South Korean multinational steel-making company POSCO recently opened a new plant at the Port of Indiana-Jeffersonville.
The plant was announced last year and POSCO has invested $21 million in the first phase of construction. The 80,000 square-foot steel-processing plant, located on approximately 13 acres, will process steel wire for nuts, bolts, and fasteners for the automotive industry. It also will serve as a distribution center for other POSCO products.
During future phases of the project, the facility will expand to 136,000 square feet.
POSCO received up to $550,000 in conditional tax credits and up to $50,000 in training from the Indiana Economic Development Corp. Funds will be awarded if performance-based criteria are met.
“I believe our investment in Indiana will soon be followed by investments in other parts of the auto supply chain that can serve as a powerful stimulant to Jeffersonville’s local economy,” POSCO CEO Ohjoon Kwon said. “Furthermore, we can contribute to creating new jobs in the local community going forward.”
During the grand opening ceremony, Kwon presented Jeffersonville High School with a $30,000 check for the school’s music program.
Dignitaries at the ceremony included Indiana Gov. Eric J. Holcomb, Rep. Trey Hollingsworth (R-IN) and Jong Kook Lee, a Korean Consulate General.