Hyundai Steel to break ground on Louisiana mill in September
· UPIJuly 7 (Asia Today) -- Hyundai Steel is expected to break ground in September on its electric arc furnace steel mill in Louisiana, marking a major step in South Korea's effort to build a U.S.-based steel supply chain.
Industry sources said Tuesday that Hyundai Steel plans to hold a groundbreaking ceremony for the Louisiana plant on Sept. 4. The company recently sent invitations to key local participants to confirm attendance.
Hyundai Steel announced last year that it would invest about $5.8 billion to build an electric arc furnace steel mill in Louisiana. The plant is planned as Hyundai Steel's first North American steel facility and is expected to produce 2.7 million metric tons of low-carbon automotive steel sheets annually.
The project is intended to help Hyundai Motor Group strengthen its steel competitiveness in the United States, respond to tariffs and build a more stable supply chain for its U.S. auto operations.
Hyundai Motor Group and POSCO Group have agreed to jointly invest in the project through a joint venture called Hyundai-POSCO Louisiana LLC.
The venture will be owned 80% by Hyundai Motor Group and 20% by POSCO Group. Within Hyundai Motor Group, Hyundai Steel will hold 50%, while Hyundai Motor and Kia will each hold 15%.
Hyundai has said the Louisiana steel mill will support its U.S. manufacturing network, including Hyundai Motor Group Metaplant America in Georgia, Hyundai Motor's plant in Alabama and Kia's factory in Georgia.
-- Reported by Asia Today; translated by UPI
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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260707010002633