South Korean steelmaker POSCO announced that it will construct a $19 million, 136,000-square-foot facility in Indiana to process wire rod for use in the manufacture of nuts, bolts and shafts for the automotive industry, creating up to 60 new jobs by 2018.
The facility, which is the company’s second steel processing line and fourth steel production line in the United States, will produce Cold Heading Quality Wire (CHQW) and receive steel wire coils from domestic and foreign mills via barge from its location at the Port of Indiana-Jeffersonville.
“This new project will allow POSCO to supply world premium wire-rod and bar to our customers in the United States quickly and efficiently, said Kyu Tae Kim, finance director at POSCO AAPC. “Indiana’s central location and the convenience of the Jeffersonville Port are ideal as we look to tackle the U.S. automotive market and increase our supply chain. We were impressed with Indiana’s quality, skilled workforce and we look forward to growing here in Clark County.”
Construction is expected to begin this spring.