Industry minister urges U.S. to ease tariffs on hard-to-source steel mill equipment
SEOUL, Sept. 5 (Yonhap) -- South Korea's industry minister urged the United Stat...
South Korea's industry minister, Kim Jung-kwan, asked the United States to reduce tariffs on steel mill equipment that his country's companies will import for a $5.8 billion steel mill being built in Louisiana. The request came during a meeting with Louisiana Governor Jeff Landry before the groundbreaking ceremony for the Hyundai-POSCO Louisiana Steel LLC project, which is set to begin construction in the fourth quarter.
The joint venture between Hyundai Motor Group affiliates Hyundai Steel Co., Hyundai Motor Co., Kia Corp., and POSCO is expected to generate new employment opportunities and stimulate economic growth in the region. The project, backed by a $26 billion U.S. investment plan from Hyundai Motor Group, will supply automotive steel to global automakers' production facilities in the southern U.S. and Mexico.
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