Hyundai Motor Group has announced a major investment of $21 billion in the United States, including a new steel plant in Louisiana that will produce over 2.7 million metric tons of steel annually and create more than 1,400 jobs. The investment follows President Donald Trump’s return to the White House.
The $5.8 billion steel plant is expected to supply steel to auto plants in Alabama and Georgia. Hyundai plans to boost U.S. production capacity to 1.2 million vehicles by 2028, with an additional $9 billion investment. It also aims to expand strategic partnerships with U.S. companies in autonomous driving, robotics, artificial intelligence, and advanced air mobility.
Trump welcomed the investment, saying “Money is pouring in. We want to keep it that way.” The announcement comes as Trump threatens to impose reciprocal tariffs on numerous countries on April 2, potentially targeting South Korea’s large trade surplus with the United States.
The investment has been made possible by a meeting between Louisiana Governor Jeff Landry and Hyundai executives in October. Hyundai also plans to buy $3 billion of LNG produced in the United States. The company had previously announced plans to invest around $10 billion in the U.S. through 2025.
Automakers have been lobbying the White House against imposing massive new tariffs on imported autos and parts, with GM CEO Mary Barra meeting with Trump earlier this month to discuss concerns over uncertainty over tariff policies.
Source: https://www.reuters.com/business/autos-transportation/south-koreas-hyundai-unveil-20-billion-investment-us-cnbc-report-says-2025-03-24