Hyundai Steel and POSCO have begun construction of a steelworks in the US

POSCO, a South Korean steelmaker, faces its first strike in 58 years as wage talks stall. The union demands higher raises and bonuses, while management cites financial struggles. CEO Lee Hee-geun canceled a U.S. trip to focus on negotiations. POSCO's H1 operating profit fell 43.3% YoY to 487.3 billion won. A strike could disrupt supply chains for major industries.

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.