Hyundai Steel picks Donaldsonville as $5.8 bn US plant site, seeks investors

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Hyundai Steel picks Donaldsonville as $5.8 bn US plant site, seeks investors - Korea Economic Daily

Quick Summary:

Sources said the steelmaker has received investment proposals from more than 10 companies, drawn by the plant’s clear demand from Hyundai Motor and sister automaker Kia Corp., as well as the steel mill’s strong technological capabilities.“Many companies see this project as a high-potential investment, given the clear customer base and Hyundai Steel’s technological expertise,” said an industry source.

While announcing a $21 billion US investment plan through 2028 earlier this week, Hyundai Motor Group said some $6 billion will be allocated to enhance the group’s parts and logistics business, as well as to establish an advanced steel mill in the US with an annual steel production capacity of 2.7 million tons.

Hyundai considered several locations, including Georgia and Texas, but picked an industrial complex in Donaldsonville as the site for a new steel mill after taking into account conditions such as logistical efficiencies, lower electricity costs and tax incentives, sources said.