Congressman Carter Announces $5.8 Billion Hyundai Steel Mill in Ascension Parish, Louisiana

This press release from Representative Troy A. Carter (D-LA) was published on Sun Mar 23 and titled "Congressman Carter Announces $5.8 Billion Hyundai Steel Mill in Ascension Parish, Louisiana". It focuses on the economy and touches on taxes.

Congressman Carter Announces $5.8 Billion Hyundai Steel Mill in Ascension Parish, Louisiana Congressman Carter Announces $5.8 Billion Hyundai Steel Mill in Ascension Parish, Louisiana Sara.Severens@… Mon, 03/24/2025 - 15:16 NEW ORLEANS, LA – Today, Congressman Troy A. Carter, Sr. (D-LA) announced that Hyundai Steel Company will invest $ 5.8 billion in a new, next generation, state-of-the-art electric arc furnace-based steel production facility in Ascension Parish, Louisiana. This project will create approximately 1,300 direct, high-paying jobs, as well as over four thousand indirect jobs . It is also expected to generate revenues of $4.1 billion annually. “Today’s announcement from Hyundai Steel is a major milestone in fortifying America's manufacturing future,” said Rep. Carter. “I’m proud to have voted for the Inflation Reduction Act, which created the incentives driving manufacturing investment in Louisiana and across the nation. This investment in Louisiana addresses the growing need for a resilient, secure domestic supply chain. As demand for locally produced, high-quality automotive steel continues to rise, this state-of-the-art facility will play a critical role in supporting Hyundai Motor Group’s U.S. production operations and driving economic growth across the region. With 1,300 direct jobs and thousands more in the supply chain, this is a significant leap forward in ensuring the strength and security of U.S. manufacturing for years to come. I look forward to working with Hyundai to ensure that the company addresses community concerns and provides training and career opportunities to our residents.” The new facility will produce 2.7 million tons of advanced, high quality automotive steel a year for Hyundai and Kia Motor’s U.S. production facilities as well as other automakers in the United States. Background Hyundai Steel Company is a global steel producer that is part of the Hyundai Kia Motor Group. It has steel facilities in Greenville, Alabama, and Savannah, Georgia. Hyundai Steel announced today that it will invest $5.8 billion in a new, next-generation, state-of-the-art electric arc furnace-based steel production facility in the United States. The new facility will be in Ascension Parish, Louisiana, and will create approximately 1,300 direct, high-paying jobs and approximately 4,100 indirect jobs , including construction jobs. The facility will produce steel for Hyundai and Kia Motor’s U.S. production facilities as well as other automakers in the United States. This year, five electric vehicle models from Hyundai Motor Group, were included in the 25 EV models qualifying for U.S. tax credits in 2025 under the U.S. Inflation Reduction Act (IRA). The IRA is designed to grant up to $7,500 in tax credits to buyers of EVs whose final assembly is in North America and where a certain portion of critical minerals and battery components are sourced from the region or its trading partner. ### Issues : Economy Congress Number 119th Congress March 24, 2025 Press Release March 24, 2025