JEFFERSONVILLE - Officials have cut the ribbon on a wire rod processing facility in Jeffersonville that Governor Eric Holcomb says could spur more global investment. South Korea-based POSCO (NYSE: PKX) is pumping $21 million into the initial phase of the operation at the Ports of Indiana - Jeffersonville, creating up to 60 jobs. He says POSCO's presence will open the door for the state to the "friends and suppliers" of one of the world's largest steel makers.

In an interview with Inside INdiana Business Multimedia Journalist Mary-Rachel Redman, Holcomb says the plant demonstrates Indiana's economic strength. "We're willing to go all over the world, but having POSCO's presence here -- planting a flag right here on Hoosier soil in Jeffersonville, Indiana -- will be a magnet," he said. "When you think of Indiana being so attractive because of all the economics, but also out location. We are situated right in the middle of all the action."

POSCO is South Korea's fourth-largest company and was the first Korean company to be listed on the New York Stock Exchange. It operates more than 300 facilities in 43 countries. The new plant will supply automotive industry customers with fasteners, nuts and bolts and will serve as a distribution center. Plans call for eventually expanding the 80,000 square-foot operation to 136,000 square-feet.