11,024.33 TRY BIST 100 BIST 100
4.57 CNY CNY CNY
32.97 USD USD USD
35.87 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
40.55 TRY Interest Interest
85.89 USD Fossil Oil Fossil Oil
31.06 USD Silver Silver
4.49 USD Copper Copper
107.83 USD Iron Ore Iron Ore
382.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,553.39 TRY Gold (gr) Gold (gr)

Posco strikes billion-dollar deal for EV magnets

Korean steel giant Posco has secured orders for electric vehicle (EV) magnets from global automakers.

Posco strikes billion-dollar deal for EV magnets

Posco International, the trading and energy arm of the Korean steel giant Posco, announced recently that it has received a significant order for rare earth magnets, an essential component of electric vehicle drive motor cores, through its overseas subsidiaries.

Posco International's US subsidiary plans to supply approximately 900 billion won ($685 million) worth of permanent magnets to a major North American automaker from 2026 to 2031. The magnets produced will be used in the drive motors of the company's medium and large-sized electric vehicle models.

Similarly, Posco International's German subsidiary has signed a permanent magnet supply agreement worth about 260 billion won ($197 million) with a premium European car brand from 2025 to 2034.

While the company declined to disclose the names of its clients, it emphasized that rare earth magnets are a crucial component of electric vehicle drive motors and exhibit magnetic forces much stronger than conventional magnets.

Posco International underscored that the supply contract aims to support its stable mobility business with large-scale orders and to diversify the supply chain for rare earth magnets away from China.

Posco International will source the rare earth metals required for the magnets from the United States, Australia, and Vietnam. Given that China currently controls 90% of the rare earth metals market, this diversification is seen as a significant step.

Additionally, the company plans to establish two additional EV motor core facilities in Poland and Mexico. This will increase the total number of factories to five, along with Posco's existing facilities in Korea, Mexico, Poland, India, and China

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In
SteelRadar Insight - Sayı 1 (Haziran 2024)

Most read news

Cargo handled at Turkish ports increased

Friday, July 12, 2024

AISI reports decline in steel imports for June 2024

Friday, July 12, 2024

Chinese scrap market follows a volatile trend

Friday, July 12, 2024

Iron ore prices fluctuate in India

Friday, July 12, 2024

The imported rebar market in Singapore has weakened

Friday, July 12, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now