POSCO ponders joining Hyundai's US steel project

Last month's announcement from South Korean business conglomerate Hyundai Motor Group that its $21 billion investment in the United States would include a new steel works built by group member Hyundai Steel a sensational revelation in itself has become more interesting with news that POSCO is pondering buying in.

Numerous Korean media reports on Sunday and Monday quote unnamed local steel industry sources as saying that POSCO, the country's largest steelmaker, was considering investing in the 2.7 million tonnes/year electric furnace-based works that Hyundai Steel (Korea's second-largest steelmaker after POSCO) is planning for Donaldsonville, Louisiana. Hyundai Steel had