Daido Special Steel builds up neodymium magnet business in China. The firm studies new plant construction when the demand is expected to increase for electric appliances and machineries in China. Daido Denko Suzhou, the productive subsidiary in China, installed additional equipments and expanded the productive capacity in 2011. The firm eyes even more business expansion in the country.Daido Denko Suzhou started operation in October 2004, producing the cylindrical neodymium magnet and selling the magnets mainly for electric power steering and FA servomotor. The cylindrical neodymium magnet is a unique product which has strong competitive power. Daido Denko Suzhou built a new factory building in 2011 and installed additional productive facilities in a quarter space of the new factory. The new factory is expected to become full 2-3 years later. Thus Daido Special Steel projects new plant construction until fiscal 2014 and follows the demand growth in China. Daido Special Steel currently established Inter Metallics Japan, a joint company to produce next generation neodymium magnet, in cooperation with Mitsubishi Corporation and American major rare metal miner, Molycorp in December 2011. The production will start in January 2013.
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