Posco affirms 20% stake in Louisiana EAF mill with Hyundai

Posco has confirmed a 20% stake in a joint EAF mill in Louisiana with fellow South Korean firm Hyundai, an investment valued at $582 million.

The Pohang, South Korea-based steelmaker said the mill will serve “as a means to respond to changes in the North American steel market and to secure a foundation for sustainable automotive steel production,” according to a US SEC Form 6-K filed on Wednesday.

The filing follows Posco’s announced Memorandum of Understanding (MoU) with Hyundai back in April regarding the prospective $5.8-billion operation. Hyundai formally announced the project in March.

As previously reported, there had been some doubts about the mill moving forward after a US government immigration raid at a Hyundai battery facility in Georgia. However, Hyundai still signaled its commitment to the project at that time.

The mill will specialize in producing automotive steel sheets and have an annual production capacity of 2.7 million metric tons of hot-rolled and cold-rolled steel sheet. Operations are projected to start in 2029.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA.in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

Ethan Bernard

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