The plan, which will include hiring around 1,500 employees, will produce next-generation steel that will be used at the company’s two US auto plants that manufacture electric vehicles (EVs).

Hyundai Steel was not immediately available for comment.

The Louisiana governor’s office and the White House were not immediately available for comment.

Hyundai Steel was considering building a steel factory in the southeast US but nothing had been decided, said a spokesman earlier this month, adding that a hike in US tariffs would have a negative impact on the Korean steel industry.

US President Donald Trump’s tariff action to boost protection for US steel and aluminium producers came into effect earlier this month.

It 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.