Rare-earth magnet maker Vulcan Elements Tuesday selected Benson, N.C., as the location for its $1 billion facility, as the company works toward filling a critical national security need amid the US-China trade war.
Benson would be a second location for Vulcan, which is seeking to expand its production of US-made magnets. The new facility would allow the company to expand to 10,000 metric tons of rare-earth magnet manufacturing capacity and create 1,000 new jobs, according to a statement.
The US dependence on rare-earth minerals for autos, data centers, and defense equipment was exposed as a key vulnerability when Beijing ...