[SEOUL] Hyundai Steel will invest US$5.8 billion along with Hyundai Motor Group to build a plant in Louisiana in the United States with an annual capacity of 2.7 million tonnes, the company said in a regulatory filing on Tuesday.
Hyundai Steel shares initially jumped more than 5 per cent on the news but reversed early gains to drop 4.4 per cent later in the session as US President Donald Trump praised the company’s plan.
Hyundai Steel’s proposed new US steel plant is part of Hyundai Motor Group’s plan to invest US$21 billion in the United States, which was announced by the South Korean company’s chairman with Trump at the White House on Monday.
Shares of Hyundai Motor and Kia Corp, which are expected to source steel from the upcoming factory, rallied. Hyundai Motor shares rose as much as 7.5 per cent to their highest since late October 2024, while affiliate Kia gained 4.3 per cent. REUTERS
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