LX International
LGI Signs MOU with China's Baotou Steel Rare-Earth Hi-Tech to Expand the Rare Earth Business
2013.02.06LGI announced on October 17 its meeting with the rare earth specialist company Baotou Steel Rare-Earth Hi-Tech HQ located in Inner Mongolia. LGI CEO Young Bong Ha and his new Chinese partner CEO Zhang Zhong discussed the expansion of the rare earth-related business. LGI signed an MOU with Baotou Steel Rare-Earth Hi-Tech to establish a joint venture in the research/production of high-performance rare earth magnets and cooperate in the rare earth business. Rare earth magnets are used for electric vehicle, wind power, and IT device motors in the form of rare earth alloy (NdFeB).
