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.
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South Korea Foreign Minister Cho Hyun heads to the U.S. on Monday to discuss visa reforms after 300 Korean workers were detained in a massive immigration raid at Hyundai-LG Energy Solution’s (LGES) $4.3 billion battery plant in Georgia. Authorities plan to fly the workers home later this week.
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