Posco Chemical, a basic industrial materials and battery components maker, said it will be renamed Posco Future M as part of its efforts to accelerate the transformation into a green company.

The decision, approved by the board at a meeting, will be finalized at a shareholders' meeting slated for March 20, the materials unit under South Korean steel giant POSCO Holdings said in a release.

The ‘M’ represents POSCO's drive for green materials and efforts to turn into an eco-friendly company. 

Posco Chemical was founded in 1971 as a POSCO arm that mainly produces refractories and burnt lime.