DONALDSONVILLE — POSCO Group Chairman Chang In-hwa said the Hyundai Steel-POSCO Louisiana Steel (HPLS) electric arc furnace mill being built in the United States will emerge as the world's most competitive steel mill.
Meeting with reporters at the HPLS groundbreaking ceremony in Donaldsonville, Louisiana, on the 4th, Chang said POSCO and Hyundai Steel compete at home but are both Korean companies when viewed globally. Building HPLS aims to help Korean companies cooperate as they expand overseas and raise their standing, he said.
Chang also expressed optimism about the technology cooperation synergy between the two companies through HPLS. "To turn direct reduced iron (DRI) and steel produced in electric arc furnaces into top-grade steel materials, POSCO's hydrogen reduction steelmaking technology and automotive steel sheet technology are essential," he said. "If POSCO and Hyundai Motor cooperate in those areas, it will become the most competitive steel mill in the world."
On strategy for the North American market, Chang said POSCO already has many customers in the United States. Using steel produced at HPLS, the company will begin talks not only with Hyundai Motor but also with automakers including General Motors, Ford and Stellantis, he said.
