Posco Joins Hyundai for $5.8 Billion Steel Mill Hailed by Trump
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South Korea’s Posco Holdings Inc. plans to join its peer Hyundai Motor Group in building a steel plant in the US — a $5.8 billion investment that President Donald Trump has used to claim success for his controversial tariff policy.
The industrial heavyweights have signed a memorandum of understanding on joint participation in the Louisiana steel project, according a statement from Hyundai. It didn’t give the possible scale of Posco’s equity investment in the new mill, which is expected to have an annual production capacity of 2.7 million tons and start operations in 2029.