Seoul, Nov. 13 (BNA): LG Chem Ltd., South Korea's leading chemical company, said Thursday it has won a major electric vehicle (EV) battery cathode material supply deal from the United States.

The contract is valued at 3.76 trillion won (US$2.57 billion) and covers the period from Saturday through July 31, 2029, the company said in a regulatory filing.

It did not disclose the buyer, citing confidentiality. The contract marks one of the largest such deals for the company despite a temporary slowdown in global EV demand, South Korean News Agency (Yonhap) reported.

LG Chem currently has an annual cathode production capacity of 150,000 tons across South Korea, China and other locations, and is building a new 60,000-ton capacity facility in the US state of Tennessee.

Z.H, S.H.A