LEHIGH VALLEY, Pa., Aug. 7, 2019 /PRNewswire/ -- Air Products (NYSE: APD) today announced it has been awarded a contract by POSCO Chemical to supply on-site nitrogen to a new anode material manufacturing site being built in Sejong, South Korea. POSCO Chemical is an affiliate of POSCO Group, the largest integrated steelmaker in Korea and one of the largest in the world.
"We are honored to be selected once again by POSCO Chemical as they ramp up their production capacity to capture the rapidly growing secondary battery market. It reflects our strategic customer's continued confidence in our safety, reliability and operational excellence," said Kyo-Yung Kim, president of Air Products Korea. "Fueled by environmental and energy trends, the outlook of Korea's secondary battery industry is promising, with applications in both electric vehicles and energy storage systems on the rise. Our ongoing commitment to this burgeoning market aligns with Air Products' higher purpose and strategic focus on energy, the environment and emerging markets."
Air Products has been supplying pipeline oxygen to POSCO Chemical's cathode material manufacturing site in Gumi, and will supply onsite oxygen and nitrogen to its new cathode material production line in Gwangyang.
Anode materials are paired with cathode materials in secondary batteries and are critical for battery performance. These materials are commonly used for devices such as mobile phones, consumer devices, energy storage systems, golf carts, electric bicycles and electric vehicles.
The global leading steelmaker POSCO Group has been expanding its business into the secondary battery industry. POSCO Chemical was formed in April 2019 following the merger between POSCO Chemtech and POSCO ESM, two affiliates of the group engaged in the production of key battery materials.
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 75 years. The company provides industrial gases and related equipment to dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the world's leading supplier of liquefied natural gas process technology and equipment.
The Company had fiscal 2018 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of about $50 billion. Approximately 16,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com.
NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company's Form 10K for its fiscal year ended September 30, 2018.
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SOURCE Air Products