Financial Data and Key Metrics Changes - POSCO Holdings recorded consolidated revenue of KRW 17.3 trillion and operating profit of KRW 640 billion, showing improvement in operating profit for three consecutive quarters despite losses at POSCO E&C [1][3] - The operating profit margin for the quarter was 6.6%, driven by increased sales volume and proactive cost-cutting efforts [1][8] - Operating profit increased from KRW 322 billion in Q4 of the previous year to KRW 585 billion in Q3 of this year, despite a 1.7% drop in revenue due to declining sales prices [7][8] Business Line Data and Key Metrics Changes - In the steel sector, production volume increased by 4.9%, but sales prices dropped by approximately KRW 25,000 per ton, leading to a decline in revenue [8] - In rechargeable battery materials, losses narrowed significantly quarter-over-quarter due to increased cathode sales volume and a rebound in lithium prices [2][10] - POSCO E&C faced a one-time cost of KRW 288.1 billion due to the Sinansan incident, with an additional KRW 230 billion expected in Q4 [10][11] Market Data and Key Metrics Changes - The domestic steel market is normalizing, but imports have flooded the market prior to the anti-dumping ruling, affecting sales prices [8][9] - Overseas steel profits are expected to decline moderately due to slow performance in Mexico and other rolling mills, while profits in India shrank due to major repairs [9] - The lithium market is anticipated to see a price increase, with expectations of reaching $10-$15 per ton next year [30][51] Company Strategy and Development Direction - POSCO Group is focused on creating a safe workplace through comprehensive safety management innovations and plans to establish a group-wide safety master plan [3][6] - The company aims to ramp up new plants and improve process efficiency in lithium operations while ensuring disciplined execution to avoid additional costs [2][29] - Future investments will prioritize growth markets in the U.S. and India, with a focus on environmental investments and potential M&A opportunities [28][29] Management Comments on Operating Environment and Future Outlook - Management acknowledged the complexities in the external environment and expressed optimism for a recovery in steel profits in 2026 compared to the current year [9][11] - The company plans to address uncertainties related to the EU's Carbon Border Adjustment Mechanism (CBAM) and is committed to reducing its carbon footprint [20][21] - Management expects to return to normal levels of profitability in POSCO E&C next year after accounting for one-off losses [11] Other Important Information - POSCO Group has completed 63 portfolio management projects, generating KRW 1.4 trillion in cash [7] - The company has launched a safety task force and is implementing new safety technologies and practices to prevent future incidents [5][6] Q&A Session Summary Question: Steel market outlook for Q4 and guidance for next year - Management indicated that the impact of anti-dumping measures would be difficult to assess immediately due to prior imports and expected seasonal demand fluctuations [18][19] Question: Response to carbon-related costs and EU regulations - Management is developing guidelines to counter the CBAM initiative and is focused on reducing carbon emissions while engaging with the EU [20][21] Question: Update on Alaska LNG project and its impact on sales volume - The project is under review, and if realized, it could supply about 300,000 tons of steel from 2026 to 2028 [23] Question: Mid to long-term steel strategies and investment plans - Management confirmed plans to increase overseas capacity and shut down non-competitive domestic facilities while exploring new growth areas [27][28] Question: Update on lithium demand and production - Lithium demand is expected to rise significantly, with projections of 1.3 million tons of production next year, driven by EVs and other applications [45][51]

Group 1 - POSCO Holdings Inc.'s POSCO Future M unit has completed a precursor plant with an annual capacity of 45,000 tons in Gwangyang, Jeollanam-do Province, enhancing its in-house production capabilities for cathode materials [1][2] - The new plant will enable the production of batteries for 500,000 electric vehicles, contributing to supply chain self-sufficiency and quality control [2] - Korea's dependency on Chinese imports for precursors is being addressed by POSCO Future M, which is enhancing its sourcing capabilities for nickel and lithium from within the POSCO group and other non-Chinese sources [3] Group 2 - POSCO Future M aims to become a global top-tier secondary battery materials company by strengthening supply chain management, developing research capabilities, and expanding its product portfolio [4] - PKX stock has experienced a decline of 28.9% over the past year, slightly worse than the industry's decline of 28.5% [6]

Anode Materials - NOVONIX signed a binding offtake agreement with Stellantis for up to a target volume of 115,000 tonnes of high-performance synthetic graphite materials from 2026 through 2031[19] - NOVONIX signed a binding offtake agreement with PowerCo for a minimum of 32,000 tonnes of high-performance synthetic graphite materials to be supplied from 2027 through 2031[19] - NOVONIX has an offtake agreement with Panasonic Energy for 10,000 tonnes of synthetic graphite over 4 years, starting in 2025[37] - NOVONIX Enterprise South is expected to reach a full production capacity of 31,500 tonnes per annum by the end of 2028[52] - NOVONIX's existing Riverside facility has a capacity of 20,000 tpa, and together with Enterprise South, the company plans to have a total production capacity of over 50,000 tpa by 2028[52] Corporate & Financials - NOVONIX received US$3.8 million in reimbursements on the MESC Grant in Q4 and US$12.9 million for the full year 2024[20] - NOVONIX's quarter-end cash balance was US$42.6 million[20] - NOVONIX has a conditional commitment for a US$754 million loan from the U S Department of Energy for a new synthetic graphite manufacturing plant in Tennessee[11, 19] Cathode Technology - NOVONIX's cathode pilot line has a nameplate capacity of 10 tpa[59] Trade Case - Experts estimate dumping margins as high as 920% on Chinese exports of graphite[56] - China currently has over 95% market share for battery grade graphite[56]