U.S. grants SK hynix $458M subsidy ahead of Trump inauguration

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U.S. grants SK hynix $458M subsidy ahead of Trump inauguration

Published: 19 Dec. 2024, 21:05 Updated: 19 Dec. 2024, 21:36

PARK EUN-JEE
[email protected]

SK hynix 's booth during an exhibition held in Seoul [YONHAP]

SK hynix has been awarded up to $458 million in subsidies for its $3.9 billion chip packaging facility in Indiana, the U.S. Department of Commerce announced Thursday.

Up to $500 million in loans will be available under the CHIPS and Science Act on top of the subsidy, according to the Commerce Department.

The finalization of the grant came a month before the inauguration of President-elect Donald Trump, who has criticized programs that direct U.S. subsidies to foreign companies.

“By investing in companies like SK hynix and communities like West Lafayette, the bipartisan CHIPS and Science Act continues to supercharge America’s global technology leadership,” said U.S. Commerce Secretary Gina Raimondo in a statement.

BY PARK EUN-JEE [[email protected]]