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Daido Steel to make neodymium magnets in US

NAGOYA -- Daido Steel has decided to build a neodymium magnet factory in the U.S. to meet growing demand from automakers there for motors used in hybrid and electric vehicles.

The plan is to initially spend several billion yen -- the equivalent of tens of millions of dollars -- to get the plant up and running by 2019. More equipment will be added later in a stepwise fashion between then and 2026. Investment will ultimately total around 10 billion yen.

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