[Featured Stock] Posco Future M Rises 4% on News of Canadian Government Funding Support

POSCO Future M is showing strong performance following news that the Canadian government will provide substantial funding for Ultium CAM, a joint venture between POSCO Future M and General Motors (GM), which is building an electric vehicle battery cathode material factory.

As of 9:36 AM on the 30th, POSCO Future M was trading at 337,000 KRW, up 4.01% compared to the previous trading day.

According to POSCO Future M, on the 29th (local time), the Canadian federal government and the Quebec provincial government announced funding support for the Ultium CAM cathode material factory construction project. Local media reported that the Quebec government will provide CAD 152 million (approximately 148.1 billion KRW) and the federal government will provide CAD 147 million (approximately 144 billion KRW) to Ultium CAM.

Previously, in July last year, POSCO Future M and GM established a joint venture and invested about USD 633 million (approximately 790 billion KRW) to build a cathode material production plant with an annual capacity of 30,000 tons in Becancour, Quebec, Canada.