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Hyundai Unveils $21 Billion U.S. Investment Plan with Major Louisiana Steel Plant

The South Korean automaker's largest U.S. investment to date includes a $5.8 billion steel plant and expanded auto manufacturing in Georgia, creating thousands of jobs.

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Hyundai logo is seen during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay/File Photo
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Hyundai Motor Co. is the world's third-largest carmaker.

Overview

  • Hyundai announced a $21 billion investment in U.S. manufacturing, including a $5.8 billion steel plant in Louisiana, its first in the country.
  • The Louisiana steel facility will produce 2.7 million metric tons annually and support Hyundai's auto plants in Alabama and Georgia.
  • A third Hyundai auto manufacturing plant will be built in Georgia, increasing the company’s U.S. vehicle production capacity to over 1 million cars annually.
  • The investment is projected to create 14,000 direct jobs and over 100,000 direct and indirect jobs by 2028, strengthening the U.S. industrial workforce.
  • Hyundai is also committing $6 billion to partnerships in advanced technologies like AI, robotics, and autonomous driving, emphasizing innovation in its U.S. operations.