Posco International, part of South Korea’s largest steel making group, completed construction of a new plant in Ramos Arizpe in Coahuila state, Mexico, dedicated to the production of motor cores for North America’s growing electric vehicle (EV) industry.
Construction began in July 2022.
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The company signed a US$460m deal last year to supply motor cores to an unnamed US based automaker through 2030 while also agreeing to supply 2.7m units to Hyundai Motor Group for its EV plant currently under construction in Georgia.
Posco International president and CEO Jeong Tak, at the completion ceremony, said: “This is a significant moment for Posco International to take its first step toward the North American continent, the global auto industry’s largest battleground.”
Ramos Arizpe is 300km (200 miles) from the US border and has become an important automotive components production base for North America. General Motors also has a vehicle assembly plant in the city and is adding EVs there.
Posco International plans to start building a second plant in Ramos Arizpe in mid-2024 which would double its Mexican capacity to 2.5m electric motor cores per year.
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By GlobalDataThe company aims to have global capacity for 7m motor cores per year by 2030, including factories in South Korea, Mexico, China, Poland and India.
