According to The Korea Herald, Hyundai Steel broke ground Friday on a $5.8 billion steel mill in Louisiana as part of its push to build a manufacturing base in the United States and expand supply of automotive steel to global carmakers. Hyundai-Posco Louisiana Steel, an electric-arc furnace joint venture backed by Hyundai Steel, Posco, Hyundai Motor and Kia, will have annual production capacity of 2.7 million metric tons of steel.