00:00Today, we're delighted to report that Hyundai is announcing a major $5.8 billion investment
00:06in American manufacturing. In particular, Hyundai will be building a brand new steel
00:11plant in Louisiana, which will produce more than 2.7 million metric tons of steel a year,
00:17creating more than 1,400 jobs for American steelworkers. And then there'll be major
00:22expansion after that. Hyundai Steel President Soo Gang Hyun. Thank you very much, President.
00:30That's big stuff. This will be Hyundai's first ever steel mill in the United States. One of
00:36the largest companies in the world, by the way, supplying steel for its auto parts and auto
00:41plants in Alabama and Georgia, which will soon produce more than 1 million American-made cars
00:47every single year. The cars are coming into this country at levels never seen before.
00:53We have other great companies coming in, and we have some that are going to be staying here.
00:58Hyundai will be producing steel in America and making its cars in America. And as a result,
01:04they'll not have to pay any tariffs. You know, there are no tariffs if you make your product
01:09in America. The new steel plant in Louisiana is part of an even larger $21 billion investment
01:15Hyundai will be making in the United States over the next couple of years.
01:19The company will also be massively increasing its auto manufacturing in Georgia and investing
01:24billions of dollars in advanced American. So Hyundai Motor entered the U.S. in 1986.
01:32Since then, we have invested over $20 billion and now support more than 570,000 American jobs
01:40across all 15 states. Today, I'm pleased to announce an additional $21 billion in a new
01:49investment over the next four years, our largest U.S. invest ever. A key part of this commitment
01:56is our $6 billion investment to strengthen the U.S. supply chain from steel and parts to
02:04automobiles. We are especially excited about Hyundai Steel's multi-billion investment in a
02:12new facility in Louisiana, which will create 1,300 American jobs and serve as the foundation
02:21for a more self-reliant and secure automotive supply chain in the U.S.
02:51you
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