Hyundai Motor Group to Invest $5.8 Billion in Louisiana Electric Arc Furnace Steel Mill

MT Newswires Live

Sep 07

Hyundai Motor Group, the parent of Hyundai Motor (KRX:005380) and Kia (KRX:000270), will invest $5.8 billion in an electric arc furnace steel mill in Louisiana, jointly constructed by Hyundai Steel (KRX:004020) and Posco (RX:005490), Hyundai Steel said Friday.

Speaking at the groundbreaking ceremony, Hyundai Motor Group Executive Chair Chung Euisun said that the new facility will supply low-carbon, high-grade steel. The facility is expected to begin production in early 2029, with an annual capacity of 2.7 million tons of hot-rolled and cold-rolled steel sheets, primarily for automotive applications, the release said.

Hyundai Motor Group will hold an 80% stake in the new facility, called Hyundai-Posco Louisiana Steel, while Posco will own the remaining 20%.

Shares of Hyundai Motor rose nearly 2%, Kia added 1%, while Hyundai Steel added over 1%, and Posco shed 1% in recent trade.

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