(LEAD) 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 Korean Industry Minister Kim Jung-kwan urged the United States to ease tariffs on vital equipment needed for a $5.8 billion steel mill under construction in Louisiana. The Ministry of Trade, Industry and Resources disclosed that the electric arc furnace-based integrated steel mill, a joint venture between Hyundai Motor Group and POSCO, will begin construction in the fourth quarter of the current year.
The Ministry highlighted the project's potential to strengthen trade relations and reduce carbon emissions by 70 percent compared to traditional blast furnace production. The plant will supply automotive steel to global automakers, including Hyundai Motor and Kia, and contribute to the development of critical industrial infrastructure.
Louisiana Economic Development Secretary Susan B. Bourgeois emphasized the project's significance in generating jobs, building a workforce for high-value manufacturing, and stimulating economic activity in the region.
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