LS C&S to produce rare-earth magnet in Virginia

LS Cable & System (C&S) said Monday it is reviewing the feasibility of building a U.S. rare-earth magnet plant in Chesapeake, Virginia, which it says will enhance energy security and stabilize supply chains in both Korea and the United States. The announcement came after LS C&S CEO Koo Bon-kyu met with Virginia Gov. Glenn Youngkin in the state Friday (local time) to unveil a plan to invest an additional $689 million in Chesapeake, which is expected to create more than 430 new jobs. "We’re not only expanding our manufacturing capabilities, we’re strengthening the U.S. domestic supply chains and supporting America’s leadership in energy and technology," Koo said. "By continuing partnerships with the Commonwealth of Virginia, the City of Chesapeake and the Hampton Roads region, we’re creating opportunities for the local community while helping to ensure secure, reliable infrastructure that supports national security and the nation’s energy future." LS C&S broke ground in April on LS GreenLink USA’s cable manufacturing and pier facility. The proposed rare-earth magnet plant is exWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times