In a significant boost to American manufacturing, Hyundai has announced a $5.8 billion investment in the United States, including the construction of a steel plant in Louisiana. The announcement was made by US President Donald Trump and Louisiana Governor Jeff Landry during an official White House briefing on Monday.
“Today we’re delighted to report that Hyundai is announcing a major USD 5.8 billion investment in American manufacturing,” Trump stated. “In particular, Hyundai will be building a brand-new steel plant in Louisiana which will produce more than 2.7 million metric tons of steel a year, creating more than 1,400 jobs for American steelworkers, and then there’ll be major expansion after that.”
The new steel plant will supply Hyundai’s auto manufacturing facilities in Alabama and Georgia. Trump highlighted the significance of the investment, saying Hyundai is “one of the largest companies in the world” and that “these plants will soon produce more than 1 million American-made cars every single year. The cars are coming into this country at levels never seen before—get ready.”
Tariffs as a Driving Force
Trump credited his administration’s tariff policies for attracting such large-scale investments. “This investment is a clear demonstration that tariffs very strongly work,” he said. “Hyundai will be producing steel in America and making its cars in America, and as a result, they’ll not have to pay any tariffs.”
Explaining the broader impact of trade policies, he added, “You know, there are no tariffs if you make your product in America—that’s why so many people are coming.”
Hyundai’s Broader $21 Billion Commitment
Hyundai’s latest investment is part of a larger $21 billion commitment to expand its footprint in the United States. This includes expanding auto manufacturing in Georgia and investing billions in American technology companies.
Trump also pointed to a wider trend of foreign investment in US manufacturing, referencing Taiwan’s $200 billion investment in semiconductor production. “We have Taiwan, the biggest chip manufacturer in the world, coming in with USD 200 billion. We have a lot of people coming and plants coming and companies coming that never would have been here, never would have even thought about it,” he said.
With Hyundai’s Louisiana steel mill marking its first such facility in the US, Trump hailed the move as another sign of America’s manufacturing revival.