Business
Hyundai Unveils $20 Billion U.S. Investment Plan, Focusing on Job Creation
By Jake Beardslee · March 25, 2025
Hyundai Announces $20 Billion U.S. Investment Plan
In a major boost to U.S. manufacturing, South Korean automaker Hyundai has announced a sweeping $20 billion investment in the United States, highlighted by the construction of a $5.8 billion steel plant in Louisiana. The announcement was made at the White House on Monday by President Donald Trump, Hyundai Chairman Euisun Chung, and Louisiana Governor Jeff Landry. Mark Phelan/Detroit Free Press / USA TODAY NETWORK via Imagn Images
New Louisiana Steel Plant to Create 1,400 Jobs
The Louisiana facility will be Hyundai’s first steel manufacturing plant in the U.S., expected to produce over 2.7 million metric tons of steel annually and generate more than 1,400 jobs. According to Trump, the plant will supply steel to Hyundai's automobile production facilities in Alabama and Georgia. Richard Burkhart/Savannah Morning News / USA TODAY NETWORK via Imagn Images
Chung Attributes New U.S. Investment to 2019 Meeting with Trump
Chung emphasized the significance of the announcement, calling it “the company’s largest US investment ever.” He noted that the decision to launch the project stemmed from a 2019 meeting with Trump in Seoul. “This project coincides with the beginning of President Trump’s second term, making this moment even more special,” Chung stated. Richard Burkhart/Savannah Morning News / USA TODAY NETWORK
White House Applauds Economic Impact of Deal
White House Press Secretary Karoline Leavitt praised the development, posting on X, “More investments, more jobs, and more money in the pockets of hardworking Americans – all thanks to President Trump’s economic policies.”Trump asserted that the move was proof of his protectionist economic stance: “This investment is a clear demonstration that tariffs very strongly work.” Gage Skidmore / Wikimedia
Tariff Policy Tied to Ongoing Trade Strategy
The news comes amid expectations of expanded tariffs set for April 2, which could affect countries with large trade surpluses, including South Korea. Trump’s administration has already implemented 25% tariffs on steel and aluminum imports and plans to enact levies on Asian and European automobile imports next month. Aerra Carnicom / Wikimedia
Hyundai Joins Wave of Major U.S. Investments
The Hyundai move follows a recent trend of major global firms bolstering their U.S. presence. Taiwan Semiconductor Manufacturing Company, Japan’s SoftBank, and Apple have all announced significant American investments. Apple’s $500 billion pledge aims to grow its U.S. footprint and potentially sidestep future tariffs. Jorge Láscar / Wikimedia
Past Projects Raise Questions About Follow-Through
Yet, the success of such ventures remains uncertain. Trump’s previous high-profile announcement with Foxconn in 2017—a $10 billion factory in Wisconsin—resulted in a scaled-down project with only a fraction of the promised jobs. Shealeah Craighead / Wikimedia