Niron Magnetics begins site selection for $1.8B magnetics plant

Group 1 - Niron Magnetics is initiating a site selection process for a high-volume iron-nitride magnet manufacturing plant in the U.S., valued at over $1.8 billion [7] - The proposed facility will cover 1.6 million square feet, create more than 700 jobs, and produce up to 10,000 tons of iron-nitride permanent magnets annually, with construction expected to start in 2028 [7] - The site will support up to 2% of the global permanent magnet market once production begins [3] Group 2 - Niron's CEO emphasized the importance of rebuilding U.S. manufacturing capabilities for essential technologies, highlighting the foundational role of permanent magnets in various industries [4] - The company previously broke ground on a $169.7 million facility in Sartell, Minnesota, which will span 190,000 square feet and create 175 jobs, expected to begin operations in early 2027 [5] - Niron was established in 2013 through a partnership with the Department of Energy and the University of Minnesota, focusing on high-performance, rare-earth-free permanent magnets [6]