Nov 6 (Reuters) - Metals recycler and battery materials producer Umicore (UMI.BR) , opens new tab said on Wednesday it would pause construction of its battery materials plant located in Loyalist, Canada.

"Umicore is navigating a challenging environment where we feel the impact of the complex transitioning of the automotive industry towards electric mobility. Serving our North American customers out of Korea is now clearly the most effective use of our assets," CEO Bart Sap said in a statement.

The maker of catalytic converters and battery materials for carmakers launched a review of its business in July, and said it had postponed a "large scale" investment in an unspecified battery recycling plant in Europe, as well as for the on in Canada.

The Belgian group said ‍it had not drawn on incentives provided by the Canadian government, and added that if the construction resumes, it would access them under same conditions, including employment commitments.

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https://www.reuters.com/markets/commodities/umicore-pause-construction-battery-materials-plant-canada-2024-11-06/