A research team led by Dr. Jung-Goo Lee and Dr. Tae-Hoon Kim of the Department of Magnetic Materials in the Powder Materials Division at the Korea Institute of Materials Science (KIMS), a government-funded research institute under the Ministry of Science and ICT, succeeded in developing rare-earth-saving permanent magnets that can replace the 42M-graded commercial magnets while reducing the amount of neodymium (Nd), an expensive rare-earth material, by about 30%. The technology achieved the commercial level of performance currently used in the industry, even though the amount of high-priced rare-earth resources is reduced.