Hyundai to build steel mill in Louisiana, Trump credits tariffs

President Trump announced Monday that Korean automaker Hyundai will be building a multi-billion dollar steel mill in Ascension Parish that will make parts for its cars.

With Louisiana Gov. Jeff Landry and Hyundai leaders at his side, Mr. Trump said the company is making a $5.8 billion dollar investment. The steel plant would make 2.7 million metric tons of steel a year and create more than 1,400 jobs.

“This will be Hyundai’s first-ever steel mill in the United States, one of the largest companies in the world by the way, supplying steel for its auto parts and auto plants in Alabama and Georgia, which will soon produce more than 1 million American made cars every single year,” he said.

Mr. Trump said the deal is a “clear demonstration that tariffs very strongly work” and said the company will not have to pay tariffs, now that it’s being produced in the U.S.

He said this steel plant is part of a larger $21 billion investment the auto giant will be making in the U.S. over the next couple of years.

The president said auto manufacturing will also be increased in Georgia.

Hyundai Motor Group Executive Chair Euisun Chung said the company has invested more than $20 billion into the U.S. since it entered the country in 1986.

He said the decision to invest in Georgia initially was sparked during a conversation with Mr. Trump in Seoul, South Korea in 2019. It was announced in 2022 that a vehicle and battery manufacturing plant will be opened in Georgia.

He also invited Mr. Trump to visit one of the facilities.

Mr. Landry said he and other Louisiana officials worked “on making Louisiana as friendly for business as the president is making America.”