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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.
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