Washington, Mar 25, (V7N) – President Donald Trump announced on Monday that Hyundai will invest $5.8 billion to build a steel manufacturing plant in Louisiana, as part of the company’s larger $21 billion investment plan in the U.S. over the next four years.

The steel plant, Hyundai's first in the U.S., will create 1,300 jobs. The steel produced will be used for car and parts plants in Alabama and Georgia, where the company aims to build 1 million cars per year.

"Get ready. This investment is a clear demonstration that tariffs very strongly work," Trump said during the announcement in the White House Roosevelt Room, surrounded by House leaders, state officials, and car industry executives. Trump attributed this investment, along with others from companies like Apple and computer chip makers, to the threat of tariffs on imported goods. He has already imposed 25% tariffs on steel and aluminum, and new tariffs on other products are set to take effect on April 2.

Euisun Chung, executive chairman of Hyundai Motor Group, stated that the new steel plant will help create a more self-reliant and secure automotive supply chain in the U.S.

Louisiana Governor Jeff Landry said that state lawmakers had been working for a year to make changes to taxes, education, and public safety to attract investments like Hyundai’s. "For decades now, Americans have seen jobs being off-shored rather than on-shored," Landry said, adding that the investment sends a strong message that American workers are a priority.

Trump also reassured Hyundai officials that they would face no difficulties in obtaining permits for their new plant, recalling how quickly he had approved permits for other projects in Louisiana. "You’ll have no trouble getting your permits, I guarantee," he said.

The Hyundai steel plant is a significant part of the company's commitment to strengthening its presence in the U.S. automotive market and contributing to American manufacturing.

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