Business

Korean steel producer eyes Port of Indiana for plant

Posted March 31, 2016 7:00 am

The Associated Press

JEFFERSONVILLE, Ind. (AP) - A Korea-based steel producer is considering the Port of Indiana-Jeffersonville for a new wire rod processing center.

POSCO is seeking approval from the Jeffersonville Redevelopment Commission to proceed with a formal request to the Jeffersonville City Council to phase in its property taxes to help finance the project.

The $19 million project is a joint venture between POSCO and Korea-based JP Steel. It would include a 120,000-square-foot plant that would employ 60 people. It would be POSCO's second U.S. processing plant.

POSCO Finance Director Kyu Tae Kim says the plant would supply automotive customers with materials on a just-in-time delivery basis.

At the request of economic development agency One Southern Indiana, the Jeffersonville City Council is scheduled to vote on final approval of the company's local incentives next month.

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This story has been corrected to show that JP Steel is based in Korea, not Texas.

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