South Korean steelmaker Hyundai Steel will invest $6 billion in the US market to strengthen its position, according to a statement released by its holding company Hyundai Motor Group. The amount is part of the $21 billion investment between 2025 and 2028 for the US unveiled by Hyundai Motor Group.
As SteelOrbis reported previously, the company has been considering the option to build its first steel mill in the US in order to protect itself from the Trump administration’s anticipated trade measures.
Accordingly, Hyundai Steel will build an electric arc furnace (EAF)-based steel mill in Louisiana. The mill using scrap as raw material will have a low-carbon steel plate production capacity of 2.7 million mt per year. The plates will be for the automotive industry. In the meantime, the new mill will support Hyundai Motor Group’s auto production lines as well as South Korean automaker Kia and US automakers.
Additionally, according to some media reports, the mill is scheduled for production in 2029.