FISHERS, Ind. - ReElement Technologies Corporation and POSCO International Corporation signed an agreement Wednesday to form a joint venture for rare earth element and permanent magnet production in the United States.
The $200 million partnership aims to develop an integrated rare earth supply chain spanning feedstock sourcing, separation, purification, and magnet manufacturing.
ReElement CEO Mark Jensen and POSCO International President and CEO Kye-In Lee executed the agreement in Washington, D.C. on May 21, 2026.
The joint venture plans to build a US-based rare earth refining and magnet manufacturing complex, with site selection underway. Development will proceed in phases, targeting approximately 3,000 metric tons per annum of separated rare earth oxides by 2028, expanding to 6,000 metric tons per annum by 2030.
The project will include light and heavy rare earth metalization and permanent magnet manufacturing capacity. A joint taskforce will focus on sourcing both domestic and international primary and recycled resources.
The partnership builds on an existing commercial offtake agreement announced in September. ReElement operates a chromatographic separation and purification platform for rare earth oxide production. POSCO International, part of POSCO Group, operates in energy, materials, and agribusiness sectors.
