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HYUNDAI TO INVEST $20B IN U.S. MANUFACTURING
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"America is our biggest market, so we decided to make our biggest investment hereโ$12.6 billion," a Hyundai executive said. "The best way to avoid tariffs is to build our products in the U.S. and create American jobs."
As part of a $20 billion plan to expand its manufacturing in the U.S., Hyundai will build a $6 billion steel plant. President Trump praised the move, saying his tough tariff policies pushed companies to rely less on imports.
"This proves tariffs work," Trump said during an event at the White House with Hyundai leaders. "If you make your products in America, there are no tariffs."
The new steel mill, located south of Baton Rouge, Louisiana, will produce about 3 million tons of steel each year and create around 1,300 jobs. The steel will be used in Hyundai vehicles made at its factories in Alabama and Georgia. Hyundai also plans to build a third auto assembly plant in the U.S.
