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| LG Chem Vice Chairman and CEO Shin Hak-cheol, right, shakes hands with U.S. Treasury Secretary Janet Yellen at LG Science Park in Seoul, Tuesday. Courtesy of LG Chem |
By Park Jae-hyuk
LG Chem Vice Chairman and CEO Shin Hak-cheol met with U.S. Treasury Secretary Janet Yellen at LG Science Park in Seoul, Tuesday, to discuss ways for Korea and the U.S. to cooperate to strengthen the global supply chain of materials for electric vehicle (EV) batteries.
The company's R&D facility was chosen as the first destination for the U.S. treasury secretary's two-day trip to Korea. The chemical firm was also the only Korean company she visited during her tour of the Indo-Pacific region this month.
"Through our special relationship with American automotive OEMs, we hope to continue to advance our vision to develop and provide new-to-the-world innovation to the EV industry in the United States," the LG Chem vice chairman said in English in his welcome remarks. "LG Chem is actively considering establishing a cathode manufacturing plant in North America to strengthen the battery supply chain. Collectively, these battery-related investments for localizing the supply chain in the United States exceed $11 billion cumulatively by 2025."
The company's battery manufacturing subsidiary, LG Energy Solution, has been operating its Michigan plant since 2012. Ultium Cells, the Korean firm's joint venture with GM, is in the process of building full-scale battery plants in Ohio, Tennessee and Michigan.
LG Chem said that it expects its CEO's meeting with the senior U.S. government official to help accelerate the company's battery material investments in North America.
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| LG Chem Vice Chairman and CEO Shin Hak-cheol, center, explains battery materials to U.S. Treasury Secretary Janet Yellen at LG Science Park in Seoul, Tuesday. Courtesy of LG Chem |
Yellen welcomed the Korean firm's aggressive investments in the U.S., emphasizing the importance of the private sector's role in making the supply chain resilient and in resolving supply bottlenecks for both the U.S. and its key allies.
"Working with allies and partners through 'friend-shoring' is an important element of strengthening economic resilience while sustaining the dynamism and productivity growth that comes with economic integration," Yellen said, criticizing Russia and China for threatening the global economy.
Before her departure, LG Chem gave her a uniform from the LG Twins with her name on it. The company explained that the gift symbolizes the teamwork between Korea and the U.S. in the global battery industry, given that "battery" also refers to the pitcher and catcher in baseball.
