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President Donald Trump is expected Monday to announce Hyundai Motor Co.’s plans to invest $20 billion in the U.S.—including a new $5 billion steel mill plant in Donaldsonville, Bloomberg reports.
The announcement comes as the South Korean automaker moves to boost production on American soil and avoid his tariff threats, according to a person familiar with the matter.
The investments will be highlighted through a White House announcement at 1 p.m. Central time with both Trump and Louisiana Gov. Jeff Landry touting the deals.
The proposed Donaldsonville mill will produce steel for electric vehicles made in the U.S. and is expected to employ about 1,500 workers. Plans for Hyundai to build a so-called electric arc furnace in the U.S. have been widely discussed in the domestic steel market since the beginning of the year.
In January, the Korea Economic Daily reported that Hyundai planned to build a multimillion dollar steel mill in Louisiana to supply its U.S. Hyundai and Kia vehicle assembly plants.
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