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Umicore suspends construction of $2.76B battery materials plant in Ontario

  • Umicore has suspended spending on a $2.76-billion battery materials plant in Ontario due to reduced growth expectations in the electric vehicle market.
  • The company commenced a review of its North American expansion plans, promising results by the first quarter of next year.
  • Umicore's battery materials business is facing declining customer demand, with anticipated delays in contracted volumes for EV batteries of at least 18 months.
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