South Korea-based POSCO – the fifth largest steel manufacturer in the world – opened its second U.S. facility in Jeffersonville, IN, the Jeffersonville News & Tribune reports.

“The plant, which creates steel wire for fasteners, nuts and bolts for the automative industry, currently has heat treatment, drawing and picking and coating capabilities for steel,” writes Danielle Grady of the News & Tribune.

Officials broke ground on the 86,000 sq ft plant in April. Eventually the facility is expected to have 136,000 sq ft of manufacturing and professional space for 60 workers “who will earn an average wage of $30.10 an hour.”

To attract POSCO, the the city approved a $7.6 million 10-year tax abatement on real estate property and a $11 million 5-year tax abatement on personal property for the company, according to the News & Tribune. The Indiana Economic Development Corporation also offered the company $550,000 in conditional tax credits and up to $50,000 in training grants.

POSCO operates 312 facilities around the globe.