USA Rare Earth Announces New Rare Earth Magnet Manufacturing Facility in South Carolina

Summary

USA Rare Earth, Inc. has entered into a lease agreement for a new rare earth magnet manufacturing facility in Blacksburg, South Carolina, expected to create about 490 high-skill jobs. The facility, part of the company's global mine-to-magnet value chain, is set to contribute to the company's planned domestic capacity of 10,000 metric tons per year of magnets and heavy rare earth metals. The project is supported by a comprehensive incentives package from Cherokee County, including tax credits and exemptions. Engineering work and equipment procurement are underway, with site work expected to commence soon and commissioning targeted for 2028.