POSCO Chemical plans to invest in $633 mln battery materials plant with GM

SEOUL, May 27 (Reuters) – South Korea’s POSCO Chemical Co Ltd (003670.KS) said on Friday it plans to invest in a $633 million battery cathode materials plant in Canada with U.S. automaker General Motors Co (GM) (GM.N).

The South Korean materials maker said in a regulatory filing that it plans to invest $278 million through September 2024 on the joint venture plant with GM.

In December, the two companies announced their plans to form a joint venture in North America.

($1 = 1,254.9900 won)

Reporting by Heekyong Yang and Jihoon Lee; Editing by Christopher Cushing