Hyundai Steel, in partnership with Hyundai Motor Group, announced a $5.8 billion investment to build a new steel plant in Louisiana, U.S., with an annual capacity of 2.7 million tonnes.
This move is part of a broader $21 billion investment plan by Hyundai Motor Group in the U.S., revealed during a meeting with U.S. President Donald Trump at the White House on Monday.
The news initially sent Hyundai Steel's shares up by more than 5%, but the gains were quickly reversed, with shares ultimately dropping 4.4% later in the session, despite Trump’s praise for the company’s investment. Meanwhile, Hyundai Motor and Kia Corp, which are expected to source steel from the new plant, saw their shares rally. Hyundai Motor's stock surged as much as 7.5%, reaching its highest point since October 2024, while Kia’s shares gained 4.3%.
The proposed plant marks a significant expansion for Hyundai Steel in the U.S., as the company continues to build its presence in the North American market amid growing demand for steel. The new facility is expected to support Hyundai Motor Group’s continued push for greater manufacturing and supply chain integration in the U.S.
Iran’s army said it targeted U.S. military facilities in Bahrain and Kuwait with drone attacks. Tehran said the operations were carried out in retal...
Georgia has secured two major financial commitments this week, with one aimed at easing road congestion around the capital and the other at strengthen...
A Turkish-owned cargo ship was struck by a drone in the Black Sea after leaving a Ukrainian port, in the latest incident to raise concerns over the sa...
Ukraine targeted a warehouse belonging to Russia’s largest retailer, Wildberries, and an oil refinery overnight, while Moscow said its forces struck a ship carrying military cargo in the Black Sea.
The U.S. military said it completed its latest wave of strikes on Iran, a two-hour operation that hit dozens of targets. Washington described the strikes as a "powerful response" to Iranian missile attacks targeting U.S. forces in the Middle East a day earlier.
Saudi Arabia said its overnight strikes on Iran-backed group targets in Iraq were carried out in self-defence and warned it would take further military action if the groups launched new attacks against the kingdom.
Iran’s army said it targeted U.S. military facilities in Bahrain and Kuwait with drone attacks. Tehran said the operations were carried out in retaliation for recent U.S. strikes.
Thousands of migrants have crossed into the Spanish exclave of Ceuta from Morocco, overwhelming border security and prompting local authorities to call for a national emergency and military deployment.
Ford raised its full-year earnings forecast after reporting stronger-than-expected second-quarter adjusted profit, as resilient demand for its vehicles and operational improvements helped offset tariff-related costs.
SK Hynix reported record quarterly profit on Wednesday, but its shares slumped 10 per cent after the South Korean chipmaker fell short of investor expectations built around the artificial intelligence (AI) boom.
Oil prices have fallen more than six per cent as a pause in U.S.-Iran hostilities eased fears of wider supply disruption around the Gulf.
Paramount Skydance agreed to pause its acquisition of Warner Bros Discovery until after a ruling on a challenge by states to the deal, plunging the $110 billion deal into further uncertainty.
China's Foreign Ministry has said it is closely monitoring the United Kingdom's nationalisation of British Steel. Prior to the British government fully taking over the loss-making company on Thursday, it was previously owned by Chinese private steelmaker Jingye.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment