South Korea's POSCO Faces First Strike in 58-Year History as Wage Talks Stall — BigGo Finance

Hyundai Motor Group, POSCO, and others are investing $5.8B in HPLS, a U.S. steel mill producing 2.7M tons annually, aiming to supply automotive and AI infrastructure. The project, with 70% lower carbon emissions, targets the North American high-value steel market and potential SpaceX supply.

Hyundai Motor Group and POSCO are building a $5.8 billion steel mill in Louisiana, aiming to supply low-carbon steel for automotive, robotics, aerospace, and AI industries. The facility, set to open in 2029, will produce 2.7 million tons of steel annually, with Hyundai holding an 80% stake. The project is part of a $26 billion U.S. investment plan, aiming to strengthen local manufacturing and supply chains.

Hyundai Steel and POSCO began constructing a $5.8B steel plant in Louisiana, targeting 2.7M tons/year production by 2029. The project, with 50% Hyundai Steel ownership, aims to create 5,400 jobs and reduce carbon emissions by 70%. It's part of a $26B U.S. investment plan to strengthen supply chains and compete with local steel prices around $1,200/ton.

Posco and Hyundai Steel plan to expand overseas steel production to 10 million tons by 2031, using their joint venture HPLS in Louisiana as a base. HPLS will produce 2.7 million tons annually of low-carbon automotive steel starting 2029. The companies aim to strengthen their global competitiveness and secure stable supply chains.

Posco will use BHP's iron ore to test its HyRex hydrogen-based DRI technology at a 300,000 tonne/year demo facility in Pohang. The firms aim to advance R&D beyond resource trade, following an earlier MOU. The project, initially planned for 2028, could offer a decarbonization route for steel, despite high costs deterring some major players.

POSCO Holdings secured a $700 million credit facility from the IDB Group for its Argentina lithium business, supporting project development and financial stability. The facility, approved by IDB Invest, highlights the project's competitiveness and ESG compliance, with tax incentives reducing financing costs. POSCO Argentina reported its first quarterly profit in Q2 2026, accelerating the company's resource-focused growth strategy.