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Posco Chemical recently announced it has approved the proposal for a name change. The chemical arm of the POSCO Group said on Friday, Feb. 24, the plan to revise its company name was brought up and given the go-ahead signal during the recent board of directors meeting.
At the conference, the executives also tackled the matter regarding making the decision for the dividend record date. They will also determine the dividend amount to be paid out and then release the details later.
It was said that the system regarding dividends is being applied by companies in the United States, Germany, and France. In fact, Hyundai Motor Company also made an announcement about changing its business system this way. The revision is expected to make investments focused on dividends to be more mainstream while also providing protection to investors.
In any case, The Korea Economic Daily reported that Posco Chemical has been renamed, and it will now be called POSCO Future M. They chose this name to show the company's business focus on future materials as well as indicate its role in leading the new future of the whole POSCO Group.
The name change will be finalized on Mar. 20 at the upcoming shareholder meeting. The company said this move is timely as the company shifts focus on battery materials as its newest business brand.
The M in POSCO Future M stands for three words which are "materials," "move", and "manager," as per Korea Joongang Daily. Finally, Posco Chemical was first established in 1971, and its major businesses at that time were focused on basic materials like chemical products and refractory materials.
However, as the firm expanded fast, its portfolio added many products and included battery materials such as anodes and cathodes which are currently in high demand as electric vehicle production today is also growing at a fast rate.
