In today’s MetalCrawler report, the Chinese economy posting slow growth and US rare earths producer Molycorp, Inc. signs a major new customer.
Chinese Economy Can’t Get Started
In the first quarter of this year, the Chinese economy grew at its slowest past since the first quarter of 2009, when the global financial crisis was at its height.
That this slowdown has continued despite the fact that the Chinese government has enacted a number of large-scale economic stimulus programs in recent months reveals that the slowdown is, indeed, gaining momentum. Nearly all sectors of the Chinese economy recorded lower rates of growth in recent months, China may find itself forced to turn back to an economic model that is driven by exports rather than domestic consumption.
Siemens Selects Molycorp
Siemens AG has selected Molycorp, Inc. to supply rare earth materials over the next 10 years from its Mountain Pass, Calif., facility for incorporation into Siemens’ high-efficiency, direct drive wind turbine generators. Molycorp will supply raw rare earth materials to Shin-Etsu Chemical Co., Ltd., which will produce the rare earth magnets Siemens intends to utilize in its wind turbines.