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Hyundai is making headlines in the U.S. with an extensive $20 billion investment representing the largest investment in American manufacturing from Hyundai so far. The investment was announced at the White House at an event with President Donald Trump includes a $5 billion steel plant that will be located in Louisiana. The steel plant will be the first steel facility operated by Hyundai in the U.S. The facility is expected to produce 2.7 million metric tons of steel each year to supply Hyundai’s auto plants in Alabama and Georgia and it will create over 1,400 jobs.
Euisun Chung, chairman of Hyundai stated that the investment was unprecedented and significant for the company’s U.S. operations. He reiterated that while he wanted to keep the investment under wraps for financial privacy, he had open conversations with Trump back in 2019 about investing in the United States. Chung said the commitment aligned with the administration’s goal of increasing domestic manufacturing.
South Korea's Hyundai Motor Group revealed a $20 billion investment in the United States at the White House. The investment includes a $5 billion new steel plant in Louisiana, announced by President Donald Trump, Hyundai Chairman Euisun Chung, and Louisiana Governor Jeff Landry.… pic.twitter.com/OWn6SCIeRr
— CNBC-TV18 (@CNBCTV18News) March 25, 2025
The announcement comes at a time when companies across the globe are making substantial investments in the U.S. following a period of instability and uncertainty brought on by heightened global trade policies and tariffs. Some of the largest tech companies including Apple and Taiwan Semiconductor Manufacturing Company have promised significant investments during the current economic climate.
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During the event, Trump pointed to his administration’s trade policies as being what encouraged Hyundai’s expansion and, “We proved that tariffs work.” The Trump administration had endured a 25% tariff on imports of steel and aluminum with an automotive related tariff set to be released shortly.
Despite prior challenges faced by some large scale investment pledges, Hyundai’s commitment represents a meaningful move towards onshore production. With tariffs coming, it is likely that we will see more companies making similar commitments, which will continue to shape how companies assess U.S. manufacturing.
