth Deposits to Boost High-Tech and Energy Sectors 
Gold Prices Steady in Asia, Set for Strong February Gains on Safe-Haven Demand 
Meta Signs Multi-Billion Dollar AI Chip Deal With Google to Power Next-Gen AI Models 
Netflix Stock Jumps 14% After Exiting Warner Bros Deal as Paramount Seals $110 Billion Acquisition 
Amazon’s $50B OpenAI Investment Tied to AGI Milestone and IPO Plans 
BOJ Signals Possible April Rate Hike as Ueda Eyes Inflation and Wage Growth Data 
AWS Data Center in UAE Hit by Fire After Objects Strike Facility Amid Regional Tensions 
Panama Investigates CK Hutchison’s Port Unit After Court Voids Canal Contracts 
Bank of Korea Holds Interest Rate at 2.50% as Growth Outlook Improves Amid AI Chip Boom 
Samsung Electronics Stock Poised for $1 Trillion Valuation Amid AI and Memory Boom 
U.S.-Canada Trade Talks Resume as Trump Administration Reviews USMCA 
POSCO Chemical Co. and General Motors have expanded their joint venture partnership in North America and signed a new deal for processing cathode material at a plant in Quebec, Canada.
The South Korean chemical firm unveiled its new cathode joint venture with General Motors, and their main business is to supply key materials to GM's electric vehicle models. As per Yonhap News Agency, the JV agreement involves $400 million funding, and it will supply materials to Ultium Cells LLC Company that makes batteries for the Detroit, Michigan, headquartered carmaker's EVs.
POSCO Chemicals is a unit of the POSCO Group steelmaker giant, and it is investing in this joint venture with GM for the future of its raw material processing-related biz. The company may add more funds if needed and depending on GM's EV battery requirements for its cars and business.
"GM and our supplier partners are creating a new, more secure and more sustainable ecosystem for EVs, built on a foundation of North American resources, technology and manufacturing expertise," GM's executive vice president of global product development, purchasing and supply chain, Doug Parks, said in a press release. "Canada is playing an important role in our all-electric future, and we are grateful for the strong support we have received from local, provincial and national officials to grow a North American-focused EV value chain."
In any case, POSCO Chemical has plans of raising its annual cathode production capacity from 105,000 tons to 280,000 tons by the year 2025. It will further be increased to 420,000 tons in 2030 as the EV battery market is certainly growing fast as more carmakers are shifting to electric vehicle manufacturing.
"POSCO Chemical is set to expand battery material supplying capability across North America through establishing a cathode material plant in Canada," POSCO Chemical chief executive officer, Min Kyung Zoon, commented for its JV with GM. "We will lead the successful transition to the EV era by further strengthening the strategic partnership with GM and securing a production line with world-class technological competitiveness."
