Seoul: LG Chem Ltd., South Korea's leading chemical company, announced on Thursday that it has secured a significant electric vehicle (EV) battery cathode material supply deal from the United States. The contract, valued at 3.76 trillion won (US$2.57 billion), is set to run from this Saturday through July 31, 2029, as revealed in a regulatory filing by LG Chem.

According to Yonhap News Agency, the company has chosen not to disclose the identity of the buyer due to confidentiality agreements. This deal stands as one of the largest of its kind for LG Chem, despite a temporary slowdown in global EV demand. The company is a major player in the industry, with an annual cathode production capacity of 150,000 tons distributed across South Korea, China, and other locations. Furthermore, LG Chem is expanding its production capabilities with a new 60,000-ton capacity facility currently under construction in the U.S. state of Tennessee.