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POSCO FutureM has entered into a joint venture with CNGR and its subsidiary FINO to produce lithium iron phosphate (LFP) cathode materials in Pohang, South Korea. The new plant, set to begin construction in 2026 and reach an annual capacity of 50,000 tons by 2027, aims to meet the rising demand in the energy storage systems market. Additionally, POSCO FutureM plans to convert part of its existing high-nickel cathode production line to support LFP production starting in late 2026.