Posco Holdings alongside Hyundai Motor Group will jointly construct an electric arc furnace steel mill in Louisiana, "as a means to respond to changes in the North American steel market and to secure a foundation for sustainable automotive steel production," Posco disclosed on Dec. 16 through a Form 6-K filing with the U.S. Securities and Exchange Commission.
"Posco Holdings will establish a wholly-owned SPC , which will subsequently invest 20 percent of Hyundai Steel Louisiana LLC shares. The company’s total contribution will be U.S. $582 million.
