Hyundai's $20 Billion U.S. Investment Drive

Hyundai plans a $20 billion investment in the U.S., including a $5 billion steel plant in Louisiana. The initiative aims to create 1,500 jobs and support Hyundai's electric vehicle production. New U.S. tariffs may impact Korean steel firms. Hyundai Steel and U.S. officials have yet to comment.

Hyundai is poised to unveil a significant $20 billion investment in the United States, which includes a major $5 billion steel plant project in Louisiana. This strategic move, reported by CNBC, aims to employ approximately 1,500 individuals and produce cutting-edge steel for Hyundai's U.S.-based electric vehicle production facilities.

At this time, Hyundai Steel has not provided any official statement regarding these developments. Moreover, both the Louisiana governor's office and the White House have remained silent on the matter, despite anticipation of announcements.

The proposed steel factory was initially considered for the southeastern United States, but no final decision was made. The new U.S. tariffs on steel, instituted by President Trump, which impose a 25% duty on imports, pose potential challenges for the Korean steel industry, potentially impacting Hyundai's plans.

(With inputs from agencies.)