South Korea's Hyundai Motor Group has announced a collaboration with POSCO Holdings to produce steel in the US. The partnership aims to enhance Hyundai’s global competitiveness and establish POSCO as a key supplier of automotive steel. Both companies plan to accelerate the adoption of low-carbon-emissions steel production to meet evolving global business demands.
POSCO will invest in Hyundai Steel's new steel project in Louisiana, which involves building an electric arc furnace (EAF)-based steel mill with a capacity of 2.7 million metric tons per year. The $6 billion facility will produce high-quality hot rolled and cold rolled sheets for the automotive industry, with operations expected to begin in 2029. The venture also marks POSCO's entry into the North American steel market.
