Dollar Stabilizes as Markets Weigh Middle East Ceasefire Prospects and Central Bank Policy Outlook 
Trump Administration Defends Anthropic AI Restrictions in Ongoing Federal Lawsuit 
Oil Prices Fall as Trump Signals Iran Deal, Reducing Supply Risk Concerns 
oOh!media Takeover Battle Intensifies as Bain Capital Joins Competing Bids 
Asian Stocks Rally as Trump Signals Iran Peace Deal; Tech and Chip Shares Rebound Strongly 
Changchun Targets EV Growth as China’s Auto Industry Consolidation Accelerates 
Gold Prices Drop as Strong Dollar, Rising U.S.-Iran Tensions Weigh on Market Sentiment 
Meta AI Strategy Faces Challenges as Zuckerberg Admits Mistakes in Internal Memo 
US Dollar Heads for Weekly Loss as Iran Peace Deal Hopes Boost Risk Appetite 
OpenAI May Slash AI Service Prices Amid Growing Rivalry With Anthropic 
SpaceX IPO Set for Explosive Debut as Valuation Tops $2.2 Trillion 
European Stocks Rise Ahead of ECB Rate Decision as Investors Buy the Dip 
US Stock Futures Rally as U.S.-Iran Peace Talks Boost Market Sentiment Despite Ongoing Strikes 
New Zealand Manufacturing Slips Back Into Contraction in May 
BHP Port Hedland Workers Back Strike Action Amid Pay Dispute 
US Appeals Court Keeps Trump’s 10% Global Tariff in Effect During Ongoing Legal Battle 
US Stock Futures Rise on Iran Peace Deal Hopes as SpaceX Debuts After Record IPO 
POSCO Holdings and LG Energy Solution have signed a memorandum of understanding (MOU) for EV battery material supply. The two companies reportedly signed a more comprehensive agreement on Friday, Oct. 7, but they only made the announcement this Monday.
As per The Korea Herald, it was specified in the non-binding agreement that Posco Holding would later sign a long-term deal for the supply of cathode and anode materials for battery production at LG Energy Solution. The items are expected to be delivered to LGES before this year ends. The battery maker confirmed its agreement with POSCO this week.
Moreover, as part of the deal, POSCO and LG Energy will also cooperate in the development of new battery recycling technology in addition to the next-generation anode material. They will be working as a group and then apply what they developed in their productions.
The new agreement is an expansion of the companies’ partnership that first started in 2012. The leading steelmaker in South Korea supplied cathode materials to LGES in their very first deal 10 years ago.
The battery maker said that its MOU with POSCO will allow them to traverse any uncertainties in the EV supply chain, including the new trade regulations that were signed by US President Joe Biden in August. The American leader signed the Inflation Reduction Act in the wake of rising costs of fuel and commodities.
"The collaboration will allow LGES and POSCO to keep a competitive edge, addressing consequences from the US signing of IRA," Kwon Young Soo, LG Energy Solution’s vice chairman and chief executive officer, said in a statement.
He added, “The companies will continue to collaborate with each other to maintain competitiveness amid various issues, such as the U.S. Inflation Reduction Act.”
Meanwhile, LGES and POSCO will also share their plans for the future business ventures they will work on together. Korea Joongang Daily reported the former would also reveal how much cathode and anode materials it is planning to buy for the next seven years, while POSCO Holdings will disclose its programs for the expansion of its battery manufacturing biz as part of their collaboration.
