South Korea: POSCO Chemical Co. announced that it is changing its name to POSCO Future M Co. in order to further its mission of becoming a green company and shifting into more sustainable industrial material production. This move will expand the company's focus on environmental safety, renewable energy development and battery technology.

The board at a meeting earlier today has approved the decision, which will be officially finalized at a shareholders' meeting on March 20. This is according to a statement released by the materials unit under South Korean steel giant POSCO Holdings Inc.

POSCO Chemical has demonstrated its commitment to sustainability and eco-friendliness through the launch of its "M" initiative. This movement entails the use of green materials in production, as well as POSCO's efforts to reduce their impact on the environment. Founded in 1971 as a division of POSCO, the organization primarily produces refractories and burnt lime.

It has become clear that a secondary battery components business is being sought after, especially materials for the cathodes and anodes used in lithium-ion cells for electric vehicles. These core materials are essential to power the new wave of EVs.