Hara Metals raises $133.65 million for Texas high-purity iron plant

Hara Metals plans to make high-purity iron in Texas for powerful magnets.

The company raised $133.65 million, with investors including the US Defense Department and companies linked to Toyota and Siemens.

The US has relied heavily on imports from China for this material.

A local plant could help ease a supply bottleneck for US manufacturers.