L&F Plus, Hyundai Steel sign MOU to supply iron oxide for LFP cathode materials

L&F Plus, a wholly owned subsidiary of secondary battery materials company L&F, announced Monday that it signed an MOU with Hyundai Steel on Friday at Hyundai Steel's Pangyo office in Gyeonggi Province to cooperate on supplying iron oxide for the manufacturing of LFP (lithium iron phosphate) cathode materials.

The signing ceremony was attended by Kwon Hyeok-won, head of L&F Plus's production technology division, and Lim Hui-jung, head of Hyundai Steel's strategic planning and business division, along with representatives from both companies. Under the agreement, the two sides will cooperate on supplying iron oxide for LFP cathode material manufacturing, and L&F Plus plans to use the material in developing LFP cathode materials through a precursor-free process.

The precursor-free process eliminates the iron phosphate (FP) precursor stage used in conventional LFP cathode manufacturing, instead directly reacting iron oxide — a byproduct of the steel industry — with lithium and phosphate raw materials to produce LFP cathode materials. L&F Plus is pursuing the approach to improve manufacturing efficiency and secure cost competitiveness, while also diversifying its raw material procurement structure away from the conventional precursor-centered model.

L&F Plus is conducting technology development with a target of beginning mass production in the first quarter of 2028, and is also working to secure space within its LFP factory for future mass production. Given the high technical difficulty of the next-generation process, the company said it will focus on securing product performance and manufacturing competitiveness, with plans to pursue mass production in stages based on development and verification results.

The agreement extends L&F's strategy to expand its LFP cathode material business and strengthen competitiveness in raw materials and process technology. Building on expertise accumulated in the NCM (nickel cobalt manganese) precursor field, L&F is simultaneously pursuing in-house FP precursor technology and developing the next-generation precursor-free process using iron oxide, broadening its competitiveness beyond LFP cathode material production to encompass raw materials and the overall manufacturing process.

"This agreement is significant in that it has established a foundation for raw material supply cooperation needed for the development of the next-generation precursor-free process," Kwon said. "We will continue to expand our LFP cathode material mass production capabilities while advancing our raw material and process technology, and will build differentiated product competitiveness and stable supply capabilities to meet the demands of global customers."

L&F Plus is a 100 percent subsidiary of L&F dedicated to the production and sale of LFP cathode materials. The company began mass production of LFP cathode materials at an annual capacity of 30,000 tons at the end of the third quarter of this year and is currently supplying multiple customers for North American energy storage system applications. It plans to secure a maximum annual production capacity of 60,000 tons by the first half of 2027.

Meanwhile, L&F showcased its cathode material technology and future growth vision at the 2026 Korea Future Mobility Expo (DIFA 2026), held at Daegu EXCO from Oct. 21 to 24, presenting NCM and LFP cathode material samples alongside hands-on exhibition displays.