Belgian metal recycler and battery materials producer Umicore has announced that it is suspending the construction of a battery materials plant in the Canadian community of Loyalist. The decision is part of a review of the companyʼs operations which began in July 2024.
No subsidies from Canadian government
As a reason, Umicore cites the current challenges in the automotive industry, in particular the complex transition to electric mobility. Supplying North American customers from Korea is currently the most efficient use of resources, according to the company. Umicore has not yet received any subsidies from the Canadian government for the project. Should construction of the plant continue, the company plans to seek support under the same conditions.
Savings of 40 million euros by 2025
In addition, the company is postponing investments in an unspecified battery recycling facility in Europe. Umicore also provided details of the cost reduction measures announced in July. These are expected to generate savings of 40 million euros by 2025 and will affect around 260 jobs.
