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POSCO to Open Wire Rod Processing Plant in Indiana
04/19/2016 - South Korea’s POSCO plans to build a US$19 million wire rod processing plant along the Ohio River in Indiana, according to an announcement by the state.
According to the announcement, the 136,000-square-foot facility will process wire rod for use as fasteners and nuts and bolts used in the automotive industry. It also will serve as a distribution center for other POSCO products.
The facility will sit on 10 acres at the Port of Indiana-Jeffersonville, which is home to 12 other metal-processing companies serving the Midwest auto and appliance industries.
The company plans to start construction this spring.
“We are very excited about the opportunity to develop our first Midwestern U.S. plant at the Port of Indiana-Jeffersonville,” said POSCO AAPC Finance Director Kyu Tae Kim in a statement.
“It is critical for our business to receive cargo by water and to be centrally located in the U.S. market. The Jeffersonville’s port location will allow us to connect with global markets and supply our U.S. automotive customers with ‘just-in-time’ deliveries.”
POSCO was given up to $550,000 in conditional tax credits and up to $50,000 in training grants based on its job creation plans. The incentives are performance-based, and the company can’t redeem the incentives until it hires workers, according to the state.
The facility will sit on 10 acres at the Port of Indiana-Jeffersonville, which is home to 12 other metal-processing companies serving the Midwest auto and appliance industries.
The company plans to start construction this spring.
“We are very excited about the opportunity to develop our first Midwestern U.S. plant at the Port of Indiana-Jeffersonville,” said POSCO AAPC Finance Director Kyu Tae Kim in a statement.
“It is critical for our business to receive cargo by water and to be centrally located in the U.S. market. The Jeffersonville’s port location will allow us to connect with global markets and supply our U.S. automotive customers with ‘just-in-time’ deliveries.”
POSCO was given up to $550,000 in conditional tax credits and up to $50,000 in training grants based on its job creation plans. The incentives are performance-based, and the company can’t redeem the incentives until it hires workers, according to the state.
