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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Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
U.S. President Donald Trump offered to allow hundreds of South Korean workers arrested during an immigration enforcement raid to stay in the United States to train American workers, but only one has opted to remain, South Korean officials said.
South Korea will send a chartered plane to Atlanta as early as Wednesday to bring back workers detained during a huge immigration raid last week on a car battery plant in the U.S. state of Georgia, a Korean Air spokesperson said on Tuesday.
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.
Australia confirmed it will repatriate citizens from the MV Hondius cruise ship hit by a deadly hantavirus outbreak, with quarantine on arrival. Spain, France are evacuating nationals as three deaths are confirmed. In the U.S., two passengers have been isolated after testing positive for the virus.
U.S. President Donald Trump called Iran’s response to Washington’s latest peace proposal “totally unacceptable” amid talks over ending the war and securing shipping through the Strait of Hormuz. A cargo vessel near Qatar was hit by a projectile as Kuwait reported hostile drones in its airspace.
China’s leading chipmakers are funnelling unprecedented sums into research and development as Beijing accelerates efforts to reduce reliance on foreign technology amid intensifying U.S. export restrictions.
SOCAR has completed the acquisition of a 99.82% stake in Italiana Petroli (IP) from API Holding after receiving all required regulatory approvals.
The United Nations Committee on the Elimination of Racial Discrimination (CERD) has warned that France risks undermining the self-determination rights of the Kanak Indigenous People in New Caledonia amid proposed political and constitutional reforms.
The Strait of Hormuz remains a vital maritime chokepoint and serves as the primary artery linking the Persian Gulf to international energy markets. With approximately 20% of global oil and gas shipments transiting this waterway, it is the backbone of energy security for Asia, Europe, and beyond.
China’s exports grew faster than expected in April, as overseas buyers moved quickly to secure supplies amid fears that the conflict involving Iran could drive up global energy and transport costs.
Asian stocks surged to record highs on 7 May as investors priced in growing hopes of a potential Middle East peace deal, while oil prices eased and the U.S. dollar weakened amid shifting global risk sentiment.
Stocks around the world climbed to fresh record highs on Wednesday (6 May), while oil prices fell sharply, after reports suggested the United States and Iran were nearing an agreement to end conflict.
U.S. President Donald Trump has said he will raise tariffs on cars and trucks imported from the European Union to 25% next week, up from the 15% level agreed last year, accusing the bloc of failing to comply with its trade commitments.
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