Maritime Economic Development: Indiana-Jeffersonville
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Korean steelmaker POSCO Plans $19 Million Facility at Port of Indiana-Jeffersonville
POSCO, a multinational steel producer headquartered in Pohang, South Korea, plans to build a wire rod processing center at the Port of Indiana-Jeffersonville, creating up to 60 high-wage jobs by 2018.
Construction is slated to begin this spring on the $19 million project – a 136,000-square-foot facility to be located on approximately 10 leased acres at the Ohio River port.
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, meaning until Indiana residents are hired, the company is not eligible to claim incentives. Jeffersonville's city council approved additional incentives at the request of the Jeffersonville Redevelopment Commission.
"We are very excited about the opportunity to develop our first Midwestern U.S. plant at the Port of Indiana-Jeffersonville," said POSCO AAPC Finance Director Kyu Tae Kim. "It is critical for our business to receive cargo by water and to be centrally located in the U.S. market. The Jeffersonville's port location will allow us to connect with global markets and supply our U.S. automotive customers with 'just-in-time' deliveries."
POSCO, which was established in South Korea in 1968, operates 312 facilities in 43 countries. The Jeffersonville plant will process steel wire for fasteners, nuts and bolts used in the automotive industry and serve as a distribution center for other POSCO products.
The Port of Indiana-Jeffersonville is home to 28 businesses, including a "steel campus" of 12 metal-processing companies serving the Midwest auto and appliance industries. The port handled more than 1.0 million tons of steel cargo in 2015.
Jeffersonville is one of three public ports owned and managed by the state port authority, Ports of Indiana, from its headquarters in the state capital of Indianapolis.
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Aerial perspective of the Port of Indiana –Jeffersonville
Photo/Ports of Indiana
POSCO, a multinational steel producer headquartered in Pohang, South Korea, plans to build a wire rod processing center at the Port of Indiana-Jeffersonville, creating up to 60 high-wage jobs by 2018.
Construction is slated to begin this spring on the $19 million project – a 136,000-square-foot facility to be located on approximately 10 leased acres at the Ohio River port.
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, meaning until Indiana residents are hired, the company is not eligible to claim incentives. Jeffersonville's city council approved additional incentives at the request of the Jeffersonville Redevelopment Commission.
"We are very excited about the opportunity to develop our first Midwestern U.S. plant at the Port of Indiana-Jeffersonville," said POSCO AAPC Finance Director Kyu Tae Kim. "It is critical for our business to receive cargo by water and to be centrally located in the U.S. market. The Jeffersonville's port location will allow us to connect with global markets and supply our U.S. automotive customers with 'just-in-time' deliveries."
POSCO, which was established in South Korea in 1968, operates 312 facilities in 43 countries. The Jeffersonville plant will process steel wire for fasteners, nuts and bolts used in the automotive industry and serve as a distribution center for other POSCO products.
The Port of Indiana-Jeffersonville is home to 28 businesses, including a "steel campus" of 12 metal-processing companies serving the Midwest auto and appliance industries. The port handled more than 1.0 million tons of steel cargo in 2015.
Jeffersonville is one of three public ports owned and managed by the state port authority, Ports of Indiana, from its headquarters in the state capital of Indianapolis.
"POSCO's planned facility is a good fit for our port and its operations will create new business for other port companies," said Rich Cooper, CEO for the Ports of Indiana. "Steel processors at our port currently supply components for all six of the top U.S. automakers as well as to many Tier 1 suppliers and other participants in the automotive industry's supply chain. The port's multimodal transportation options, including year-round barge access to the Gulf of Mexico, offer significant logistics cost savings for POSCO."
Aerial perspective of the Port of Indiana –Jeffersonville
Photo/Ports of Indiana
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