Hyundai Steel, an affiliate of automakers Hyundai Motor, South Korea has decided to build a steel plant in the United States.
As President Donald Trump prepares to intensify protectionist measures, the company decides to make a move. On Tuesday, Trump announced plans to impose tariffs on multiple fronts, including a potential 25% tariff on Mexico and Canada, set to take effect on February 1.
He also vowed to impose tariffs on the European Union and revealed ongoing discussions within his administration about introducing a 10% punitive duty on Chinese imports, signaling a significant escalation in the administration’s trade policy agenda, aimed at reshaping the global trade landscape.
A spokesperson commented that Hyundai Steel is considering to invest in a steel plant using the ‘electric arc furnace’ production process in the U.S. Southeast.
If the plan is to go ahead, it is expected to supply carmakers in the United States with steel plates, Yonhap News Agency- to report the plans first, said.
Reports say that Hyundai Motor and Kia Motors produce vehicles at their factories in Alabama, Georgia in the United States, and Monterey in Mexico.