JEFFERSONVILLE — A $19 million manufacturing plant that will bring 60 good-paying jobs to the Port of Indiana-Jeffersonville broke ground Wednesday.
Community leaders turned out along with company officials to introduce POSCO and its AAPC No. 2 Plant, which will process steel wire for fasteners, nuts, and bolts used in the automotive industry.
Headquartered in South Korea, POSCO is the fifth-largest steel producer in the world, operating in 312 facilities in 43 countries. It is ranked No. 162 in Fortune’s Global 500, and is South Korea’s fourth-largest company, trailing only Samsung Electronics, SK Holdings and Hyundai Motors.
The 125,000-square foot factory/warehouse — plus a 12,000-square-foot, two-story office building will sit on 10 acres at 5146 Loop Road, just off Utica Pike. The plant will have a capacity of 25,000 metric tons produced annually, but should increase to 100,000 within a few years, according to POSCO-AAPC President Kenny Hwang
“The U.S. has proven to be the center of the automotive industry, building 12 million autos in 2015,” said Wonki Kim, President of POSCO America. “Today, POSCO is able to break ground right in the middle of U.S. manufacturers. I can’t imagine a better location for our effort.”
A number of local officials, including Jeffersonville Mayor Mike Moore, Indiana State Reps. Steve Stemler and Ed Clere, state Sen. Ron Grooms, members of the city and county councils, Jeffersonville and county law enforcement, and more, attended the ceremony, groundbreaking and reception.
“This is exciting,” Moore said. “When we heard the average hourly salary was at $30.10 an hour — that’s big. We love bringing in new companies. When they are paying that wage, everyone gets excited.”
Representatives from Greater Clark County Schools were present as well, and Hwang presented a $2,000 check to Superintendent Andrew Melin for its College and Career Readiness Initiative.
Officials expressed hope that POSCO’s investment would spur even more growth.
“There will be more and more opportunities in this area as POSCO creates a success story,” Hwang said.
The Port of Indiana-Jeffersonville is already home to 28 businesses, including 12 metal-processing companies. In 2015, the port handled more than 1 million tons of steel cargoes and 2.8 million tons in total shipments.
POSCO received a tax abatement from the city of Jeffersonville.