Evolution Metals & Technologies Corp. announced the arrival of the first shipment of ULVAC magnet-production equipment at its facility in Pohang, South Korea.
The delivery marks the start of an expansion that will increase annual rare earth magnet production capacity from 1,000 to approximately 10,000 metric tons.
The company said the expansion is intended to meet demand from the U.S. defense sector. DFARS 252.225-7052 will take effect January 1, 2027, prohibiting the use of rare earth magnets from China and other specified countries in defense systems.
Evolution Metals reaffirmed its fiscal 2027 revenue guidance of $400 million to $460 million. The remaining equipment is expected to be delivered by the end of October 2026.