Hyundai Unveils $20 Bln U.S. Investment, Including $5.8 Bln Louisiana Steel Plant

(RTTNews) - Hyundai has announced a sweeping $20 billion investment in U.S. manufacturing, featuring a $5.8 billion steel plant in Louisiana. The announcement, made at the White House on Monday alongside former President Donald Trump, marks the South Korean automaker's largest U.S. investment to date.

The Louisiana facility will be Hyundai's first U.S. steel plant, expected to produce 2.7 million metric tons of steel annually and generate over 1,400 jobs. The plant will supply Hyundai's auto factories in Alabama and Georgia, which collectively aim to manufacture one million vehicles per year.

Hyundai Chairman Euisun Chung attributed the decision to discussions with Trump in 2019, noting that the project's launch aligns with the start of his second term, making the moment particularly meaningful.

Trump hailed the investment as proof that tariffs are driving businesses to expand operations in the U.S. His administration has already imposed 25 percent tariffs on steel and aluminum imports, with additional levies on foreign-made vehicles set to take effect in April.

The announcement comes amid a broader push for domestic manufacturing, with companies such as Apple, Taiwan Semiconductor Manufacturing Company, and SoftBank also committing billions to expand U.S. operations.

While past investment pledges have yielded mixed results, Hyundai's initiative underscores a significant step toward bolstering the U.S. automotive supply chain and strengthening domestic production.