NEW YORK (MarketWatch) -- Molycorp Inc. /quotes/comstock/13*!mcp/quotes/nls/mcp (MCP 40.59, +1.34, +3.41%) said on Tuesday that it has agreed to form joint ventures with Japan's Hitachi Metals Ltd. to manufacture rare earth alloys and magnets in the U.S. The two said that the partnerships will focus on the manufacture of neodymium-iron-boron (NdFeB) alloys and magnets that are vital to many clean energy, automotive, computer, health care, communications and other technologies. The deal marks the second rare earths deal between Molycorp and a Japanese firm in recent weeks. Earlier this month, Molycorp said it arranged a $130 million financing deal with Sumitomo Corp. in exchange for substantial quantities of several rare-earth products over the next seven years. Japanese firms in particular have been scrambling to establish supplies of rare earths in the wake of a dispute with China, which has been an important source of the strategic materials or Japanese firms.