Hyundai to Announce $20 Billion US Investment, Including New Steel Plant in Louisiana

Hyundai is set to unveil a $20 billion investment in the United States, which includes the construction of a $5 billion steel plant in Louisiana, the White House confirmed.

The announcement is expected to take place at the White House on Monday, with President Donald Trump, Hyundai Chairman Euisun Chung, and Louisiana Governor Jeff Landry in attendance.

The new steel plant in Louisiana is expected to employ around 1,500 workers and will produce next-generation steel for Hyundai’s electric vehicle (EV) production in the US The company already operates two automotive plants in the US, one in Alabama and another in Georgia, and reports suggest a third facility could also be announced in Georgia.

Hyundai’s investment comes as the Biden administration considers additional tariffs on imports, particularly from countries with large trade surpluses like South Korea. The move is seen as part of a broader strategy by foreign companies to increase US manufacturing presence and mitigate potential trade barriers.

President Trump has already imposed 25% tariffs on steel and aluminum imports and is set to introduce new levies on cars from Asia and Europe next month. The goal is to increase domestic auto production, but industry experts note that shifting supply chains is a complex and lengthy process.

For Hyundai, expanding production in the US aligns with its strategy to localize manufacturing. Hyundai Motor CEO José Muñoz recently stated that increasing US production is key to navigating tariff policies.

Hyundai’s announcement follows similar commitments from other global corporations seeking to expand their US operations:

• Taiwan Semiconductor Manufacturing Company (TSMC) and Japan’s SoftBank have both made significant US investment pledges.
• Apple recently announced a $500 billion expansion plan for U.S. facilities and projects.
• Oracle, OpenAI, and SoftBank are collaborating on a $500 billion artificial intelligence infrastructure project in the US.

The trend highlights a shift in global manufacturing strategies, as companies aim to strengthen their presence in the US market while avoiding potential trade disruptions.

With input from CNN, CNBC, and Bloomberg.