Hyundai to build steel plant in Louisiana with annual output of 2.7 million tonnes

Record ID: 1985937

  • Title: Hyundai to build steel plant in Louisiana with annual output of 2.7 million tonnes
  • Date: 25th March 2025
  • Summary: LAS VEGAS, NEVADA, UNITED STATES (FILE - JANUARY 4, 2022) (REUTERS) CHAIRMAN OF HYUNDAI MOTOR GROUP, EUISUN CHUNG, WALKING OUT ON STAGE ACCOMPANIED BY ROBOT DOG VARIOUS OF CHUNG SPEAKING ON STAGE (FROM LEFT TO RIGHT) VARIOUS OF MICROSOFT'S CORPORATE VICE PRESIDENT OF CLOUD AND ARTIFICIAL INTELLIGENCE, ULRICH HOMANN, PRESIDENT AND HEAD OF HYUNDAI MOTOR GROUP'S TAAS DIVISION
  • Embargoed:
  • Keywords: AUTOMOBILE CHUNG EUI-SUN HYUNDAI INVESTMENT IONIQ MOTOR COMPANY STEEL SUPPLYCHAIN TARIFFS TRUMP
  • Location: LAS VEGAS, NEVADA AND NEW YORK, NEW YORK, UNITED STATES / SEOUL AND UNIDENTIFIED LOCATION, SOUTH KOREA
  • City: LAS VEGAS, NEVADA AND NEW YORK, NEW YORK, UNITED STATES / SEOUL AND UNIDENTIFIED LOCATION, SOUTH KOREA
  • Country: South Korea
  • Topics: Asia / Pacific,Company News Markets,Economic Events
  • Reuters ID: LVA001141425032025RP1
  • Aspect Ratio: 16:9
  • Story Text:South Korea's Hyundai Steel will invest $5.8 billion along with Hyundai Motor Group to build a plant in Louisiana in the United States with an annual capacity of 2.7 million tonnes, the company said in a regulatory filing on Tuesday (March 25).
    Hyundai Steel shares initially jumped more than 5% on the news but reversed early gains to drop 4.4% later in the session as U.S. President Donald Trump praised the company's plan.
    Hyundai Steel's proposed new U.S. steel plant is part of Hyundai Motor Group's plan to invest $21 billion in the United States, which was announced by the South Korean company's chairman with Trump at the White House on Monday (March 24).
    Shares of Hyundai Motor and Kia Corp, which are expected to source steel from the upcoming factory, rallied. Hyundai Motor shares rose as much as 7.5% to their highest since late October 2024, while affiliate Kia gained 4.3%.
    (Production: Jisoo Kim, Heejung Jung)
  • Copyright Holder: FILE REUTERS (CAN SELL)
  • Copyright Notice: (c) Copyright Thomson Reuters 2025. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register