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Chung Eui-sun leads groundbreaking ceremony for new $5.8 billion Hyundai-Posco Louisiana Steel plant

Chung Eui-sun, Executive Chair of Hyundai Motor Group, participated in a groundbreaking ceremony for a new $5.8 billion fully integrated steel plant in Louisiana. The project is a joint venture between South Korean steelmakers Hyundai Steel and Posco, forming a company called Hyundai-Posco Louisiana Steel (HPLS). Under the agreement, Hyundai Steel holds a 50 percent stake in HPLS, while Posco holds 20 percent. Hyundai Motor and Kia each hold 15 percent. The facility will be the first of its kind in the United States, featuring an electric arc furnace to produce high-grade, low-carbon steel sheets for the automotive industry. The plant is expected to produce 2.7 million tons of steel annually and will emit 70% less CO2 than conventional blast furnace plants. Production is scheduled to begin in the first quarter of 2029. The project is expected to create 1,300 direct jobs and thousands of indirect jobs. The mill will be located on an 1,800-acre plot in Ascension Parish, Louisiana, near the Mississippi River, providing access to deep-water ports and rail connections.

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