WASHINGTON/SEOUL - South Korea's Hyundai Motor Group is set to announce a $20 billion investment in the United States at the White House on Monday, a U.S. official said.
The official confirmed the investment would include a $5 billion new steel plant in Louisiana and was expected to be announced by President Donald Trump, Hyundai Chairman Euisun Chung and Louisiana Governor Jeff Landry.
Landry travelled to South Korea in October and met with Hyundai to discuss the investment plan.
Numerous companies have announced planned investments following Trump's return to the White House, though some of those statements have wrapped in previously announced plans.
Earlier this month, Hyundai Steel said it was considering building a steel factory in the southeast United States but nothing had been decided, adding that a hike in U.S. tariffs would have a negative impact on the Korean steel industry.
Hyundai in 2022 said it would invest about $10 billion through 2025 in the United States; it is unclear whether all of that money was spent, or if Monday's $20 billion includes some portion of that previously announced investment. Hyundai Motor declined to comment. A spokesperson at Hyundai Steel was not immediately available for comment.
The announcement comes as Trump threatens to impose reciprocal tariffs on numerous countries on April 2, potentially targeting countries such as South Korea that have large trade surpluses with the United States.
Trump has already introduced tariffs to boost protection for U.S. steel and aluminium producers. He restored effective global tariffs of 25% on all imports of the metals and extended the duties to hundreds of downstream products made from the metals, from nuts and bolts to bulldozer blades and soda cans.
Automakers have been heavily lobbying the White House to not impose massive new tariffs on imported autos and parts. GM CEO Mary Barra met with Trump earlier this month and told him the automaker wants to invest $60 billion in the United States but raised concerns about uncertainty over tariff policies.
Hyundai Motor plans to hold an opening ceremony for its new $7.59 billion car and battery factory in Georgia on Wednesday. The automaker has a factory in Alabama, while its affiliate Kia has a plant in Georgia.
White House press secretary Karoline Leavitt posted a link to a story about the $20 billion investment on social media. "More investments, more jobs and more money in the pockets of hardworking Americans," she wrote.
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