LS Cable to invest $262m in rare earth magnet plant

LS Cable & System will invest 350 billion won ($262 million) to build a rare earth magnet plant in Gumi, North Gyeongsang Province, forming part of the company's supply chain for defense, robotics and electric vehicles. The company said Thursday that its subsidiary Korea Motion Works signed a memorandum of understanding with North Gyeongsang Province and Gumi City to build the plant. The signing ceremony was attended by local lawmakers Koo Ja-geun and Kang Myung-gu, Governor Lee Cheol-woo and Gu

Source: The Korea Herald