POSCO International to Establish Global Rare Earth Supply Chain for EV Components
POSCO International Corp. announced plans to build a global supply chain for heavy rare earth elements to enhance its role in the electric vehicle sector. The company established a 25 billion won ($16 million) corporate venture capital fund and will invest 8 billion won in a domestic rare earth refining firm. This investment targets securing a stable supply of critical heavy rare earth materials such as dysprosium and terbium for high-performance permanent magnets in EV motors.
POSCO International Corp., a subsidiary of POSCO Holdings, will create a global supply chain for heavy rare earth elements to boost its electric vehicle components business. The company has initiated a 25 billion won ($16 million) corporate venture capital fund, contributing 8 billion won to a domestic rare earth refining company. This investment aims to secure a reliable supply of vital heavy rare earth materials, including dysprosium and terbium, which are critical for the production of high-performance permanent magnets utilized in EV motors.
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