Korean Posco International has secured two contracts worth a total of $917 million with global automakers. The company’s US subsidiary will supply permanent magnets to an undisclosed US automaker, a contract valued at 900 billion won.
These magnets will be used to manufacture motor cores for the automaker’s new mid-sized EVs from 2026 to 2031. Posco International will source the rare earth metals required for the magnets from the United States, Australia, and Vietnam. This is significant as China currently controls 90% of the rare earth metals market.
The company has also announced plans to construct two additional EV motor core plants in Poland and Mexico. This will bring the total number of Posco’s plants to five, with existing facilities in Korea, Mexico, Poland, India, and China.
