Posco Chemical posts record quarterly sales in Q3
Operating profit also increases 62.4%
Posco Chemical said on Thursday in its preliminary guidance that it is expecting sales of 505 billion won and 31.5 billion won in operating income in the third quarter.
Sales and operating income increased 29.9% and 62.4% from a year ago.
Posco Chemical said it saw solid sales increase in all of its businesses including energy material, lime chemical and refractories.
Its cathode business contributed 171.7 billion won to sales thanks to increasing raw material prices that were reflected in the sales price.
Anode business however maintained flat sales due to the lowered production of electric vehicles caused by the global chip shortage.
Posco Chemical’s subsidiary PMC Tech saw unit prices increase due to the increase in oil prices.
The company said it will continue to spend on securing raw material and production capacity for battery materials.
Last month, the company acquired a stake in a Chinese graphite processing firm to secure a stable supply of the material.
In August, it formed a joint venture with Huayou Cobalt to expand cathode and precursor production in China.
Posco Chemical is aiming to manufacture 270,000 metric tonnes per year and 170,000 metric tonnes per year of cathode and anode, respectively, by 2025.