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Maritime Economic Development: Indiana

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Indiana: Korean Steelmaker Opens Facility at Jeffersonville Port

POSCO, one of the world’s top steelmakers, opened a new facility at the Port of Indiana-Jeffersonville during a welcoming ceremony September 25 hosted by Indiana Governor Eric J. Holcomb and attended by POSCO CEO Dr. Ohjoon Kwon.  

"Two of Indiana’s greatest resources, our robust port system and our highly-skilled workforce, were instrumental in bringing a global company like POSCO to the Midwest," Governor Holcomb said. "These new high-wage jobs and POSCO’s impressive facility are proof of the momentum of Indiana’s economic expansion. I am proud the company decided to build its newest plant at our Jeffersonville port and we’re hopeful it will not be the last South Korean company to locate in our great state."

Headquartered in Pohang (South Korea), POSCO operates 312 facilities in 43 countries around the world.  In 2016, POSCO produced more than 41 million tons of crude steel.

In April 2016, POSCO announced its intention to invest in a new facility at the Jeffersonville port to process steel wire for fasteners, nuts and bolts used in the automotive industry and to also serve as a distribution center for other POSCO products. Since then, the company has completed the $21 million first phase of   construction, a new 80,000 square-foot/7,432 square-meter steel-processing plant on nearly 13 acres/5.3 hectares.  POSCO has near-term plans to expand the facility to 136,000 square feet/12,365 square meters, creating up to 60 high-wage jobs.

The Indiana Economic Development Corporation offered POSCO up to $550,000 in conditional tax credits and up to $50,000 in training grants based on the company’s job creation plans. These incentives are performance-based and as Hoosiers are hired, the company is eligible to claim incentives.

The Port of Indiana-Jeffersonville is now home to 27 businesses, including a "steel campus" of 15 steel-related companies serving the Midwest auto and appliance industries. In 2015 and 2016, the Ohio River port handled its two highest annual volumes of steel.

"Our Jeffersonville port’s location in the heart of the auto and appliance manufacturing region will be a tremendous strategic advantage for POSCO," said Rich Cooper, CEO for the Ports of Indiana. "The company will now have year-round access to the Gulf of Mexico by way of barges on the Ohio and Mississippi Rivers, providing the most cost-effective and fuel-efficient mode of freight transportation. POSCO, their customers and suppliers will all be the beneficiaries of the port’s multimodal transportation options including water, access to multiple Class I railroads and interstate highways. We welcome this world-class South Korean manufacturer to our port family and we look forward to helping expand its business."

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