South Korea's Hyundai announces $20 billion US investment, new steel plant

The Manila Times

South Korea's Hyundai announces $20 billion US investment, new steel plant  South Korea's Hyundai Motor Group announced a $20 billion investment in the United States at the White House on Monday, March 24.  The investment includes a $5 billion new steel plant in Louisiana announced by President Donald Trump, Hyundai Chairman Euisun Chung and Louisiana Governor Jeff Landry.  Landry traveled to South Korea in October and met with Hyundai to discuss the investment plan.  Numerous companies have announced planned investments following Trump's return to the White House, though some of those statements have wrapped in previously announced plans.  Earlier this month, Hyundai Steel said it was considering building a steel factory in the southeast United States but nothing had been decided, adding that a hike in U.S. tariffs would have a negative impact on the Korean steel industry.  REUTERS/US NETWORK POOL  Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe  Visit our website at https://www.manilatimes.net  Follow us:  Facebook - https://tmt.ph/facebook  Instagram - https://tmt.ph/instagram  Twitter - https://tmt.ph/twitter  DailyMotion - https://tmt.ph/dailymotion   Subscribe to our Digital Edition - https://tmt.ph/digital   Check out our Podcasts:  Spotify - https://tmt.ph/spotify  Apple Podcasts - https://tmt.ph/applepodcasts  Amazon Music - https://tmt.ph/amazonmusic  Deezer: https://tmt.ph/deezer Stitcher: https://tmt.ph/stitcher  Tune In: https://tmt.ph/tunein  Soundcloud: https://tmt.ph/soundcloud   #TheManilaTimes #tmtnews #hyundai

Transcript

00:00Today, we're delighted to report that Hyundai is announcing a major $5.8 billion investment

00:06in American manufacturing. In particular, Hyundai will be building a brand new steel

00:11plant in Louisiana, which will produce more than 2.7 million metric tons of steel a year,

00:17creating more than 1,400 jobs for American steelworkers. And then there'll be major

00:22expansion after that. Hyundai Steel President Soo Gang Hyun. Thank you very much, President.

00:30That's big stuff. This will be Hyundai's first ever steel mill in the United States. One of

00:36the largest companies in the world, by the way, supplying steel for its auto parts and auto

00:41plants in Alabama and Georgia, which will soon produce more than 1 million American-made cars

00:47every single year. The cars are coming into this country at levels never seen before.

00:53We have other great companies coming in, and we have some that are going to be staying here.

00:58Hyundai will be producing steel in America and making its cars in America. And as a result,

01:04they'll not have to pay any tariffs. You know, there are no tariffs if you make your product

01:09in America. The new steel plant in Louisiana is part of an even larger $21 billion investment

01:15Hyundai will be making in the United States over the next couple of years.

01:19The company will also be massively increasing its auto manufacturing in Georgia and investing

01:24billions of dollars in advanced American. So Hyundai Motor entered the U.S. in 1986.

01:32Since then, we have invested over $20 billion and now support more than 570,000 American jobs

01:40across all 15 states. Today, I'm pleased to announce an additional $21 billion in a new

01:49investment over the next four years, our largest U.S. invest ever. A key part of this commitment

01:56is our $6 billion investment to strengthen the U.S. supply chain from steel and parts to

02:04automobiles. We are especially excited about Hyundai Steel's multi-billion investment in a

02:12new facility in Louisiana, which will create 1,300 American jobs and serve as the foundation

02:21for a more self-reliant and secure automotive supply chain in the U.S.

02:51you

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