SOUTH KOREA’S HYUNDAI ANNOUNCES $20 BILLION US INVESTMENT- Trump says Hyundai will be producing steel and making cars in America
South Korea’s Hyundai Motor Group announced a $20 billion investment in the United States at the White House on Monday
The investment includes a $5 billion new steel plant in Louisiana announced by President Donald Trump, Hyundai Chairman Euisun Chung and Louisiana Governor Jeff Landry.
Landry traveled to South Korea in October and met with Hyundai to discuss the investment plan.
Numerous companies have announced planned investments following Trump’s return to the White House, though some of those statements have wrapped in previously announced plans.
Earlier this month, Hyundai Steel said it was considering building a steel factory in the southeast United States but nothing had been decided, adding that a hike in U.S. tariffs would have a negative impact on the Korean steel industry.
Trump has already introduced tariffs to boost protection for U.S. steel and aluminum producers. He restored effective global tariffs of 25% on all imports of the metals and extended the duties to hundreds of downstream products made from the metals, from nuts and bolts to bulldozer blades and soda cans.
Hyundai Motor plans to hold an opening ceremony for its new $7.59 billion car and battery factory in Georgia on Wednesday. The automaker has a factory in Alabama, while its affiliate Kia has a plant in Georgia.
