South Korean car maker Hyundai will build its first steel plant in North America, and it will be going up in Louisiana's Ascension Parish.
President Trump made the announcement at the White House with Governor Jeff Landry at his side.
“Hyundai will be building a brand new steel plant in Louisiana, which will produce more than 2.7 million metric tons of steel a year, creating more than 1,400 jobs for American steel workers, and then there will be major expansion after that,” President Trump said in an Oval Office ceremony.
The $5.8 billion steel plant will be built in Donaldsonville and will anchor the RiverPlex MegaPark on the Westbank of the Mississippi River, and construction is slated to begin in the third quarter next year.
“Ascension is proud to support businesses that drive both progress and opportunity for our citizens,” said Ascension Parish President Clint Cointment. “Through Hyundai Steel Company, we will see the creation of over 1,300 jobs, with many positions being filled by individuals trained right here in Ascension Parish. Education and training are essential in addressing poverty and inequality and laying the foundation for lasting economic growth. Today marks a milestone in our community’s journey toward a brighter and more prosperous future for all of Ascension.”
“Hyundai’s decision to invest nearly $6 billion in Ascension Parish speaks volumes about Louisiana’s skilled workforce, robust infrastructure and our ability to compete for innovative manufacturing facilities,” Gov. Landry said in a statement. “This announcement makes clear that Louisiana’s manufacturing sector is roaring back, thanks to our historic tax reforms, our business-friendly approach and the many competitive advantages our state has to offer international powerhouses like Hyundai.”
Hyundai Motor Group Executive Chairman Chung Eui-sun says the company is making a commitment to American manufacturing with this plant.
“A key part of this commitment is our $6 billion investment to strengthen the U.S. supply chain from steel and parts to automobiles,” said Chung.
The announcement of the plant is the latest in a string of economic development projects coming to the state, including a Meta artificial intelligence data center in Richland Parish.
“The effort to attract and secure Hyundai Motor Group in Louisiana is the most recent example of how our whole-of-Louisiana approach is making our state more competitive by fostering an economic ecosystem that provides an ease of doing business,” said Economic Development Secretary Susan Bourgeois. “Positioning Louisiana to win means working as a team with a focus on what matters: The people and future of our state. It offers residents new career opportunities that provide growing wages and a stake in a sustainable, thriving future.”
Louisiana secured the plant by offering Hyundai Steel Company an incentives package that includes a $100 million performance-based grant for infrastructure improvements.
Gov. Landry says this is just the start.
“I believe before the summer is over we’ll have $50 billion worth of construction projects going on in Louisiana,” Landry said at the Oval Office.
The direct jobs created by the new steel plant are expected to have an average annual salary of $95,000 a year.