Gold Prices Retreat From Two-Month High as Softer Inflation Eases Fed Rate Hike Bets 
Aviva First-Half Operating Profit Jumps 24% as Direct Line Deal Boosts Growth 
France Inflation Rises 2.4% in July as Consumer Prices Increase 
Asian Stocks Rally as Cooling US Inflation Boosts Fed Rate Outlook 
Goldman Sachs Eyes Investors for Nvidia’s $500 Billion AI Financing Plan 
Asian Currencies Steady as Dollar Holds Firm After U.S. Inflation Data 
Maersk Raises 2026 Earnings Outlook as Shipping Profits Beat Expectations 
Ford to Move Some Lincoln Production From China to U.S. in 2030 
Asian Currencies Steady Ahead of US CPI as Oil Prices Rise 
Anthropic Eyes $6B Decart AI Acquisition Ahead of Mega IPO 
Japan Government Backs Earlier BOJ Rate Hike as Inflation Pressures Build 
US Dollar Holds Firm as Fed Outlook and Iran Tensions Keep Markets on Edge 
Alphabet’s SpaceX Investment Soars 100-Fold to $94 Billion 
Super Micro Stock Jumps 19% as AI Server Demand Drives Strong 2027 Outlook 
Oil Prices Slide as OPEC, IEA Cut 2026 Demand Forecasts 
European Stocks Steady as U.S.-Iran War, Euro Zone Data Keep Investors Cautious 
KOSPI Rebounds 20% as Samsung, SK Hynix Lead South Korea Stock Rally 
Add as a preferred source on Google
POSCO International Corp. is advancing its U.S. footprint with plans for a permanent magnet factory. While the exact location remains undecided, the Texas, Tennessee, and Arizona state governments are in discussions with the South Korean steel conglomerate. Once operational, the plant will boast an initial production capacity of 3,000 tons annually, further amplifying POSCO's global influence.
POSCO International said it will construct the permanent magnet factory in partnership with the Star Group Industrial Co. Through this project, the South Korean steel maker is also expanding its presence within the electric vehicle supply chain. It was noted that this sector is one of the company's top seven growth drivers beyond its steel business.
Details About the Permanent Magnet Plant
According to The Korea Economic Daily, POSCO International, the group's general trading and energy exploration division, intends to construct the factory to manufacture permanent magnets, an important component in the EV drive motor core.
This joint venture with Star Group was revealed on Tuesday, Oct. 3. Now, to decide where to build the permanent magnet factory in the U.S., the two companies are reportedly still in talks with the state governments of Texas, Tennessee and Arizona.
Once opened, the plant is expected to have an initial production capacity of 3,000 tons annually. As the operations continue, POSCO will increase to 5,000 tons a year, enough to power at least 2.5 million units of electric vehicles.
Potential Customers for Permanent Magnet Supply
POSCO International and Star Group may supply the permanent magnets to the leading vehicle manufacturers in the U.S. The top three names are Ford Motor Co., General Motors Co., and Stellantis NV. The partners may also offer their products to South Korean auto companies - Hyundai Motor Co. and Kia Corp., which both have manufacturing plants in the U.S., as per Seoul Daily.
Photo by: Posco International PR Center
