US President Donald Trump, alongside the Governor of Louisiana, announced on Monday that Hyundai will invest USD 5.8 billion in American manufacturing. This investment includes the construction of a state-of-the-art steel plant in Louisiana, expected to produce over 2.7 million metric tons of steel annually and create more than 1,400 jobs for American steel workers.
Hyundai’s First US Steel Plant
Trump described Hyundai’s Louisiana steel plant as its first-ever steel mill in the US, emphasizing its significance in strengthening America’s industrial sector. The plant will supply steel to Hyundai’s auto plants in Alabama and Georgia, which are set to produce over 1 million American-made cars annually.
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Tariff Policies Driving Investments
Trump attributed Hyundai’s decision to his administration’s tariff policies, stating that these policies encourage companies to invest in the US to avoid trade barriers. He remarked, “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.”
Part of a Larger Commitment
Hyundai’s investment is part of a broader USD 21 billion commitment to the US over the next few years. This includes:
- Expansion of auto manufacturing in Georgia.
- Significant investments in American technology companies.
Trend of Global Investments in the US
Trump highlighted that Hyundai’s move reflects a larger trend, citing Taiwan’s USD 200 billion investment in semiconductor production and other foreign companies entering the US market. He said, “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.”
Reviving American Manufacturing
Trump hailed Hyundai’s investment as a sign of America’s manufacturing revival, reaffirming his administration’s commitment to boosting US-based production and job creation.
