South Korea’s top steel maker POSCO has decided to invest in Hyundai Steel Co.'s first overseas plant in Louisiana and collaborate on research and development in low-carbon steel products and rechargeable battery materials such as lithium, cathode and anode materials.POSCO Holdings Inc.on Monday signed a memorandum of understanding with Hyundai Motor Co.on the collaboration, under which it is said to be mulling an investment in the trillion won range into the 8.5-trillion-won ($6.0 billion) steel mill project.
Their US-made products will be free of the import duties.“Our two companies will be able to navigate global trade pressures and industry shifts, identifying sustainable growth opportunities across the groups’ core businesses, including steel and secondary battery materials,” said Lee Jutae, president of POSCO Holdings at the MOU signing ceremony.
POSCO is considering processing and marketing a portion of the steel products to be rolled out at Hyundai Steel’s plant in Donaldsonville, Louisiana.“We will be able to secure a foothold in the North American steel market, which had been restricted for over a decade due to protectionist trade barriers,” said POSCO.
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