South Korea-based POSCO (NYSE: PKX) will Friday celebrate the grand opening of its $19 million wire rod processing center at the Port of Indiana-Jeffersonville. The project was announced in April 2016 and the company said the 136,000-square-foot facility would create up to 60 high-wage jobs by 2018.
The facility is POSCO’s second steel processing line and fourth production line in the U.S. The company is the fifth-largest steel producer in the world. Shortly before ground was broken on the project, Ports of Indiana Chief Executive Officer Rich Cooper said the facility would not only be a good fit for the port, but its operations would create new business for other port companies.
POSCO is the fourth-largest company in South Korea, behind Samsung Electronics, SK Holdings and Hyundai Motors. Governor Eric Holcomb is scheduled to attend the grand opening ceremony, which is scheduled for 10:30 a.m.