Hyundai bets big on a North American steel future with a $5.8B Louisiana mill

Hyundai Steel broke ground on a $5.8 billion Electric Arc Furnace-based steel mill in Louisiana that will produce about 2.7 million metric tons of hot-rolled and cold-rolled steel annually (1.8 million for automotive sheet and 900,000 for general use), with commercial production slated for 2029. Operated by HYUNDAI-POSCO Louisiana Steel (HPLS) as a Hyundai-led joint venture, the plant will use a direct-reduction process powered by natural gas to feed the EAF and cut CO2 emissions by roughly 70% versus coal-based blast furnaces. The project, tied to Hyundai Motor Group’s $26 billion U.S. investment through 2028, is expected to create about 5,400 jobs and relies on Louisiana incentives, a deep-water port, and RiverPlex MegaPark infrastructure to support iron ore imports and steel shipments for Hyundai, Kia, and other automakers.