Hyundai’s $20 billion investment: a major boost for U.S. manufacturing
Hyundai announces a historic $20 billion investment in the U.S., including a $5 billion steel plant in Louisiana. How this move will impact American jobs, manufacturing, and the auto industry?
Hyundai Motor Company, the world’s third-largest automaker, has announced a monumental $20 billion investment in the United States. This includes the establishment of a $5 billion steel plant in Louisiana, a move set to significantly bolster American manufacturing and job creation.
The announcement was made at the White House by Hyundai Chairman Euisun Chung and President Donald Trump, marking the company’s largest U.S. investment to date.
How Trump’s tariffs are influencing Hyundai’s expansion
On Monday afternoon, President Donald Trump declared that “This investment is a clear demonstration that tariffs very strongly work”. The administration’s 25% tariffs on steel and aluminum imports have incentivized companies like Hyundai to produce more within the United States. However, Chung declared that while the decision ton invest was heavily influenced by President Trump, it was not because of the tariffs.
According to Chung, the idea, “was initiated during my meeting with President Trump in Seoul in 2019”, and while it coincides with Trump's second term, it only makes the moment "even more special".
Hyundai’s first U.S. steel plant in Louisiana
This investment will be Hyundai's first steel manufacturing facility in the US, producing more than 2.7 million metric tons of steel annually and will be creating more than 1400 jobs. This steel plant will also supply to auto plants in other states like Alabama and Georgia.
All of this aligns with Donald Trump's plan to reshore manufacturing jobs and reducing reliance on foreign imports. White House Press Secretary Karoline Leavitt wrote on an X post that Donald Trump is "Making America Wealthy Again" referring to the investment.