USA Rare Earth to build new $1.2 billion magnet plant in South Carolina

USA Rare Earth, Inc., announced June 2 it would spend $1.2 billion to build a new rare-earth magnets factory in Blacksburg, South Carolina. According to the company, the new factory — USA Rare Earth’s first in South Carolina — will employ 490 and produce neodymium-iron-boron magnets destined for various industrial processes, including electrolyusis, metallothermic reduction, strip casting, jet milling, sintering, heat treatment, machining and coating.

The rare-earth metals company is in the process of expanding worldwide. In Tuesday’s release, the company noted the new factory will complement the company’s existing production site in Stillwater, Oklahoma and will have a target output of 6,400 metric tons a year of metals and 5,000 metric tons of strip-cast, metal and alloy. The company plans to bring the plant online in 2028.

South Carolina’s Coordinating Council for Economic Development approved an unspecified number of “job development credits” to the company, it said. The company noted the site selected features close access to Interstate 85, existing manufacturing supply chains and confirmed energy delivery. USA Rare Earth CEO Barbara Humpton added the state was an attractive venue for its talent ecosystem.

What people are saying

“Cherokee County is the next critical link in the rare earth and magnet value chain we’re building across the United States, United Kingdom, Europe and around the globe,” said USA Rare Earth CEO Barbara Humpton. “South Carolina offered the workforce, the infrastructure and the partners we needed to move quickly. With this investment, we’re bringing home the advanced manufacturing capabilities that America and its allies depend on, from the factory floor to the front lines.”

“South Carolina continues to attract investments that strengthen our economy and create meaningful opportunities for our people,” said Gov. Henry McMaster. “USA Rare Earth’s $1.2 billion investment and the creation of approximately 490 new jobs will have a significant impact on Cherokee County and reinforce our state’s position as a leader in American manufacturing.”

“Two hundred and fifty years ago, Cherokee County helped turn the tide of the Revolutionary War and today we are proud to once again stand on the front lines of American independence by welcoming USA Rare Earth to the Bailey Park,” said Cherokee County Council Chairman Tim Spencer.  “This project strengthens our nation's future by reducing our dependence on China for critical rare earth minerals while bringing jobs, investment and opportunity to Cherokee County.”

Manufacturers investing in South Carolina

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