Donald Trump announces Hyundai's $5.8 billion US Steel investment

US President Donald Trump, alongside the Governor of Louisiana, announced on Monday that Hyundai will be investing $5.8 billion in American manufacturing, including the construction of a steel plant in Louisiana that will produce over 2.7 million metric tons of steel annually and create more than 1,400 jobs, in an official White House briefing earlier today.

"Today we're delighted to report that Hyundai is announcing a major $5.8 billion investment in American manufacturing," Trump stated. "In particular, Hyundai will be building a brand-new steel plant in Louisiana which will produce more than 2.7 million metric tons of steel a year, creating more than 1,400 jobs for American steel workers, and then there'll be major expansion after that."

He emphasised the significance of the move, calling Hyundai "one of the largest companies in the world" and highlighting that the steel mill will supply Hyundai's auto plants in Alabama and Georgia. "These plants will soon produce more than 1 million American-made cars every single year. The cars are coming into this country at levels never seen before--get ready."

Trump credited his administration's tariff policies for driving such investments. "This investment is a clear demonstration that tariffs very strongly work," he said. "Hyundai will be producing steel in America and making its cars in America, and as a result, they'll not have to pay any tariffs."

He highlighted the impact of these policies, explaining that businesses are drawn to manufacturing in the US to avoid trade barriers. "You know, there are no tariffs if you make your product in America--that's why so many people are coming."

Hyundai's investment is part of a broader $21 billion commitment to the US over the next few years, which will also include expansion of auto manufacturing in Georgia and billions in American technology companies. Trump pointed to a wider trend, referencing Taiwan's investment in semiconductor production.

"We have Taiwan, the biggest chip manufacturer in the world, coming in with $200 billion. We have a lot of people coming and plants coming and companies coming that never would have been here, never would have even thought about it," Trump said during the briefing.

With Hyundai's Louisiana steel mill marking its first in the US, Trump described the investment as another sign of America's manufacturing revival.