The Korea Institute of Materials Science (KIMS, President Choi Cheol-jin) and SeAH Changwon Special Steel Co., Ltd. (CEOs Lee Sang-eun and Lee Jeong-hoon) have joined hands to develop high-performance permanent magnet material technology.

On the 19th, the Korea Materials Research Institute signed a business agreement with SeAH Changwon Special Steel Co., Ltd. at the Korea Materials Research Institute conference room in Changwon, Gyeongnam Province, to promote cooperation in high-performance permanent magnet material technology.

With an annual steel production capacity of 1.2 million tons and a production scale of 1 million tons, SeAH Changwon Special Steel Co., Ltd. is contributing to the development of the automobile, machinery, and shipbuilding industries. It is a global company that produces and supplies various high value-added special steels and produces materials for cutting-edge industries such as power generation, petrochemicals, semiconductors, nuclear power, defense, and aerospace.

This agreement aims to recognize the commercialization of high-performance permanent magnets and to work together to accelerate their commercialization.

The two organizations will, in the future, △ actively cooperate to discover joint research and development topics based on high-performance permanent magnet manufacturing technology, △ exchange technical data and other related information within the scope of technology implementation rights, △ jointly discover and jointly promote areas of technology development when necessary for commercialization of high-performance permanent magnets, and △ use research equipment and R&D infrastructure (offices, laboratories, etc.) when necessary.

Choi Cheol-jin, the president of the Materials Research Institute, said, “Due to the environment of Japan’s past export regulations and the US-China hegemony competition, self-sufficiency in permanent magnet materials has become an urgent issue.”o; and said, “We promise to do our best to ensure that this business agreement will serve as an opportunity to contribute to technology-based mutual cooperation and active exchanges as well as practical material self-sufficiency.”