BATON ROUGE, LA – Business Facilities has named Hyundai Steel’s manufacturing project in Ascension Parish the Platinum Deal of the Year for 2025, recognizing both the scale of the investment and the coordination that secured one of the most significant industrial projects currently underway in the United States.
“Being named Platinum Deal of the Year recognizes the extraordinary scale of the Hyundai Steel manufacturing facility and the years of groundwork required to bring an investment of this magnitude to this point,” said Lori Melancon, President & CEO, Greater Baton Rouge Economic Partnership. “This project is the result of more than a decade of collaboration, planning, and site development. Strong and seamless public-private sector partnerships are what make transformative projects like this possible. The Hyundai Steel facility in Ascension Parish is just the beginning of the impact that the RiverPlex MegaPark will have on Louisiana’s Capital Region.”
The Business Facilities Deal of the Year Awards honor the most impactful economic development projects in North America. Editors and a national panel evaluate submissions based on capital investment, job creation, and innovative strategies used to attract or expand business operations. Platinum represents the program’s highest distinction and recognizes projects that set a national benchmark for scale and execution.
“This project represents a major step forward in the future of sustainable, low-carbon automotive steel production in the United States,” said Taek Joon Kim, Vice President, North America Steel Business Strategy Planning Group. “Louisiana stood out through a rigorous, data-driven site selection process because of its unmatched ability to support our vision. From multimodal logistics and reliable large-scale energy supply to a strong chemical and hydrogen ecosystem and access to major automotive manufacturing hubs, the Baton Rouge area offers unique synergies that enable sustainable steel production at scale. Most important was the collaborative, pro-business leadership at the state, regional, and local levels. We are grateful to the many elected officials and industry partners who continue to demonstrate an exceptional understanding of our project’s complexity and urgency.”
Hyundai Steel announced the $5.8 billion investment in March 2025. The project will establish the company’s first North American steel manufacturing facility on approximately 1,700 acres in the RiverPlex MegaPark in Ascension Parish. The ultra-low carbon steel plant will support Hyundai Motor Group’s U.S. automotive manufacturing operations while creating more than 1,300 direct new jobs with an average annual salary of $95,000. Louisiana Economic Development projects an additional 4,100 indirect jobs, bringing the total estimated employment impact to 5,400 jobs across the Capital Region.
“We are proud that this unprecedented investment will not only strengthen U.S. steel production capabilities but also elevate Ascension Parish on the world stage,” Kate MacArthur, President & CEO, Ascension Economic Development Corporation.
This project is the result of more than a decade of intentional site development, infrastructure investment, and long-term planning that positioned the RiverPlex MegaPark to compete for projects on a national scale. Years of preparation by state, regional, and local partners ensured the site was development-ready and aligned with the needs of advanced industrial users.
Hyundai has established its U.S. entity and relocated key leadership from Korea to Louisiana as preparations begin for site work and earthwork in 2026. Workforce recruitment is underway, with initial positions posted and applications already being received. In parallel, plans are moving forward for a dedicated training facility that will support long-term workforce needs as operations scale.
“Our Ascension Parish site offered the ideal combination of location, infrastructure, and leadership to support a project of this scale,” said Chul Soon JANG, President, HYUNDAI-POSCO Louisiana Steel (HPLS). “Coupled with the existing skilled industrial workforce and a robust training pipeline—including a new training center being developed by River Parishes Community College and specialized workforce training through LED FastStart—Ascension Parish provides the foundation needed to ensure the long-term success of Hyundai Steel’s flagship North American facility.”
Hyundai Steel’s investment is driving significant upgrades to rail, roadway, electrical, and other utility infrastructure, strengthening the RiverPlex MegaPark’s overall competitiveness and readiness for additional industrial users. With more than 8,000 acres still available for future development at the site, Hyundai Steel is both a transformational investment and a catalyst for additional industrial growth and job creation across the Capital Region.
“Receiving the Deal of the Year Platinum Award is a tremendous honor and a testament to the vision and collaboration that brought this project to fruition,” said Ascension Parish President Clint Cointment. “This achievement reflects not only Hyundai Steel’s confidence in Ascension Parish and Louisiana, but also the strength of our workforce, infrastructure and business climate that made this investment possible.”
About the Greater Baton Rouge Economic Partnership
The Greater Baton Rouge Economic Partnership (formerly the Baton Rouge Area Chamber) is the regional economic development organization for Louisiana’s nine-parish Capital Region. The Partnership’s mission is to accelerate economic opportunity by building the talent pipeline, diversifying the region’s industry base, fueling growth across every parish and enhancing the competitiveness and livability of the Baton Rouge area. Learn more at greaterbatonrouge.org.