South Korean steelmaker POSCO is considering the option to get involved in fellow South Korean steelmaker Hyundai Steel’s planned new steel project in the US, according to media reports.
As SteelOrbis reported previously, Hyundai Steel unveiled in late March this year that it will build an electric arc furnace (EAF)-based steel mill in Louisiana to strengthen its position. The plant with a capacity of 2.7 million mt per year is expected to begin operations in 2029.
In an attempt to alleviate the impact of the 25 percent US steel tariffs that came into force on March 12, POSCO is in talks with Hyundai Steel to invest in the latter’s project in exchange for the production of its own products at the US plant. However, no decision has been made yet.