ASCENSION PARISH, LA. AND SEOUL — Hyundai Steel Co., a South Korean steel manufacturer and part of automotive giant Hyundai Motor Group, has announced plans to develop a $5.8 billion steel manufacturing facility in southeast Louisiana’s Ascension Parish. The new steel plant is part of Hyundai’s announcement for $21 billion in U.S. investments between 2025 and 2028.
Construction on the plant, which will be capable of producing 2.7 million metric tons of steel annually, is scheduled to begin in the third quarter of 2026 in Ascension Parish. Hyundai Steel is targeting commercial production of automotive steel plates to begin at the mill in 2029.
According to a statement issued by Louisiana Gov. Jeff Landry, the new facility is expected to create 1,400 new direct jobs with an average salary of $95,000. Louisiana Economic Development (LED) also estimates that the project will result in 4,100 indirect new jobs.
A large portion of the steel manufactured at the mill will be transported to Hyundai vehicle manufacturing plants throughout the country. Hyundai Steel also plans to open up sales of its automotive steel plates to other auto manufacturers in the United States, Europe and Latin America, according to Seo Gang-Hyun, president and CEO of Hyundai Steel.
According to Reuters, Gov. Landry travelled to South Korea in October, meeting with Hyundai leaders to discuss the investment. He also attended a press conference held yesterday with U.S. President Donald Trump and Hyundai officials to announce the company’s investment.
In additional to the manufacturing facility, Hyundai Motor Group plans to invest $9 billion to expand automobile production in the United States to 1.2 million units annually and $6 billion to expand future industries and energy infrastructure, including electric vehicle (EV) charging, autonomous driving, robotics, artificial intelligence (AI) and advanced air mobility.
Hyundai’s plans also include improvements to its Hyundai Motor Manufacturing Alabama and Kia Autoland Georgia production facilities, among others. The automaker also plans to officially open the Hyundai Motor Group Metaplant America, a $7.6 billion automobile and EV battery manufacturing factory spanning 16 million square feet in Bryan County, Ga., later this week.
In total, Hyundai expects to create more than 14,000 new direct full-time jobs by 2028 and more than 100,000 direct and indirect job opportunities across related industries as part of the $21 billion investment.
Seoul-based Hyundai Motor Group staff approximately 250,000 employees worldwide. The company’s automotive brands include Hyundai, Kia and Genesis.
— Hayden Spiess