18 hours Ago By Korea Bizwire
Hyundai Steel Co.’s steel mill in Dangjin, about 80 kilometers south of Seoul, is seen in this file photo provided by the company. (Image courtesy of Yonhap) SEOUL, Jan.
8 (Korea Bizwire) – Hyundai Steel Co. is reviewing constructing an automotive steel mill in the United States to respond to the incoming Donald Trump administration’s protectionist policies, industry sources said Wednesday. The steel-making unit of South Korea’s auto giant Hyundai Motor Group has discussed the estimated 10 trillion won (US$6.
9 billion) investment plan with a number of U.S. officials, including those from the state government of Georgia, according to the sources.
Hyundai Motor Group has car manufacturing plants in Georgia. Hyundai Steel said it has been considering various options aimed at enhancing the company’s “sustainable growth” and “global competitiveness” but that no final decision has been made yet. If the company decides to construct a steel mill in the U.
S., it will become Hyundai Steel’s first overseas plant. The Korean company’s plan comes amid growing uncertainties in global trade ahead of the launch of the second Trump administration, which has signaled protectionist trade policies, including the potential imposition of sweeping tariffs of at least 10 percent on all goods.
Last year, Hyundai Steel CEO Seo Gang-hyun said in a general shareholders’ meeting that the company is considering opening a manufacturing base overseas to respond to the global trend toward protectionism. Hyundai Steel currently produces around 20 million tons of steel annually, which includes some 5 million tons of automotive steel mostly supplied to Hyundai Motor Co. and its sister Kia Corp.
(Yonhap).
