"Cylindrical High-Nickel Shipments Recover...
The Worst Is Over"
LNf announced on the 5th that it recorded an operating loss of around 500 billion KRW in 2024, continuing its deficit following the operating loss of 222.3 billion KRW in the previous year. The main factors for the deterioration in performance were cited as 'slowing demand for electric vehicles' and 'declining metal prices.'
LNf recorded consolidated sales of 1.9075 trillion KRW and an operating loss of 510.2 billion KRW in 2024. Sales decreased by 58.9% compared to the previous year, and operating profit fell by 129.5%. LNf analyzed that the performance worsened because electric vehicle demand slowed, leading to a decrease in product shipments, and metal prices continued to decline, reducing profits.
LNf stated that after hitting the lowest shipment point due to customer inventory adjustments before launching new products in the third quarter of last year, shipments have entered an upward trend again. An LNf official said during the earnings announcement, "The positive aspect is that the third quarter was the lowest point, and with the recovery of shipments in the cylindrical high-nickel segment, the worst period is behind us."
LNf announced that this year it will expand its LFP (Lithium Iron Phosphate) battery material product portfolio and focus on securing new customers. In particular, it emphasized that it will complete the construction of a precursor production facility next month and start pilot production in May to strengthen its competitiveness in precursors. LNf also stated that it plans to begin mass production of 20,000 tons of precursors from 2026 and increase total production to 40,000 tons by 2027.
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