Hyundai's $20 Billion U.S. Investment: A Steel Revolution in Louisiana

Hyundai plans to invest $20 billion in the U.S., with a $5 billion steel plant in Louisiana. This facility aims to supply advanced steel for Hyundai's EV factories. The investment follows increased U.S. tariffs on steel, affecting the Korean steel industry.

Hyundai is poised to unveil a substantial $20 billion investment in the United States, which includes a $5 billion next-generation steel plant in Louisiana, as per insiders cited by CNBC. This facility is projected to create approximately 1,500 jobs and will be instrumental in supplying steel for Hyundai's electric vehicle production plants in the U.S.

The move comes amid rising U.S. tariffs on steel, which present challenges to the Korean steel industry. Hyundai Steel has yet to make an official comment on the matter. Moreover, the office of the Louisiana governor and the White House have not yet issued statements regarding the investment.

The steel plant's construction is pending confirmation as Hyundai Steel evaluates the feasibility of building a facility in the southeastern United States. The decision will be influenced by the recent U.S. administration's policies, including a 25% global tariff reimposed on steel and aluminum imports by President Donald Trump.

(With inputs from agencies.)