South Korean steelmaker Hyundai Steel is considering establishing a steel mill in New Orleans, Louisiana, to supply automakers Hyundai Motor and Kia.
"Our company is reviewing various measures to secure sustainable growth and global competitiveness, but nothing has been decided as of now."
Statement from Hyundai Steel
"Our company is reviewing various measures to secure sustainable growth and global competitiveness, but nothing has been decided as of now," it said in an announcement on the 8th January.
Hyundai Steel added that it will make an announcement ‘when specific details are decided in the future or within one month.’
Yonhap News Agency reported that the steelmaker had discussed an estimated $6.87 billion investment plan with several US officials, including those from Georgia.
A South Korean trader informed local media that the envisaged steel mill, which could likely be electric arc furnace-based, would manufacture steel sheets for automobiles and supply them to Hyundai Motor and Kia Corp.
Hyundai Motor currently operates a 356,000-vehicle-per-year plant in Alabama, as well as an electric vehicle and battery plant in Georgia, while Kia runs a 340,000-vehicle-per-year plant in Georgia.
Source: S&P Global Commodity