22-04-2025
Hyundai and Posco agree to cooperate on US steel plant
South Korea's Hyundai Motor Group said on Monday it has signed a memorandum of understanding with Posco Holdings for cooperation on its planned US steel plant.
Posco will make an equity investment in Hyundai Motor Group's steel factory project in Louisiana, the group said in a press release.
The steelmaker was also considering selling some of the steel to be produced from the factory. Production is slated to begin in 2029.
The South Korean automaker announced plans to invest $21bn (R392,229,595,800) in the US with President Donald Trump at the White House last month.
In a regulatory filing, Hyundai Steel said it would invest $5.8bn (R108,335,885,800) along with Hyundai Motor Group to build a steel plant in Louisiana with an annual capacity of 2.7 million tonnes.
