March 23 -- POSCO International Corp., the trading arm of POSCO Holdings, said Monday it will build a global supply chain for heavy rare earth elements to strengthen its presence in the electric vehicle (EV) components sector.
The company said it has established 25 billion won (US$16 million) in a corporate venture capital (CVC) fund with POSCO Investment and will invest an initial 8 billion won in a domestic rare earth refining company.
The investment is aimed at securing a stable supply of heavy rare earth materials, including dysprosium and terbium, which are essential for high-performance permanent magnets used in EV motors, the company said in a press release.
