At a White House press conference, Louisiana Governor Jeff Landry and President Donald Trump announced that South Korean automaker Hyundai will invest $5.8 billion to build a steel plant in Ascension Parish.
Although media reports about the deal surfaced in January, officials had not publicly confirmed the project until now. The announcement comes as Hyundai seeks to expand its U.S. manufacturing footprint to mitigate the impact of Trump’s tariffs.
The new plant, set to create 1,400 jobs, will be constructed on a 1,700-acre site within the RiverPlex MegaPark near Donaldsonville. Construction is scheduled to begin in the third quarter of 2026.
The facility will produce 2.7 million metric tons of “low-carbon” steel annually, supplying Hyundai’s U.S. assembly plants for electric vehicle production, as well as other automakers. Hyundai currently operates assembly plants in Alabama and Georgia, with a second Georgia facility in development.
“This investment is a clear demonstration that tariffs work. … There are no tariffs if you make your cars in America,” Trump stated.
The steel plant is part of Hyundai’s broader $21 billion investment plan in the U.S. over the next four years, according to company chairman Euisun Chung. Hyundai is currently the world’s third-largest automaker.