SEOUL (dpa-AFX) - Hyundai Steel Company announced that it will invest $5.8 billion to establish a new, state-of-the-art EAF-based integrated steel mill in Louisiana.
The company's Louisiana mill will focus on the production of steel plates for the automotive industry, driving growth in U.S. manufacturing capabilities and creating over 1,300 jobs in the state, the company said.
The EAF-based integrated steel mill will provide an annual steel production capacity of 2.7 million metric tons, with commercial production targeted to begin in 2029. The new mill will also incorporate advanced technologies for producing Direct Reduced Iron (DRI), alongside capabilities for hot-rolled and cold-rolled steel plates.
Hyundai Steel plans to supply automotive steel plates for Hyundai Motor and Kia's strategic models. Additionally, the company aims to expand its sales to U.S. automakers in the future.
Hyundai Steel said it will also target markets in Latin America and Europe. The company will collaborate with global automotive partners and investors to continuously enhance innovations in research, development and production.
Following successful operations at its Louisiana mill, Hyundai Steel noted that it will adopt the EAF-based integrated steel mill system at its plants in South Korea, moving towards the integration of a carbon-neutral production system. In addition, Hyundai Steel looks forward to securing new customers for steel products produced in South Korea.
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