Hyundai Motor Group Executive Chair Euisun Chung delivers remarks, as President Donald Trump, House of Representatives Speaker Mike Johnson, R-La., and Louisiana Gov. Jeff Landry stand, in the Roosevelt Room at the White House, in Washington, D.C., on March 24, 2025.© Carlos Barria, REUTERS
WASHINGTON – President Donald Trump on Monday announced a $5.8 billion investment from Hyundai in a Louisiana steel manufacturing plant as part of $21 billion in planned U.S. investment over the next four years.
The South Korean company’s first steel mill in the U.S. will create 1,300 jobs, a company official said. The steel will be used in car and parts plants in Alabama and Georgia aiming to build 1 million cars per year.
“Get ready. This investment is a clear demonstration that tariffs very strongly work,” Trump said in the Roosevelt Room of the White House, surrounded by House leaders, state officials and car executives. “They’ll be making their cars here in America.”
The announcement was part of a string of big-dollar investments from companies such as Apple and computer chip makers that Trump attributed to the threat of tariffs on imported goods. Trump has already imposed 25% tariffs on steel and aluminum, and broader tariffs are slated to go into effect April 2 matching whatever a foreign country is charging for the same products.
Euisun Chung, the executive chairman of Hyundai Motor Group, said the steel plant “will serve as the foundation for a more self-reliant and secure automative supply chain in the U.S.”
