Hyundai is set to unveil a major $20 billion investment in the United States, which will include the construction of a $5 billion steel plant in Louisiana. The new facility is expected to create approximately 1,500 jobs and will produce next-generation steel for Hyundai’s two U.S. auto plants, which manufacture electric vehicles.
The announcement will take place on Monday at the White House, with President Donald Trump, Hyundai Chairman Euisun Chung, and Louisiana Governor Jeff Landry in attendance.
This move comes as international companies look to avoid tariffs ahead of the April 2 deadline set by President Trump. Taiwanese semiconductor giant TSMC and Japanese multinational Softbank are among the foreign corporations that have recently visited the White House to announce their U.S. onshoring plans.
Hyundai Motor CEO José Muñoz explained that increasing localization is the company’s strategy to navigate tariffs. “The best way for [Hyundai] to navigate tariffs is to increase localization,” Muñoz told Axios.
As one of the top electric vehicle sellers in the U.S., Hyundai is expanding its footprint in the country. In addition to the new steel plant, the automaker is also expected to announce the opening of a third automotive plant in Georgia, complementing its existing plants in Alabama and Georgia.
This investment comes amid growing concerns over the U.S. trade deficit with South Korea, which is one of the countries with which the U.S. carries a significant trade imbalance. In March, President Trump criticized South Korea for imposing high tariffs on U.S. exports, claiming they were four times higher than those applied by the U.S. However, South Korea disputes this, pointing to a free trade agreement between the two countries and a reported effective tariff rate of 0.79% on U.S. imports as of 2024.
