Trump, Hyundai Announce $21 Billion U.S. Investment, with $5.8 Billion for Louisiana Steel Mill
President Donald Trump and Hyundai Motor Group Executive Chairman Euisun Chung announced Monday the company is investing $21 billion in the U.S. over the next four years.
The announcement came during a press conference in the Roosevelt Room, where Trump and Chung were accompanied by top leaders from Louisiana, including Gov. Jeff Landry, House Speaker Mike Johnson (R-LA), and Majority Whip Steve Scalise (R-LA), as Hyundai is set to build a $5.8 billion steel plant there as part of its investment.
Trump said the steel plant “will produce more than 2.7 million metric tons of steel a year, creating more than 1,400 jobs for American steelworkers,” adding this will be followed by a “major expansion.”
“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,” Trump added.
Chung said the $21 billion investment over four years is Hyundai’s “largest” investment in the U.S. to date.
“A key part of this commitment is our $6 billion investment to strengthen the U.S. supply chain from steel and parts to automobiles. We are especially excited about Hyundai’s… multi-billion investment in a new facility in Louisiana,” he added.
Moreover, Hyundai is set to buy “$3 billion worth of U.S. LNG [liquified natural gas] to support America’s energy industry and enhance our energy security,” per Chung, who also noted Hyundai will open an $8 billion auto plant this week in Georgia.
When a reporter asked Landry how he was able to convince Hyundai to invest in Louisiana, Landry said the president was a critical factor.
“It was easy. I told him we were going to have a great president this year,” Landry said as Trump cracked a smile.
Landry further noted that Louisiana officials have “worked on making Louisiana as friendly for business as the president is making America.”
Johnson hailed Trump’s leadership, noting that more investment like this can be expected:
There’ll be more of this because it’s the policies that are bringing about the great growth, and it’s about leadership. And we have a strong new leader back in the White House, and it makes a big difference because everybody around the world is seeing that, and everyone around the country is applauding it.
Johnson also thanked Hyundai for their investment in the Bayou State.
“We’re so grateful for these great friends with Hyundai to invest in Louisiana. We have extraordinary leadership on the state level, and leadership makes a big difference. We’re so grateful to be a part of this,” he added.
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