South Korea's Hyundai Steel will invest $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 tons, the company said in a regulatory filing Tuesday.
This is part of Hyundai Motor's $21 billion investment in the United States, which was announced by the company on Monday with President Donald Trump at the White House.
Hyundai Motor shares rose as much as 7.5% to hit the highest level since late October 2024 on Tuesday, while affiliate Kia Corp. gained 4.3% and Hyundai Steel jumped 5.4%.