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Éric Descarries
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Hyundai invests heavily in the United States
Éric Descarries
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A surprising piece of news: South Korean automobile manufacturer Hyundai just announced that it plans to invest up to US$21 billion in the United States. Initially, the Asian giant is projecting the construction of a US$5.8 billion steel mill in Louisiana, where it plans to produce 2.7 million tons of steel per year (according to Donald Trump's estimate). This operation will enable the company to supply material to its automobile assembly plants in Georgia and Alabama, thereby creating more than 1 300 jobs.
This is not Hyundai's first investment in this part of the world. The company already injected more than US$7.4 billion into its electric vehicle plant in Georgia, and its executives are considering increasing production there later this year. According to President Trump, this is a positive result of his tariff threats.
Furthermore, Hyundai estimates that this US$21 billion investment could generate up to 14,000 jobs in the United States by 2028.
(Photo: Hyundai)
Éric Descarries
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