A U.S. official stated that Hyundai Motor Group, based in South Korea, will announce a $20 billion investment in the country at the White House on Monday. The official stated that one part of the investment would be a new steel plant in Louisiana that is expected to cost $5 billion, with the announcement possibly being made by Donald Trump , Hyundai Chairman Euisun Chung and Louisiana Governor Jeff Landry.
Landry traveled to South Korea in October and met Hyundai representatives to discuss the investment plan. Many companies have announced investment plans after Trump took back office, with some even incorporating plans already announced earlier. Earlier in November, Hyundai Steel said it was exploring an investment that would allow it to build a steel factory in the southeastern U.S., but no decisions had been made while they were also mentioning that U.S. tariffs would have adverse effects on the Korean steel sector.
In 2022, Hyundai announced they would invest about $10 billion through 2025 but it is unclear if they have spent this investment or if all or part of the $20 billion investment announced Monday in Louisiana is covered, or counted, as part of the investment announced previously. Hyundai Motor said it would not comment. A representative from Hyundai Steel was not immediately available for comment.
A U.S. official stated that Hyundai Motor Group, based in South Korea, will announce a $20 billion investment in the country at the White House on Monday. The official stated that one part of the investment would be a new steel plant in Louisiana that is expected to cost $5 billion, with the announcement possibly being made by Donald Trump , Hyundai Chairman Euisun Chung and Louisiana Governor Jeff Landry.
Landry traveled to South Korea in October and met Hyundai representatives to discuss the investment plan. Many companies have announced investment plans after Trump took back office, with some even incorporating plans already announced earlier. Earlier in November, Hyundai Steel said it was exploring an investment that would allow it to build a steel factory in the southeastern U.S., but no decisions had been made while they were also mentioning that U.S. tariffs would have adverse effects on the Korean steel sector.
In 2022, Hyundai announced they would invest about $10 billion through 2025 but it is unclear if they have spent this investment or if all or part of the $20 billion investment announced Monday in Louisiana is covered, or counted, as part of the investment announced previously. Hyundai Motor said it would not comment. A representative from Hyundai Steel was not immediately available for comment.