JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
Posco and Hyundai will invest $5.8B in a US-based steel plant.
Project receives public support from Donald Trump amid trade policy shifts.
Plant will support auto and defense sectors with cleaner steel.
South Korea’s steel giant Posco and automobile major Hyundai Motor Group have officially partnered to establish a $5.8 billion steel mill in the United States, a project praised by former President Donald Trump for its potential to revive domestic manufacturing and job creation.
The project aims to strengthen the U.S. steel sector while reducing reliance on imports, particularly in light of recent geopolitical tensions and tariff changes. This mill is expected to supply Hyundai's EV and auto manufacturing units in North America and also support aerospace and defense applications.
The plant is designed to use cleaner steelmaking methods, aligning with global decarbonization efforts. Trump lauded the move, calling it a “step in the right direction” toward American self-sufficiency in industrial materials.
The announcement comes amidst intensifying trade tensions with China, where the U.S. recently imposed steep tariffs on Chinese steel imports. Posco and Hyundai's investment signals a strategic long-term commitment to the U.S. market.
Also Read : India Proposes Retaliatory Tariffs on U.S. Goods Over Steel Duties Tata Motors Opens 8th Vehicle Scrapping Facility in Kolkata
To discuss India's export control policies for sensitive commodities and technologies, the governmen...
Business 29-Jan-2024
India aims to be carbon neutral by 2070, and Uttar Pradesh is working to establish itself as a major...
Renewables 30-May-2024
As India’s steel industry ramps up its capacity and output, plans are in motion to nearly doub...
India 12-Sep-2025
The Prime Minister's Office assessed the status of the negotiations on February 16 as the planned fr...
Business 19-Feb-2024
· US imposes 104% tariff on Chinese goods as part of trade enforcement. · ...
US 09-Apr-2025
Centre has slashed import duty for components used in the manufacture of mobile phones to 10% from 1...
Announcement 31-Jan-2024