CNBC reported, citing sources familiar with the process, that South Korean company Hyundai plans to invest $20 billion in the United States, including building a $5 billion steel plant in Louisiana.
The plant, which will provide about 1,500 jobs, will produce a new generation of steel designed to meet the needs of two automakers in the United States to produce Hyundai electric vehicles.
Earlier this month, a Hyundai Steel spokesman said the company was considering building a steel plant in the southeastern United States, but a final decision had not yet been made. He added that the increase in tariffs in the United States would negatively affect the South Korean steel industry.
Recall that US President Donald Trump's tariff measures to protect domestic steel and aluminum producers came into force earlier this month. They restored a 25% general tariff on metal imports and expanded customs duties, including many products made of metal.
