Chinese permanent magnet maker turns to new markets

By Albert Li
Published: Friday, 07 April 2017

The rare earths-based magnets producer managed to counteract lower prices by targeting new markets such as electric vehicle motors and electric power steering.

Yantai Zhenghai Magnetic Material Co. saw profits rise in 2016 as the company turned to new markets such as electric vehicle (EV) motors and electric power steering (EPS) to counteract low selling prices. 

Sales turnover increased 16.27% year-on-year to Chinese rmb (Rmb) 1.59 billion, and net profit increased 21.13%...

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