United States President Donald Trump announced on Monday that Hyundai will build a new steel factory in the state of Louisiana, which is part of a $ 21 billion package in company investments in the country. The factory, according to Trump, should generate about 1,400 jobs and will produce “over 2.7 million steel metric tons per year.”
“Hyundai’s investment makes it clear that tariffs work,” Trump said, referring to his government’s trade policies. “Hyundai will not pay any tariff to the US, as it has decided to come here,” he added.
In addition to the new unit in Louisiana, the South Korean automaker will also expand its car production in Georgia, with a $ 8 billion factory that will be inaugurated later this week, as announced by company executives.
Hyundai CEO Euisun Chung stressed that a $ 6 billion investment should still strengthen the steel supply chain in the country, as well as announcing the purchase of US $ 3 billion in US liquefied natural gas (LNG). “Investments of US $ 6 billion aim to strengthen the steel supply chain in the US, with a new contribution of $ 21 billion over the next four years in the country,” he said.
Trump has celebrated the ads, stating that “money is coming in like never in the US, and we want it to continue that way.”
The president of the United States also suggested that investments may be being driven by tariffs and the electoral scenario: “I suspect that they are entering the tariffs and the last elections.” He further said that other companies should announce new projects in the country, citing Honda as “a great company” when asked which companies could announce investments in the US.
