POSCO International, Export Contract for 600 Billion Won Worth of Drive Motor Cores in North America

[Financial News] POSCO International announced on the 1st that it has signed a supply contract for 3 million drive motor cores with a company in North America.
The unit price of the drive motor core is approximately 200 billion won per 1 million units, and the total contract size is estimated to exceed 600 billion won. A POSCO International representative said, "It is difficult to disclose detailed contract information, such as the contract target, due to confidentiality clauses."
The drive motor core is a core component of electric vehicles based on rare earths. POSCO International is promoting the establishment of a non-China supply chain by using rare earths procured from the United States, Australia, Vietnam, and other countries for supply chain diversification. The company also plans to expand its drive motor core business by operating drive motor core plants in Poland and Mexico to complete the international supply chain. A POSCO International representative said, "To meet the overseas local production demand of global customers, we plan to establish overseas factories at key locations, completing a global annual production system of 7 million units by 2030, including 2.5 million units in Mexico and 1.2 million units in Poland." 


ehcho@fnnews.com Eunhyo Cho Reporter