Steel Markets
Hyundai, LG to Build EV Battery Plant JV in Georgia
Written by Laura Miller
May 26, 2023
Hyundai Motor Group and LG Energy Solution are teaming up to build a $4.3-billion battery cell manufacturing plant in Savannah, Ga.
A memorandum of understanding was signed by the two companies on May 26 for a 50/50 joint venture with an annual production capacity of 30 GWh, able to support the annual production of 300,000 units of electric vehicles (EVs), according to a Hyundai press release.
Construction of the new battery plant will begin later this year adjacent to Hyundai’s Metaplant America, which is currently under construction. The $5.54-billion Metaplant will produce Hyundai, Genesis, and Kia EVs, and include a battery manufacturing facility. The Metaplant is expected to begin commercial production in the first half of 2025, while the JV’s battery production is anticipated to begin by the end of 2025.
“Two strong leaders in the auto and battery industries have joined hands, and together we are ready to drive the EV transition in America,” commented LG Energy Solution’s CEO Youngsoo Kwon.
Hyundai is targeting global EV sales of 3.23 million annually by 2030.
By Laura Miller, laura@steelmarketupdate.com
Laura Miller
Read more from Laura MillerLatest in Steel Markets
Steel market participants mull the impact of US/Mexico S232 negotiations
Steel market participants learned that negotiations between the US and Mexico include discussions about Section 232 tariffs on steel and aluminum despite President Trump’s June 3 proclamation increasing the tariffs from 25% to 50% for all steel and aluminum imports—except for those from the UK.
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Tariffs, ample domestic supply cause importers to shift or cancel HR import orders
Subdued demand is causing importers to cancel hot-rolled (HR) coil orders and renegotiate the terms of shipments currently enroute to the US, importers say. An executive for a large overseas mill said customers might find it difficult to justify making imports buys after US President Donald Trump doubled the 25% Section 232 tariff on imported steel […]
CRU Insight: A 50% S232 tariff will raise US steel prices and shift trade flows
This CRU Insight examines how the increase in Section 232 tariffs on steel to challenging levels will lead to significatively higher prices for end consumers in the US market.
Steel market shakes tariffs off amid weak demand
Service centers and distributors contend that weak demand is to blame for the flattening of domestic steel spot prices, as reflected in Nucor Steel’s weekly Consumer Spot Price (CSP) notice. On Monday, the Charlotte, North Carolina-headquartered steel producer left prices unchanged from the previous week. Nucor has maintained prices of plate produced in Brandenburg since March 28.