Posco Group is considering a financial investment in Hyundai Steel's (KRX:004020) planned $5.8 billion electric arc furnace steel mill in Louisiana, potentially securing a share of the output to navigate US steel tariffs, Pulse News reported Monday.
The plant is expected to have a production capacity of 2.7 million tons on an annual basis. Hyundai Steel aims to commence operations of the plant by 2029, with half the funding sourced externally, it said.
If the financial investment is finalized, the tie-up would mark the first collaboration between South Korean steel rivals to establish joint production in the US, according to the report.
Posco Holdings (KRX:005490) is the holding company of POSCO Group. Shares of Posco Holdings rose more than 1% while those of Hyundai Steel increased nearly 4% in recent trade on Tuesday, April 15.
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