Woolworths Faces Fresh Class Action Over Alleged Underpayments, Shares Slide 
Asian Stocks Slide as AI Valuation Fears and BOJ Uncertainty Weigh on Markets 
noyb Files GDPR Complaints Against TikTok, Grindr, and AppsFlyer Over Alleged Illegal Data Tracking. 
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 
Wall Street Futures Slip as Tech Stocks Struggle Ahead of Key US Economic Data 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
FDA Says No Black Box Warning Planned for COVID-19 Vaccines Despite Safety Debate 
Coca-Cola’s Proposed Sale of Costa Coffee Faces Uncertainty Amid Price Dispute 
South Korea Warns Weak Won Could Push Inflation Higher in 2025 
MetaX IPO Soars as China’s AI Chip Stocks Ignite Investor Frenzy 
SpaceX Begins IPO Preparations as Wall Street Banks Line Up for Advisory Roles 
FAA Unveils Flight Plan 2026 to Strengthen Aviation Safety and Workforce Development 
RBA Unlikely to Cut Interest Rates in 2026 as Inflation Pressures Persist, Says Westpac 
Oil Prices Rebound as Trump Orders Blockade of Sanctioned Venezuelan Tankers 
Blackstone Leads $400 Million Funding Round in Cyera at $9 Billion Valuation 
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
