LS MnM, a nonferrous metal smelting affiliate of LS, is moving to acquire shares of Indonesian nonferrous metal manufacturer PT TMI (Teluk Metal Industry).
LS said on the 17th that its board approved the previous day a plan for its subsidiary LS MnM to acquire 180 million shares of Indonesia's PT TMI for about 265.3 billion won. The shares to be acquired account for about 78% of PT TMI's total shares.
LS MnM is moving beyond its existing copper-smelting-centered business structure to foster the secondary battery materials business as a future growth engine. With nickel sulfate production and waste-battery recycling as its two pillars, LS MnM is building a secondary battery value chain centered on Ulsan and Saemangeum.
LS MnM is investing 670 billion won to build a nickel sulfate plant in the Onsan Industrial Complex in Ulsan. The plant is scheduled to begin mass production in 2027.
An LS MnM official said, "We plan to invest in a nickel smelter in Indonesia to secure stable raw materials and diversify our business."