Seoul, Sept. 9 -- LG Chem has secured a shareholder structure to comply with U.S. Inflation Reduction Act (IRA) rules by bringing Japan's Toyota Tsusho in as the second-largest shareholder of its Gumi cathode plant, as per a report by Pulse, the English service of Maeil Business Newspaper Korea.

Quoting the company, the report said on Tuesday that Toyota Tsusho acquired a 25 per cent stake in LG-HY BCM, the cathode joint venture in Gumi. One of Toyota Group's trading arms, Toyota Tsusho, is responsible for much of Toyota Motor's raw material procurement.

"Following the transaction, LG Chem holds 51 per cent of the plant, Toyota Tsusho 25 per cent, and China's Huayou Cobalt 24 per cent. Cathode materials produced at the plant will be sup...