The South Korean conglomerate is examining several locations, including Georgia, where it currently operates automotive manufacturing facilities, for the construction of a steel plant through its subsidiary, Hyundai Steel Co.
The investment could amount to about 10 trillion won (US$6.88 billion), with an estimated annual production capacity of several million tons, industry analysts said.
Hyundai Steel CEO Seo Gang-hyun said at a shareholders' meeting in March 2024 the firm is reviewing potential overseas production bases to address global protectionism.
The move comes as President-elect Trump emphasizes that foreign companies seeking to sell products in the U.S. market should manufacture them domestically, while signaling intentions to impose universal tariffs and strengthen trade restrictions.
Currently, South Korean steel exports to the United States are limited by the Trade Expansion Act, which restricts duty-free exports to 2.63 million tons annually.
The proposed steel mill would support the group's expanding U.S. production capacity, which is expected to reach 1.2 million vehicles annually with the full operation of its Georgia-based Hyundai Motor Group Metaplant America.
The investment could serve as a strategic gesture toward the incoming administration, which has emphasized domestic manufacturing investment as a key priority for international companies operating in the U.S. market.
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