South Korean auto giant Hyundai will on Monday unveil a multi-billion-dollar investment in the United States, the White House announced, which will include billions for a Louisiana steel plant.
“Hyundai will announce a $20 billion investment in the US later today — including $5.8 billion for a steel plant in Louisiana,” the White House said in a social media post, without elaborating further.
It was not immediately clear how much of the funding set to be announced on Monday is new.
Hyundai’s expected announcement would make it the latest firm to announce plans to invest billions of dollars into the United States since Donald Trump’s return to power in January.
The US president has repeatedly threatened to impose painful tariffs on companies that do not relocate manufacturing jobs to the United States from overseas.
In response, domestic and foreign firms, including Apple and Oracle, have announced plans to invest hundreds of billions of dollars into US projects over the next four years.
The investment in Louisiana will go towards the creation of a new steel plant which will employ around 1,500 people, according to CNBC, which first broke the news.
Hyundai will produce “next-generation steel,” which it will use at its US plants manufacturing electric vehicles.
The company declined to comment on the report, CNBC said.
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