Umicore to pause construction of battery materials plant in Canada (updated)

Umicore SA

06/11/2024 08:05

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       Nov 6 (Reuters) - Metals recycler and battery materials
producer Umicore  UMI.BR  said on Wednesday it would pause
construction of its battery materials plant located in Loyalist,
Canada.
    "Umicore is navigating a challenging environment where we
feel the impact of the complex transitioning of the automotive
industry towards electric mobility. Serving our North American
customers out of Korea is now clearly the most effective use of
our assets," CEO Bart Sap said in a statement.
    The maker of catalytic converters and battery materials for
carmakers launched a review of its business in July, and said it
had postponed a "large scale" investment in an unspecified
battery recycling plant in Europe, as well as for the on in
Canada.
    The Belgian group said ‍it had not drawn on incentives
provided by the Canadian government, and added that if the
construction resumes, it would access them under same
conditions, including employment commitments.

 (Reporting by Nathan Vifflin in Gdansk; editing by Milla Nissi)
 ((nathan.vifflin@thomsonreuters.com))