Daido Steel to build neodymium magnet factory in US
Plans to meet growing demand for motors used in hybrid and electric vehicles
Japan's Daido Steel Co Ltd will build a neodymium magnet factory in the United States, Nikkei Asian Review reported today. The steelmaker plans to spend 'several billion yen' on the plant, which is expected to start output by 2019, the website reported. More equipment will be added later in a phased manner between 2019 and 2026 for an investment that will ultimately total around JPY10 billion (around USD100 million), according to the report.
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