South Korea's Posco Group of Companies plans to invest 2.7 million tons/year in a steel mill in the U.
S. state of Louisiana in Hyundai Steel.
POSCO signed a memorandum of understanding with the Hyundai Motor Group on the same day "for mutual cooperation in the metallurgical and battery manufacturing industries", - he said.
Hyundai Motor Company plans to invest $21 billion in the United States from 2025 to 2029 to expand its auto products and for its steel partner, Hyundai Steel, to launch an electric arc furnace steel mill in Louisiana and in 2029.
" As the first fruit of the cooperation between the two companies, the Posco Group of Companies will participate in steel investments in the United States, the Hyundai Motor Group recently announced.
"Thanks to this, the Posco Group of Companies will be able to secure a springboard to enter the North American steel market, which has been limited due to protectionist trade barriers over the past 10 years.
POSCO will be able to supply materials seamlessly to the United States and Mexico based on a joint investment in the Louisiana Steel Mill.
For the secondary battery materials sector, the company will build a stable supply chain for Hyundai vehicles.
