South Korean Steel Maker POSCO Set up Wire Processing Plant in the U.S.

POSCO announced it has set up a steel wire processing plant in Indiana producing wires for automotive components. The investment was USD 20.9 million. This the second country after Mexico where POSCO set up an overseas plant. The plant's annual wire production will reach 25,000 tons, and the wires will be primarily used for producing automotive/electronics/machinery bolts, nuts, and bearings. In addition to the South Korean manufacturing industry, the wires will be supplied to the North America plant of Nissan. The president of POSCO said, "We expect this to support South Korean companies trying to enter the U.S.", aiming to foster localization of South Korean companies in the U.S.