Hyundai Announces $20 Billion US Onshoring Investment, Including $5.8 Billion Steel Plant in Louisiana

South Korea’s Hyundai has announced a $20 billion onshoring investment in the United States, including plans for a $5.8 billion steel plant in Louisiana.

According to CNBC, that plant is slated to result in the hiring of over 1,400 U.S. workers and will produce “next-generation” steel to be utilized in the manufacturing of electric vehicles at Hyundai’s two stateside plants that do so. The official announcement of the investment took place on March 24 at the White House, with President Donald Trump being joined by Hyundai Chairman Euisun Chung and Louisana Gov. Jeff Landry. Hyundai also announced the opening of a third U.S. auto manufacturing plant, to be located somewhere in Georgia.

The Trump administration was quick to point to this imminent deal as a victory, with White House Press Secretary Karoline Leavitt taking to X to share the news.

“More investments, more jobs, and more money in the pockets of hardworking Americans — all thanks to President Trump’s economic policies,” Leavitt wrote.

“President Trump is Making America Wealthy Again,” she added, alongside a flying money emoji.

More investments, more jobs, and more money in the pockets of hardworking Americans – all thanks to President Trump’s economic policies.

President Trump is Making America Wealthy Again.💸https://t.co/AWzGvRTfeQ

— Karoline Leavitt (@PressSec) March 24, 2025

Hyundai Onshoring Plans a Result of Tariffs?

As CNBC outlined, several major international conglomerates have made significant plans for onshore operations in the United States as a result of Trump’s recent tariff policy. Taiwan Semiconductor Manufacturing Co. and Japan’s SoftBank were specifically named by the news outlet as having made such plans over the course of the past two months.

“We decided to invest big time in America as the most important market,” Hyundai CEO José Muñoz told Axios in January.

“So the best way for us to navigate tariffs is to increase localization… the number one best solution is the commitment to the market and the investment here… We are going to have much more (production) capacity in the United States than we’ve ever had,” he continued.

And as CNN detailed, even more substantial tariffs may be enacted as of April 2, this time targeting other countries with a trade surplus versus the United States. South Korea was singled out by CNN as being notable for this reason, although CNBC indicated that the trade deficit that the U.S. holds against South Korea is relatively modest, with the two nations having a free trade agreement in place and South Korea’s effective tariff on U.S. imports standing at 0.79%.