LS Group's 1.8T Won Bet on Nickel Plants to Boost Korean Battery Independence
LS MnM, a subsidiary of LS Group, is investing a substantial 1.8 trillion won to construct nickel sulfate plants in Ulsan and Saemangeum. This move is set to boost domestic production of precursors, reducing South Korea's reliance on Chinese imports.
LS-L&F Battery Solution (LLBS) has already completed a new precursor plant in Saemangeum, North Jeolla. LS Group Chairman Koo Ja-eun sees this facility as a pivotal hub for K-battery materials, aiming to lead the global supply chain and decrease dependence on Chinese supplies.
The new plant was built with a 1 trillion won ($713.1 million) investment on a 132,000-square-meter site. LLBS plans to produce 20,000 tons of precursors by 2026, ramping up to 40,000 tons by 2027, and ultimately reaching 120,000 tons by 2029. This expansion is part of LS Group's 'ambidextrous management' strategy, focusing on core businesses while pursuing growth in batteries, electric vehicles, and semiconductors. The group's goal is to establish a fully localized battery value chain in South Korea, creating over 1,000 jobs and stimulating the local economy.
LS MnM's investment in nickel sulfate plants in Ulsan and Saemangeum is poised to accelerate domestic production of precursors, reducing South Korea's reliance on Chinese imports. With LS Group's ambitious plans for the battery industry, this move signals a significant step towards a self-sufficient and thriving Korean battery ecosystem.
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