A groundbreaking ceremony is set Wednesday morning for a South Korean company’s next steel processing plant. POSCO (NYSE: PKX) is looking to invest $19 million into a facility that could eventually employ 60 in Jeffersonville.
Last week, the city announced it had approved tax abatement for the project. Plans call for a 136,000 square-foot facility to produce wire rod that can be manufactured into components for the automotive industry.
POSCO is the fourth-largest company in the Asian nation and is one of the largest steel producers in the world. The groundbreaking is set for 11 a.m. at the Port of Indiana-Jeffersonville site and will include local officials and Governor Mike Pence.
Details of the project were being ironed out in recent months and One Southern Indiana said last month the decision to locate to Jeffersonville rested on the incentives it received from the city. The Indiana Economic Development Corp. will also provide conditional tax credits to POSCO.