POSCO to invest in Hyundai Steel’s proposed Louisiana steel mill

South Korea’s POSCO Group plans to invest in Hyundai Steel’s proposed 2.7 million mt/year steel mill in the US state of Louisiana, POSCO said April 21.

POSCO signed a memorandum of understanding with Hyundai Motor Group on the same date “for mutual cooperation in the steel and secondary battery sectors,” it said.

Hyundai Motor plans to invest $21 billion in the US from 2025 to 2029 to expand its US auto production and for its steel affiliate, Hyundai Steel, to start up an electric arc furnace steel mill in Louisiana as early as 2029.

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