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Hyundai Motor, POSCO partner on $5.8 billion Louisiana steel mill project

( April 21, 2025, 07:16 GMT | Official Statement) -- MLex Summary: Hyundai Motor Group and POSCO Group have signed a memorandum of understanding to strengthen their global competitiveness in steel and secondary battery materials. The partnership involves POSCO investing in Hyundai's $5.8 billion Louisiana steel mill project, which will produce 2.7 million tons of automotive steel sheets annually with reduced carbon emissions. Both companies will collaborate on securing stable supply chains for critical battery materials, with Hyundai targeting annual sales of 3.26 million electric vehicles by 2030 and POSCO leveraging its lithium resources and battery material production capabilities. Hyundai Motor said the collaboration will help both companies respond to changing global trade environments and supply chain regulations in the US and EU markets.The statement, in Korean, is attached....

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