Industry minister heads to United States for G20 talks, Hyundai-Posco Louisiana steel plant groundbreaking

Industry Minister Kim Jung-kwan will visit the United States from Tuesday to Friday to attend a Group of 20 (G20) meeting on innovation and a groundbreaking ceremony for the Hyundai-Posco Louisiana steel plant (HPLS), the ministry said Tuesday.

Kim will first attend the G20 Innovation Ministerial Meeting in North Carolina on Wednesday to discuss ways to strengthen global cooperation on AI innovation, focusing on AI intellectual property rights, standards and supply chains, the Ministry of Trade, Industry and Resources said in a press release.

On Thursday, Kim will hold a roundtable in Washington, with the Korea Trade-Investment Promotion Agency (Kotra) in a bid to attract foreign direct investment in Korea from U.S. companies in semiconductors, advanced materials and offshore wind power.

He will also hear from U.S. companies about their investments in Korea and their views on the country's investment environment, the ministry said.

The following day, Kim will attend the groundbreaking ceremony for the HPLS. The project is part of a $26 billion investment plan in the U.S. announced by Hyundai Motor Group last year.

Hyundai Steel announced in March last year that it will invest $5.8 billion to build an integrated electric arc furnace-based steel mill in Louisiana by 2029, with production scheduled to begin the same year.

Korean steelmaker Posco is also participating in the project as it seeks to strengthen supply chain cooperation in North America.

"This trip is aimed at reaffirming our commitment to supply chain cooperation through investments by Korean companies in the U.S., while attracting investments by U.S. companies in Korea," Kim said.

Yonhap