Steel Maker's Jeffersonville Plans Advance

Posted: Updated:

Plans for one of the world's largest steel producers to establish operations in Jeffersonville are moving forward. South Korea-based POSCO (NYSE: PKX) will build a wire rod processing center at the Port of Indiana-Jeffersonville, which will create up to 60 high-wage jobs by 2018.

The company will build the 136,000 square-foot facility on 10 acres of land at the port. Construction on the $19 million project is expected to begin this spring. It will be POSCO's second steel processing line and fourth production line in the U.S.

"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. "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."

The company says the new plant will process steel wire for fasteners, nuts and bolts used in the automotive industry. It will also serve as a distribution center for other POSCO products. 

Last month, POSCO announced it was considering opening the facility in Jeffersonville and the Jeffersonville Redevelopment Commission had approved a tax abatement for the company. That abatement was approved by the Jeffersonville City Council. The Indiana Economic Development Corp. has also offered POSCO up to $550,000 in conditional tax credits and up to $50,000 in training grants.

"POSCO's planned facility is a good fit for our port and its operations will create new business for other port companies," said Rich Cooper, CEO for the Ports of Indiana. "Steel processors at our port currently supply components for all six of the top U.S. automakers as well as to many Tier 1 suppliers and other participants in the automotive industry's supply chain. The port's multimodal transportation options, including year-round barge access to the Gulf of Mexico, offer significant logistics cost savings for POSCO."

POSCO is the fourth-largest company in South Korea, behind Samsung Electronics, SK Holdings and Hyundai Motors. It was the first Korean company to be listed on the New York Stock Exchange and operates 312 facilities in 43 countries.

  • Perspectives

    • (photo courtesy of Conexus)

      Getting the Word Out About Manufacturing & Logistics

      As the epicenter of the nation’s advanced manufacturing and logistics industries, Indiana has a compelling story to tell about how Hoosier companies make and move the goods people depend on every day. Our goal is to ensure everyone hears these stories – many of which share a common theme focused on cutting-edge technologies that are transforming the way products are made and moved around the world and the people who use them. Conexus Indiana launched an...



  • Most Popular Stories

    • (photo courtesy of The Times of Northwest Indiana)

      Historic Hospital to be Torn Down in Gary

      A building that once represented the racial divide in the city of Gary, but long provided health care to the African American community, will soon fall to a wrecking ball. The city says it intends to raze the long-abandoned St. John’s Hospital. 

    • Photo courtesy of Indianapolis Motor Speedway

      Red Bull to Discontinue Air Race World Championship

      The Red Bull Air Race at the Indianapolis Motor Speedway, originally scheduled for October, has been canceled as a result of Red Bull's decision to discontinue the Air Race World Championship following the 2019 season. The company says the races scheduled between June and September in Russia, Hungary and Japan will run as planned. 

    • (photo courtesy of The Times of Northwest Indiana)

      Valpo Approves Plan to Level Mansion, Build New Homes

      The property where an aged, Victorian-era, mansion in Valparaiso currently stands will become the site of 15 new homes, described as “upscale.” The Valparaiso Board of Zoning Appeals approved the variances needed for Downtown Valparaiso Partners LLC to proceed with the project, according to our partners at The Times of Northwest Indiana. 

    • Hamilton County is the highest-ranked Indiana community.

      Carmel Tops 'Best Places to Raise a Family' List

      Carmel tops Yahoo Finance’s list of the "Top Ten Places to Raise a Family in the Midwest." The city was recognized for its low poverty rate, high graduation rates and reading proficiency.

    • The Honda Greensburg plant opened in 2008.

      Honda to Invest $4M, Add Jobs at Greensburg Plant

      The American Honda Motor Co. continues to invest in its Greensburg, Indiana plant as it has announced the factory will be producing the company’s first electrified sport utility vehicle in the U.S. The company says it will invest more than $4 million and add 34 new jobs in the plant to support production of the CR-V Hybrid.