Hyundai Motor Group is set to announce a new $20 billion (approximately 29 trillion KRW) investment plan in the United States on the 24th.

According to Reuters and CNBC, a U.S. government official stated that Hyundai Motor Group will unveil this investment plan, including a $5 billion steel plant in Louisiana, at the White House on the afternoon of the 24th.

The announcement is expected to feature President Donald Trump, Hyundai Motor Group Chairman Chung Euisun, and Louisiana Governor Jeff Landry.

The steel plant, to be built by Hyundai Steel—a subsidiary of Hyundai Motor Group—in Louisiana, is projected to employ about 1,500 workers and will produce next-generation steel products for electric vehicles manufactured at Hyundai’s existing U.S. auto plants.

Hyundai Motor Group currently operates two auto plants in Alabama and Georgia, and plans to announce the opening of its third U.S. facility, the “Hyundai Motor Group Metaplant America” (HMGMA) in Georgia, as part of this event.

This new U.S. investment plan marks the first large-scale investment by a Korean company since the launch of Trump’s second term.

Notably, it comes ahead of Trump’s planned announcement on April 2 of “reciprocal tariffs,” a policy that will set tariff rates and non-tariff barriers based on trade imbalances with the U.S., amid his escalating “tariff war.”

With Trump expected to impose high reciprocal tariffs on countries like South Korea, which have significant trade surpluses with the U.S., this move aligns with U.S. demands that major exporters increase facility investments in the U.S. to avoid tariffs. This has spurred a wave of U.S.-based production investments by global companies heavily reliant on exports to the U.S.

In this context, the White House has recently highlighted Hyundai’s U.S. investments on multiple occasions.

On February 2, the White House noted, “Hyundai’s CEO promoted a newly constructed $13 billion plant in Georgia, calling investment in the U.S. the best antidote to potential tariffs.” On the 11th of the same month, it referenced reports about Hyundai Steel considering a steel mill in the U.S. while defending tariffs on steel and aluminum.

Additionally, on the 10th, the White House cited 12 global companies exploring U.S. business expansion, stating, “Hyundai plans to expand local production in the U.S. to minimize tariff impacts and will manufacture hybrid vehicles at its Georgia plant.”

Yonhap News