Daebo Magnetic Supplies Anode Material Electromagnetic Deironer to POSCO Future M

Daebo Magnetic announced on the 1st that it has signed a supply contract worth 5.1 billion KRW with POSCO Future M for electromagnetic iron removers. Under this contract, Daebo Magnetic will supply a 5-stage iron remover to POSCO Future M's Gwangyang cathode material plant by May next year.

The electromagnetic iron remover is equipment that removes iron components within lithium, which are identified as major causes of secondary battery explosions and fires. The iron removal process is essential to ensure safety and improve yield during battery manufacturing. Following a recent fire at a lithium battery plant in Hwaseong, Gyeonggi Province, improving battery safety has become more important than ever, and all battery manufacturers are actively adopting electromagnetic iron removers in the cathode material manufacturing process.

Daebo Magnetic possesses outstanding technology and know-how from the design to production of electromagnetic iron removers. It holds 80% of the global electromagnetic iron remover market and is the only company worldwide with unparalleled technology in manufacturing both dry and wet type electromagnetic iron removers.

POSCO Future M is the only company in Korea that simultaneously produces and supplies both battery cathode and anode materials. POSCO Future M plans to continuously expand its current cathode material production capacity (CAPA) of 155,000 tons per year. Through domestic and overseas plant expansions, it aims to more than double this capacity to 395,000 tons by 2026.

A Daebo Magnetic official said, “Many companies fiercely competed to supply next-generation high-performance iron removers to POSCO Future M, but Daebo Magnetic was finally selected, reaffirming its position as the industry leader. Including this order, we are actively discussing supply with several global secondary battery and cathode material companies, so large-scale additional orders are expected to follow.”

He added, “Separately, the recent rumors in the market about the company’s management rights sale being reconsidered are completely untrue. Daebo Magnetic will continue to actively develop its business centered on CEO Lee Jun-gak, the founder.”