Despite the media reports indicating that South Korean steelmaker Hyundai Steel is considering the option to build its first steel plant in the US in order to protect itself from the Trump administration’s anticipated trade measures, the company has stated in a regulatory filing that it has yet to make a final decision on the matter as of now and will share specific details within a month.
The company is said to be finalizing its plans on an investment of KRW 10 trillion ($6.85 billion) to establish a steel plant in New Orleans, which is close to Hyundai Motor Group’s vehicle plant in Alabama and to South Korean automaker Kia’s plant in Georgia. Accordingly, Hyundai Steel aims to support its automotive steel production and thereby its auto production lines.
The construction of the plant would be expected to begin in early 2026, with its completion anticipated by 2029.