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(Photo=POSCO International) |
[Alpha Biz=(Chicago) Reporter Kim Jisun] POSCO International announced on the 12th that it will supply permanent magnets, a key component of electric vehicle driving motors, to global automakers in the U.S. and Europe at 1.16 trillion won. Permanent magnets, whose main ingredient is rare earths, are known to be the dominant market operator in China.
POSCO International's US subsidiary has signed a permanent magnet supply contract worth 900 billion won with a North American global automotive company.
It will be supplied from 2026 to 2031. POSCO International's German subsidiary will also supply European premium finished car brands and permanent magnets worth 260 billion won from 2025 to 2034.
POSCO International is focusing on finding suppliers outside China to reduce its dependence on China for key minerals used in rare earth elements and electric vehicles. The rare earths of permanent magnets to be supplied this time were obtained from the United States, Australia and Vietnam.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
