Washington: South Korean conglomerate Hyundai Motor Group is expected to unveil a US$20 billion investment in the United States, including a $5 billion steel plant in Louisiana, on Monday, CNBC reported. This strategic move comes as U.S. President Donald Trump intensifies efforts to bolster domestic manufacturing through increased tariff pressures.
According to Yonhap News Agency, Hyundai Motor Group Executive Chair Euisun Chung, alongside President Trump and Louisiana Governor Jeff Landry, is anticipated to make the announcement at the White House. This significant investment highlights Hyundai's commitment to expanding its manufacturing footprint in the U.S., aligning with the administration's objectives to reduce reliance on foreign goods.
The planned steel plant in Louisiana is expected to employ approximately 1,500 workers, focusing on the production of next-generation steel. This steel will be crucial for Hyundai's two U.S.-based auto plants, which are set to manufacture electric vehicles, marking a pivotal step towards sustainable automotive production.
This investment announcement is part of a broader trend where several companies are seeking to circumvent potential new tariffs proposed by the Trump administration. These tariffs are intended to bring manufacturing back to the U.S. and address the trade deficit, encouraging more foreign companies like Hyundai to invest in domestic operations.