Strategic Partnership Announced

In a groundbreaking move, South Korean giants Hyundai Motor Group and POSCO Group have inked a memorandum of understanding (MOU) to collaborate on steel and battery materials, marking a significant step towards sustainable industrial practices.

Investing in the Future

As part of this alliance, Posco will take an equity stake in Hyundai's ambitious Electric Arc Furnace (EAF) integrated steel mill project in Louisiana, USA, slated for operation by 2029. This venture underscores both companies' commitment to pioneering low-carbon-emission steel production.

Collaborative Goals

"This partnership will explore extensive cooperation areas, focusing on enhancing safety, adaptability to global market shifts, and accelerating the transition to eco-friendly steel manufacturing," Hyundai highlighted in their announcement.