POSCO invests in the modernization of an American steel factory project, with plans to start production in 2029.
POSCO and Hyundai Motor Group signed a Memorandum of Understanding, agreeing to participate in the construction of Hyundai Steel's factory in the United States, and to strengthen cooperation in the fields of steel and electric vehicle batteries.
Hyundai Motor Group announced on Monday that it has signed a memorandum of understanding with POSCO Holdings on its plan to build a steel plant in the United States. The group stated that POSCO will make an equity investment in Hyundai Motor Group's steel plant project in Louisiana.
Last month, Hyundai Steel announced plans to invest $5.8 billion by 2029 to build an integrated steel plant in Louisiana, with the goal of starting production that same year. The steel manufacturer is also considering selling part of the factory's capacity. The project is set to start production in 2029.
Last month, the South Korean automaker announced a $21 billion investment plan in the United States at the White House with President Trump. POSCO Holdings disclosed in regulatory filings that it will jointly invest $5.8 billion with Hyundai Motor Group to build a steel plant in Louisiana with an annual capacity of 2.7 million tons.
Trump announced this month a 25% tariff on South Korea, which will be implemented after a three-month grace period.
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