Hyundai bets big on steel to anchor US strategy
Hyundai Motor Group is betting on steel to expand its manufacturing footprint in the United States, in a strategic move to build a local supply chain that serves not just the automotive industry, but also robotics, aerospace and artificial intelligence (AI) data centers. At the groundbreaking ceremony Friday (local time) for a $5.8 billion electric arc furnace steel mill being jointly constructed…
Hyundai Motor Group is investing heavily in steel to bolster its manufacturing capabilities in the United States, aiming to establish a domestic supply chain that benefits various sectors beyond just automobiles. This strategic shift includes the joint construction of a $5.8 billion electric arc furnace steel mill in Louisiana with POSCO.
Hyundai Motor Group's Executive Chair, Chung Euisun, emphasized that this facility will serve as a pivotal production center for providing low-carbon, high-grade steel to a wide array of advanced industries in the U.S. Departing from the previous focus on mitigating the impact of 50 percent tariffs on imported steel, the company now envisions the mill as a cornerstone for expanding its manufacturing value chain across the globe's largest economy.
The steel mill is set to commence production in early 2029, catering to the demand for automotive sheets, components for humanoid robots, hardware for artificial intelligence data centers, and materials for power-generation facilities.
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- Hyundai bets big on steel to anchor US strategy koreatimes.co.kr
