Company could invest more than $19 million in next two years
JEFFERSONVILLE, Ind. (March 30, 2016) – POSCO, a multinational company headquartered in Pohang, South Korea, and the sixth-largest steel producer in the world, is considering a site within the Port of Indiana-Jeffersonville for a new wire rod processing center. POSCO will appear before the Jeffersonville Redevelopment Commission today to seek its approval to proceed with a formal request to the Jeffersonville City Council to phase-in its property taxes.
The $19 million project, a joint venture between POSCO and JP Steel, would include a 120,000-square-foot facility to be constructed at 5146 Loop Road within the Port of Indiana-Jeffersonville. When construction is completed, POSCO estimates 60 high-wage positions will be created at the Jeffersonville facility.
“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,” said POSCO AAPC Finance Director Kyu Tae Kim. “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.”
At the request of One Southern Indiana, the Jeffersonville City Council is scheduled to vote on final approval of the company’s local incentives next month, with the project contingent upon the council’s approval.
“I am excited POSCO is seriously considering Southern Indiana and, specifically, the Port of Indiana-Jeffersonville for this dynamic project,” said Jeffersonville Mayor Mike Moore. “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.”
Recently, POSCO declared a new grand vision, called “POSCO the Great.” The vision includes:
- A strong resolve for future growth;
- Evolution into a world-wide respected company by promoting new growth engines based on steel;
- An ongoing commitment to upholding new values;
- Contributing to the coexistence and prosperity of human society by creating value beyond mere profits based on exemplary products and service; and
- Heightened communication between corporate citizenship and stakeholders.
“A decision by POSCO to come to Jeffersonville would be a big win for Southern Indiana, and we would like to welcome this South Korean steel maker to the Port of Indiana-Jeffersonville,” said 1si CEO and President Wendy Dant Chesser. “Economic development is a team sport, and we net a victory of this magnitude when the team consisting of the IEDC, the Ports of Indiana, the City of Jeffersonville and 1si comes together to give company leaders every reason to choose our community.”
POSCO is a multinational steel-making company headquartered in Pohang, South Korea. The company was established by the South Korean government on April 1, 1968, to manufacture and distribute steel rolled products and plates in the domestic and overseas markets. In 2000, the company was 100% privatized and since then, has extended production facilities in main overseas bases. In 2015, POSCO produced approximately 38 million tons of crude steel. For more information on POSCO, visit www.posco.com
About One Southern Indiana:
One Southern Indiana (1si) was formed in July of 2006 as the economic development organization and chamber of commerce serving Clark and Floyd counties. 1si’s mission is to provide the connections, resources and services that help businesses innovate and thrive in the Southern Indiana / Louisville metro area.
Since its inception, the organization has evolved to include a three-prong approach to serve its members and investors. Business Resources, as the chamber side of the organization, encompasses membership, signature events and programs which support and encourage business growth; Economic Development works to grow the regional economy through the attraction of new commerce and assists with retention and expansion of existing businesses; Advocacy supports businesses at the government level by engaging in the initiatives to preserve, protect and promote a business friendly environment free of obstacles to growth and development of commerce. For more information on One Southern Indiana, visit www.1si.org