SEOUL-- POSCO Chemical Co., a basic industrial materials and battery components maker, said Friday it will be renamed POSCO Future M Co. as part of its efforts to accelerate the transformation into a green company.

The decision, approved by the board at a meeting earlier in the day, will be finalized at a shareholders' meeting slated for March 20, the materials unit under South Korean steel giant POSCO Holdings Inc. said in a release.

The "M" represents POSCO's drive for green materials and efforts to turn into an eco-friendly company, it said.

POSCO Chemical was founded in 1971 as a POSCO arm that mainly produces refractories and burnt lime.

It has lately been pushing for a secondary battery components business, particularly the materials used to make cathodes and anodes -- core materials used in lithium-ion cells for electric vehicles.

Source: Yonhap News Agency