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Stock impact report

Posco, ReElement join forces in rare earth, magnet production [Yahoo! Finance]

POSCO Holdings Inc. American Depositary Shares (Each representing 1/4th of a share of) (PKX) 
Company Research Source: Yahoo! Finance
of US mining company American Resources Corporation, to join forces in the production of rare earth elements and magnets, which are widely used in electric vehicle (EV) powertrains and electronic components. The two companies aim to reduce the industry's dependence on Chinese supply chains, by establishing alternative supplies of rare-earth materials. They also plan to establish a jointly-owned integrated rare-earth and permanent-magnet production operation in the US. The agreement was signed at an event held at Posco's headquarters in Seoul, attended by Posco's CEO, Kye-In Lee; ReElement Technologies CEO, Mark Jensen; Director General for Industrial Supply Chain Policy, Na Sung-hwa; and the US Deputy Ambassador to South Korea, Joseph Yun. Posco and ReElement confirmed they plan to establish the US's first fully vertically-integrated rare earth and permanent magnet production complex, located within a single integrated industrial complex. It will include all stages of production Show less Read more
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