China's magnet giants posted 30–50% profit gains in H1 2026 while U.S. firms like Niron and MP Materials race to build capacity with government-backed
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LG Innotek
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About LG Innotek
LG Innotek Co., Ltd. is a South Korean electronic components and materials manufacturer headquartered in Seoul, and an affiliate of the LG Group listed on the Korea Exchange (KRX: 011070). The company produces optics solutions such as camera and 3D-sensing modules, semiconductor substrates, automotive components and electronic materials. LG Innotek says that in October 2024, working with the Korea Institute of Materials Science, it was the first to develop a high-performance eco-friendly magnet that eliminates heavy rare earth elements such as dysprosium and terbium. The multi-component alloy magnet delivers magnetic strength of about 13.8 kilogauss and stable performance up to 180 degrees Celsius while cutting raw-material costs and supply-chain dependence. LG Innotek is further developing fully rare-earth-free magnets for use in EV motors, smartphone actuators, home appliances and robotics.
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Recent Articles
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