Posco to invest $5.8 billion in Hyundai Steel's U.S. plant project

Posco issued a statement on April 21, saying that it had signed a memorandum of understanding with Hyundai Motor Group to participate in the construction of Hyundai Steel's factory in the United States and strengthen cooperation in the fields of steel and rechargeable batteries.
Last month, Hyundai Steel announced plans to invest $5.8 billion by 2029 to build an integrated steel plant in Louisiana, USA, with the goal of starting production in the same year. As one of the world's leading integrated steel companies, Posco has deep technical accumulation and rich practical experience in the field of green manufacturing. This cooperation will make full use of its advantages in environmental protection technology to promote the project in a more sustainable direction.
Previously, the US government imposed tariffs on imported steel products, and Korean steel companies faced pressure in the US market. Through localized production, Posco and Hyundai Steel can effectively avoid the adverse effects of high tariffs and improve product competitiveness. At the same time, the project will not only create a large number of local jobs and promote economic development, but also help optimize the global steel supply chain structure.