Today, South Korea’s largest steelmaker, Posco Holdings, announced plans to join Hyundai in building the Louisiana steel plant in the U.S. — a $5.8 billion investment.
According to Hyundai, which released details about the building plans in March, the companies have signed a memorandum of understanding to jointly participate in the Louisiana project. The percentage of Posco’s investment has not been disclosed.
“The Louisiana steel mill will enable the Group to deliver a reliable and stable supply of high-quality next-generation automotive steel sheets to its major production bases in the U.S.,” the joint statement said.
President Trump has claimed that Hyundai’s project is a “clear demonstration” of the success of his controversial tariffs. The new mill is anticipated to have an annual production capacity of 2.7 million tons and is set to begin operations in 2029.
By CEO NA Editorial Staff
