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Brussels, Belgium – April 3, 2024 – The Rare Earth Industry Association (“REIA” or the “Association”) is pleased to report that SEONG-AN Co., Ltd. (“SEONG-AN” or the “Company”) has become a member of the Association.
SEONG-AN is a Korean rare-earth metal and magnet manufacturer, producing NdPr metals in Korea using NdPr oxides imported from the USA. The Company is in the process of setting up a plant in Korea, where it will produce high-performance sintered NdFeB permanent magnets.
Mr. Jun Y. Lee, CEO at SEONG-AN commented, “I am pleased that SEONG-AN has officially joined REIA. It is a significant step forward in our commitment to fostering collaboration in the rare-earth industry. As the CEO of SEONG-AN, I take pride in leading the first Korean company to metallize US-sourced rare-earth oxide. This accomplishment underscores our dedication to international collaboration. Our membership in the Association will enhance our industry positioning and contribute to the establishment of a stable rare-earth supply chain. In the current electrification era, where rare-earth materials play a pivotal role in modern industry development, it is important for industry players to come together. We are excited about the forthcoming opportunities as we embark on this journey with REIA. We look forward to leveraging our expertise and collaborating with global partners to construct a new stable value chain, ensuring the continuous advancement of sustainable technology.”
Dr. Badrinath Veluri, President of REIA, commented, “We are very pleased to welcome SEONG-AN to the Association, as our newest member of the organization. We find synergy with the Company in developing a diversified permanent-magnet supply chain and look forward to building a strong partnership.”
About SEONG-AN Co., Ltd.
SEONG-AN Co., Ltd., (“SEONG-AN” or the “Company”) a KRX-listed company with a rich legacy dating back to 1953, has strategically broadened its business horizons, evolving from its origins as a global textile company into the domains of rare-earth metal and permanent-magnet manufacturing.
Building upon the successful pilot test for NdPr metal production with more than 99.6% purity at the Company’s Metal Plant, SEONG-AN is actively advancing the plan to build a new permanent-magnet manufacturing plant (1 kt/year) in Korea. The Company’s technical edge resides in the ability to incorporate minimal quantities of heavy rare-earth elements dysprosium and terbium, when producing high-performing sintered NdFeB permanent magnets, for traction motors of electric vehicles.
SEONG-AN’s accomplished team of technical experts, who collectively possess decades of experience in the field of permanent magnets, is diligently steering the Company towards the realization of its ambitious vision as the first mover in the new global rare-earth value chain. Learn more at seong-an.com.
About the Rare Earth Industry Association (REIA)
The Rare Earth Industry Association (“REIA” or the “Association”) is a global, Belgium-based not-for-profit organization founded in 2019. REIA’s mission is to serve, promote and advance the sustainable development of the global rare-earth-element (“REE”) value chain. The Association’s more than 80 members are drawn from across the entire REE value chain, including public and private companies, research and academic institutions, government entities, policy makers and other stakeholders. REIA is currently developing a framework and guidelines to help standardize ESG reporting accepted by upstream, midstream, and downstream participants. The Association provides its members with a platform for networking and benchmarking; for making their voice heard by policy makers, regulators, and other key stakeholders; for finding potential partners and collaborators; for accessing and sharing data, information, and best practices; and gaining visibility and highlighting their engagement towards a more sustainable supply chain.
Contact:
Alexandra Cristina Donea
Communication and Office Assistant
Rare Earth Industry Association
+32.476.27.68.91
