'First Domestic Rare Earth Alloy Producer' Found by Trade Negotiations Chief: "Need for Self-Reliant Supply Chain Establishment"

First On-Site Visit After Inauguration... Visit to KSM Metals

Jung In-kyo, Head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry and Energy, emphasized on the 17th that "In a situation where countries are strengthening economic security and uncertainties in the global supply chain are intensifying, it is necessary to establish a self-reliant supply chain from the raw material supply of rare earth metals to final mass production through cooperation between demand and supply companies."

On the same day, as his first official visit after taking office, Head Jung visited 'KSM Metals,' a rare earth metal manufacturer, and stated that he would promote trade strategies to protect the frontline of economic security to reduce dependence on specific countries and build a stable supply chain.

Jin In-gyo, Director General for Trade Negotiations, Ministry of Trade, Industry and Energy

KSM Metals, the first domestic rare earth alloy manufacturer established by Australian company ASM in Ochang, Chungbuk, is diversifying rare earth supply sources to countries such as Vietnam and contributing to stabilizing the rare earth supply chain by producing neodymium alloys domestically, which have a high import dependency.

Head Jung said, "The Ministry of Trade, Industry and Energy will protect our national interests on the frontline of economic security and promote trade policies linked to industrial policies that support economic vitality. Utilizing trade networks such as free trade agreements (FTAs) with 59 countries and the Trade and Investment Promotion Framework (TIPF), we will establish ourselves as a central trade nation and strategically utilize agreements such as the Indo-Pacific Economic Framework (IPEF) supply chain agreement to stabilize supply chains."

The Ministry of Trade, Industry and Energy has designated rare earth permanent magnets as one of the eight leading projects in the 'Industrial Supply Chain 3050 Strategy' and plans to include them as a key item when the IPEF supply chain agreement takes effect, preparing supply chain stabilization measures with interested countries.