Belgian company Umicore pauses $2.76B EV battery-materials plant construction in Ontario due to reduced EV market growth.

Belgian company Umicore has paused construction on a $2.76B EV battery-materials plant in eastern Ontario due to reduced EV market growth expectations. The company is conducting a strategic review of its battery materials and will provide an update in the first quarter of next year. Last October, the federal government committed $551.3M and the Ontario government pledged up to $424.6M for the project.