Hitachi Metals to Construct Nd Magnet Plant in the U.S.A.

Hitachi Metals, Japanese major special steel maker, announced on Wednesday the firm constructs a neodymium magnet plant for electric and hybrid vehicles on a premise of Hitachi Metals’ North Carolina plant which produces ferrite magnet in the U.S.A. North Carolina plant will install a production line with capacity at 40 tonnes per month with investment of about 2 billion yen. Hitachi Metals has 3 plants for neodymium magnet in Japan while constructs an overseas neodymium magnet plant for the first time. The construction will start in February 2012 and commission in April 2013.

Hitachi Metals expands supply of neodymium magnet by U.S. new plant and follows the growing demand in Europe and America. The firm constructs the plant near Molycorp from whom Hitachi Metals purchases neodymium alloy.

The firm expects currency risk and lead time reduction by utilization of the new plant. The firm’s current production of neodymium magnet is about 10,000 tonnes per year in Japan. Japanese special steel makers are hurrying development and production of neodymium magnet when the demand is increasing largely for automotive batteries.

Neodymium magnet has high magnetic property adoptable to motors of electric vehicles, hybrid cars, air conditioners, refrigerators and industrial machines. Hitachi Metals developed neodymium magnet for the first time in the world.