00:03korea's top story today isn't just a steel story it's a signal about where the economy is heading
00:09hyundai steel just broke ground on an 8 trillion won electric furnace plant
00:13by 2029 it's targeting 2.7 million tons of high-value steel output there
00:19some of that steel is headed for spacex's atlas rocket program and separately a 162 trillion
00:26won government growth fund is already facing questions about running dry within five years
00:31it's monday september 7th let's get into one of korea's top economic stories today
00:36hyundai motor group chairman chung we son attended the groundbreaking ceremony in person
00:41the company is calling this the world's first commercial scale plant of its kind
00:45here's what the numbers show 8 trillion won is what hyundai steel is spending on the new electric
00:51furnace complex by 2029 the plant is expected to produce 2.7 million tons of high-value steel a
00:58year hyundai steel says that output will supply material for spacex's atlas rocket line
01:04chung framed the plant as proof that steel made in america can meet the same standard as material
01:09made in korea separately the government's 162 trillion won future growth fund is projected
01:16to run low within five years according to today's front page that fund was designed to back next
01:22generation industries not just steel so what does this mean for korea watchers abroad earlier we said
01:28this plant ties korean steel directly into the u.s space supply chain here's what that actually means
01:34for you korea's heavy industry is now positioning itself as a supplier to the next generation space
01:39economy not just autos and shipbuilding that shift also raises the stakes for how seoul funds the
01:45industry is meant to come after steel three things to watch first whether hyundai steel lands additional
01:52aerospace or defense contracts tied to this furnace second how the 162 trillion won growth funds five
01:59year funding gap gets addressed in upcoming budget talks third whether other korean steel makers announce
02:06competing u.s investments in response that's today's ai prism front page daily this episode was
02:13produced with ai assistance based on seoul economic daily reporting and reviewed by a human editor
02:18ai prism is a juan ifra award-winning series we'll be back tomorrow
02:23you
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