And the S&P, Dow, NASDAQ, and Russel 2K futures are down in the 1% range as of 4:30 this morning.
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And, in other news, the largest South Korean steelmaker is joining Hyundai’s new steel mill project in the US. The local news here interviews autoworkers from time to time. The rank and file are elated. This is what they voted for.
Steve
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Last month, Hyundai Steel revealed plans to invest US$5.8 billion to build an integrated electric arc furnace-based steel mill in Louisiana by 2029, with production slated to begin the same year.
I will curb my enthusiasm until steel is rolling out of the plant. Why did they choose Louisiana? It seems like an odd choice.
The owners won’t have to raise the temperature of the furnace as much as they would somewhere else.
Pete
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“Right to work” state. Also relatively close to Hyundai assembly plants in Alabama and Georgia.
Steve
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Cheap energy is a factor. Louisiana has the third lowest natural gas prices in the country.
DB2
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Curious, because Hyundai’s “steel plant” plans were talked about by the company a year ago. Back before they even knew who “they were voting” for…
Hyundai reiterates interest in building EAF mill in US
South Korean automaker restates its interest in building a steel mill in the United States after initial comments last year.
PUBLISHED JANUARY 22, 2025https://www.recyclingtoday.com/news/hyundai-autos-steel-eaf-mill-study-usa-southeast-recycling/
South Korean automaker Hyundai Motor Co., which assembles Hyundai and Kia vehicles in the United States and Mexico, has again expressed an interest in building a flat-rolled steel mill to serve its North American operations.
An executive with the firm reportedly mentioned the mill project in a January company earnings call, and media outlets that reached out to Hyundai and its Hyundai Steel business unit were told the move is being considered.
Once again the great carnival barker entrances the crowd with his great prestidigitation and spectacular Time Machine follies. The story is over a year old, but don’t let that stop that certain special someone for taking credit for it.
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While the President of the union supported the candidates that stood with them during the strike in the fall of 23, a lot of the rank and file, openly supported TIG. This was well covered by the local Motown media.
This, from last November.
Apparently, Hyundai, like Ford, when Henry ran the show, likes to be vertically integrated. As Henry discovered, integration gives you better control of quality, cost, and delivery schedule. But I would not discount the tariffs adding urgency to Hyundai’s decision to get going with the mill.
Steve
And in today’s Yahoo Finance news feed…
…said the investment would go toward high-tech research and development sites and new manufacturing facilities in places including California, Indiana, Massachusetts and Pennsylvania.
DB2
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