JEFFERSONVILLE - The Jeffersonville Redevelopment Commission has approved a tax abatement request from one of the world's largest steel producers. South Korea-based POSCO is proposing a $19 million investment at the Port of Indiana-Jeffersonville. The joint venture with JP Steel involves building a massive facility in Clark County and creating around 60 jobs.

This would be the company's second U.S. operation. POSCO America Corp. was established in New Jersey in the mid-1980s. The company is proposing a new 120,000 square-foot operation.

POSCO AAPC Finance Director Kyu Tae Kim says "we are very enthusiastic about the possibility of opening our second processing plant in the United States, which will supply our U.S. automotive customers with materials they need on a 'just-in-time' delivery basis. We want to thank the State of Indiana, the City of Jeffersonville, the Ports of Indiana and One Southern Indiana for working with us to make this project happen here at the Port of Indiana-Jeffersonville."

Jeffersonville Mayor Mike Moore calls its a "dynamic" potential project. "Our port here in Jeffersonville has a number of unique attributes that make it a perfect destination for a company of POSCO's caliber. This company fits so well in Jeffersonville, complementing our diverse commerce base ranging from bolts to barges.

The company was established by the South Korean government in 1968 and it was fully-privatized in 2000. Last year, POSCO's crude steel production reached approximately 38 million tons.

The request for tax breaks moves on to the City Council, which could vote on final approval April 18. One Southern Indiana says the project is contingent upon the abatement.