Jon Emont of The Wall Street Journal reports that U.S. defense needs are pushing magnet-making revival efforts after decades of deindustrialization. He writes:
The American war machine depends on tiny bits of metal, some as small as dimes. Rare-earth magnets are needed for F-35 jet fighters, missile-guidance systems, Predator drones and nuclear submarines.
The problem: China makes most of the world’s rare-earth magnets, with 92% of the global market share.
Now, Washington is doling out hundreds of millions of dollars in grants and tax credits to revive magnet-making in America. Defense manufacturers are on a clock.
“What I would tell you on that is that we’re talking about a Western-world supply chain that basically doesn’t exist,” said Chief Executive James Litinsky. “Even though the environment is tough, from what we’re hearing from customers, there’s still a desire for this supply chain to exist.”
Read more here.