South Korean companies Hyundai Motor Group and POSCO Group announced on Monday that they signed a memorandum of understanding (MOU) on cooperation in the fields of steel and battery materials.
Under the agreement, Posco will make a equity investment in Hyundai's recently announced Electric Arc Furnace (EAF) integrated steel mill project in Louisiana, United States, which is set to begin operations in 2029.
"The two organizations will focus on cooperation across a wide range of areas, further enhancing the transition towards low-carbon-emissions steel production, and safety, as well as improving adaptability in response to the rapidly changing global business environment," Hyundai said in a press release.
