Market Segment
April 15, 2025
Written by Ethan Bernard
South Korea’s POSCO is eyeing linking up with Hyundai Steel, another Korean steelmaker, in a project to build a steel plant in Louisiana, according to media reports.
Hyundai announced plans in late March to build $5.8-billion EAF steel mill in Louisiana to supply steel for the company’s automotive interests in the southeastern US.
Metalformers’ optimism softened in the Precision Metalforming Association (PMA) September Business Conditions Report.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The proposed Hyundai-POSCO steel mill in Louisiana has been approved for up to $1.3 billion in bond financing, according to state records and local media reports.
The United Steelworkers (USW) union plans to extend its current labor contract with U.S. Steel and Cleveland-Cliffs by 48-hours on a rolling basis, the union told SMU on Monday.