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Hyundai Announces $21 Billion Investment in US, Including Louisiana Steel Plant
South Korean car giant Hyundai announced a massive $21 billion investment in US onshoring on Monday. A key part of this investment is a new $5.8 billion steel plant in Louisiana, expected to create over 1,400 jobs. The plant will produce next-generation steel earmarked for Hyundai’s two US electric vehicle manufacturing plants.
The announcement was made at the White House with President Biden, Hyundai Chairman Euisun Chung, and Louisiana Governor John Bel Edwards in attendance. This investment comes as many international companies are increasing US investments. Hyundai Motor CEO José Muñoz recently stated that increasing local production is the best way for the company to navigate tariffs.
This investment also plays into the ongoing trade discussions between the US and South Korea. While the US has previously raised concerns about tariffs imposed by South Korea, the South Korean government maintains its effective tariff rate on US imports is significantly lower due to a free trade agreement between the two nations.