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Hyundai Steel Co. will invest $5.8 billion to build an electric arc furnace-based integrated steel mill in Donaldsonville, La. This marks the company’s first overseas production base and the first such plant in the U.S. to integrate all stages of steel production.

The ultra-low carbon steel development will span roughly 1,700 acres, according to the Louisiana Economic Development. Construction on the project is expected to start in the third quarter of next year, with commercial production slated to begin in 2029.