Hyundai Steel to build steel mill in the U.S. with annual production of 2.7 million tons, completion in 2029 - South Korean media

Hyundai Steel, a major steelmaker, has announced that it plans to build a steelworks in Virginia, USA, with an annual production capacity of 2.7 million tons. The plant will include direct reduced iron (DRI) production facilities, electric furnaces, and hot and cold rolling production facilities.
It is the first integrated steel mill in the United States to handle all processes from raw materials to finished products. Completion is scheduled for 2029. The plant will manufacture steel sheets for automobiles.
The new steel mill will be built in Louisiana near Hyundai's Alabama plant and Kia's Georgia plant.
In addition to the factory, there is the Hyundai Motor Group Metaplant America (HMGMA), which is nearing completion. The company supplies Hyundai and Kia Motors, as well as the United States, Latin America, including Mexico and Brazil, and Europe.
The company also plans to expand its supply of steel sheets to automakers in the state. Meanwhile, the company said it plans to have 1.3 trillion won (about 133.2 billion yen) in current assets at the end of 2024 and 1.3 trillion won in short-term borrowings.
The total amount of the shares of Hyundai Mobis, an auto parts manufacturer, or Hyundai Oilbank, a major oil former seller, will reach 1.2 trillion won (approximately 122,953,080,000 yen).
Hyundai Steel is currently considering a 50/50 split in the new plant between its own and third parties.
The company is currently in discussions with investors regarding investment.